In TurboTax Premier (Desktop) I have complete all 1099-R income sections. Being retire (7 yrs) each year I have the same 4 accounts to account for. Now when all those forms are processed in Turbo next Turbo directs me to "Continue" and it ask if my Roth IRA (not inherited) was open in Dec 31, 2023. Yes obviously. Then Turbo requires information "Report your Roth IRA Contributions prior for 2023". I haven't contributed to any of those accounts in years; since prior to retiring. Turbo Tax already has the withdrawal information from the 1099-R. Why is it asking this now? Turbo has never done this before. My Roth doesn't have a Required Minimum Distribution (RMD).
I've made no contributions since retiring. Why is this coming up now in TurboTax? I have no idea how long I've been contributing to that Roth IRA and the questions make no sense to me at this time.
Thanks, B
If your Form 1099-R has code Q or code T then you can ignore the "Report your Roth IRA Contributions prior for 2023" question.
TurboTax uses the net Roth contributions prior to 2023 to calculate the taxable amount only if your distribution wasn't a Qualified Distributions. You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free.