I've had a Roth IRA for 30 years and have never taken any money out of it. Last year (2023) I withdrew $55,000. I'm trying to do my taxes. Turbo Tax asks me if I've had the Roth for over 5 years. I answer yes. The it asks me for the contributions I made prior to 2023. The problem is I have never kept track of the contributions. I haven't contributed any money to my Roth IRA since 2014 when I retired. How do I answer this question? Do I just guess?
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If your Roth IRA account is more than 5 years old and you are older than 59 1/2 (you mentioned that you retired in 2014), withdrawals from the Roth IRA account are tax -free, no matter how much you have contributed to the account. So you can just make a guess of the amount you contributed. This amount isn't reported on your tax return and won't affect your taxes.
If your Roth IRA account is more than 5 years old and you are older than 59 1/2 (you mentioned that you retired in 2014), withdrawals from the Roth IRA account are tax -free, no matter how much you have contributed to the account. So you can just make a guess of the amount you contributed. This amount isn't reported on your tax return and won't affect your taxes.
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