topic Prior year Roth contributions in Get your taxes done using TurboTax

Prior year Roth contributions

craigh — Wed, 29 Jan 2020 22:00:16 GMT

All my Roth contributions were from prior to 2015 and are from a 1997 conversion from IRA to Roth IRA. Then in 2018 I opened a new Roth account and contributed 3,100 in 2018 and 600 in 2019. I have taken distributions in 2019 from the old account of 44,000 and all are non taxable because of my age. Not sure what to enter on the Prior Year Roth IRA Contributions line, I think it is 3,100 because that is the only contributions made since 2015, but I have had distributions from the old Roth account, do I need to consider these? If so the net is Negative.

Re: Prior year Roth contributions

macuser_22 — Wed, 29 Jan 2020 22:14:36 GMT

@craigh wrote:

"...all are non taxable because of my age.."

If you are over age 59 1/2 then the answer to the contribution is moot and you can just leave that box blank. It is only used to calculate the penalty if undedr age 59 1/2. After 59 1/2 then there is not penalty so prior contributions make no difference.

Re: Prior year Roth contributions

craigh — Wed, 29 Jan 2020 23:54:39 GMT

Thanks

what is the purpose of the 5498 form from the Roth Fiduciary used for? It does not seem to be needed for taxes

Re: Prior year Roth contributions

macuser_22 — Wed, 29 Jan 2020 23:58:14 GMT

A 5498 is information to you only. It does not go on a tax return.