Roth IRA 1099-r

HANS0L0 — Sat, 08 Feb 2020 17:53:41 GMT

I opened a Roth IRA with Vanguard in January of 2019.

Over the next 10 months I made $2,550 in contributions.

On October 24th 2019 I withdrew $3,860 for a personal reason (not any of the listed exempted reasons).

I am now doing my 2019 taxes and after entering the 1009-r from Vanguard showing I took out $3,860 it appears I am paying tax on my after tax contribution amount as well as the earnings (Roth IRA rules say that you can withdraw contributions tax / penalty free anytime).

I see the Turbo Tax section where it asks "Enter Prior Year Roth IRA contributions". Is this where I enter the difference between my total withdrawal and my contributions ($2,550)?

I am starting to worry that I made a mistake in thinking that I would only be paying new taxes / penalties on earnings. I see it referenced a few places that I may have to own the IRA for 5 years before I can do what I tried to do.

Please help.

Re: Roth IRA 1099-r

DavidS127 — Sat, 08 Feb 2020 18:52:43 GMT

Yes, enter your prior year Roth contributions where requested by TurboTax, and those contributions will not be taxed.

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Roth IRA 1099-r

Re: Roth IRA 1099-r