topic Roth IRA in Get your taxes done using TurboTax

Roth IRA

terrifict1953 — Sat, 15 Feb 2020 23:42:17 GMT

I have a Roth IRA with American Equity Investment Life Ins Co that I transferred from Fidelity ROTH IRA in October 2012. I started taking monthly annuities/distributions one year later. TurboTax asks if I owned any Roth IRA before 2015. I answered Yes. It then asks if I withdrew from my Roth IRA before 2019. I don't know how to answer this question. I have not put anything more into this account and I only take the monthly annuity/distribution. Is this the same as a withdrawal or is a withdrawal different from a distribution? I am very naive on this stuff so you will have to dumb down your answers. Thanks ahead of time!

Re: Roth IRA

raymcclaran165211 — Sat, 15 Feb 2020 23:47:41 GMT

must hold Roth 5 years before withdrawal

Re: Roth IRA

macuser_22 — Sat, 15 Feb 2020 23:51:33 GMT

@raymcclaran165211 wrote:

must hold Roth 5 years before withdrawal

No, but any earnings withdrawn might be taxable and subject to a 10% penalty if under age 59 1/2. You can always withdraw your own prior contributions penalty and tax free.

Re: Roth IRA

terrifict1953 — Sun, 16 Feb 2020 18:52:32 GMT

So, do I answer this as a Yes or No? I was 66 years old in 2019. As I said I transferred a Roth IRA from Fidelity to this new account in 2012 and the annuity started 1 year later in 2013.

Thanks!

Re: Roth IRA

KatrinaB48 — Sun, 16 Feb 2020 18:59:47 GMT

You will answer Yes to this question since you did start receib=ving money from your account in 2015. A distribution from your Roth account is the same thing as a withdrawal.

Re: Roth IRA

terrifict1953 — Mon, 17 Feb 2020 00:48:36 GMT

Thanks so much, but I started receiving the annuity in 2013