topic I contributed $11000 to a Roth IRA (and opened it) in 2018 and nothing in 2019. I then withdrew $9200 in 2019. What is my "Prior year contribution"? in Retirement tax questions

I contributed $11000 to a Roth IRA (and opened it) in 2018 and nothing in 2019. I then withdrew $9200 in 2019. What is my "Prior year contribution"?

jpearson50 — Wed, 05 Feb 2020 01:06:22 GMT

Re: I contributed $11000 to a Roth IRA (and opened it) in 2018 and nothing in 2019. I then withdr...

AmyC — Wed, 05 Feb 2020 01:32:48 GMT

Your answer will either be $5,500 or $11,000. You should not have contributed $11,000 in 2018 for 2018. You could have done $5,500 for 2017 by April 15, 2018. Then you could have added another $5,500 for 2018.

Please check your records. You could have put $11,000 into an IRA for 2018. You need to get your records straight. The IRS will know based on what was sent them.

The IRS says:

For 2018, 2017, 2016 and 2015, your annual total contributions to all of your traditional and Roth IRAs cannot be more than:

$5,500 ($6,500 if you're age 50 or older), or
your taxable compensation for the year, if your compensation was less than this dollar limit.

Re: I contributed $11000 to a Roth IRA (and opened it) in 2018 and nothing in 2019. I then withdr...

jpearson50 — Thu, 06 Feb 2020 15:19:50 GMT

You are correct. After checking with agent, we put $5500 in 2017 and $5500 in 2018. Thus, we are still confused as what would be our prior contributions here. Thank you!

Re: I contributed $11000 to a Roth IRA (and opened it) in 2018 and nothing in 2019. I then withdr...

dmertz — Thu, 06 Feb 2020 17:21:40 GMT

Your contributions made prior to 2019 were $11,000 and, assuming that you have made no other contributions or distributions prior to 2019, $11,000 is the amount to enter into TurboTax.