Roth IRA 1099-r

[HANS0L0]

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.

[DavidS127 · Accepted solution]

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