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Roth IRA

Forum|Forum|6 years ago
February 15, 2020
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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!

Best answer by KatrinaB48

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!

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.

R

raymcclaran165211

must hold Roth 5 years before withdrawal

macuser_22

Employee

@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No, but any earnings withdrawn might be taxable and subject to a 10% penalty if under age 59 1/2.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.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

T

terrifict1953Author

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!