Question

Emptied and closed one of my Roth IRA accounts. Why it appears an amount in Roth Contributions prior to 2023 box and what is it? It is different from what I took out.

Forum|Forum|2 years ago
April 11, 2024
1 reply
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I have other Roth IRA accounts which I have fed over the years, some before I started using TurboTax.

TurboTax Free Edition Online

Are you referring to the follow-up questions after you enter all your Form 1099-Rs? The net contributions prior to 2023 on the "Enter Prior Year Roth IRA Contributions" screen?

If yes, then note the IRS sees all Roth IRA's as one account and you will need to enter all your net contributions prior to 2023 here.

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M

manuel-villasantAuthor

Thanks for your quick answer. Yes, I was referring to that follow-up question. I was confused by TurboTax showing an amount there. Now, since all my Roth IRA accounts are older than 5 years and I'm over 59.5 years old, that amount is totally irrelevant at this point given that I can withdraw from those accounts with no tax liability, right?

D

DanaB27

Yes, since you are over 59 1/2 and had the Roth IRA for more than 5 years your distributions are Qualified Distributions and therefore nontaxable. You can ignore the questions about the net contributions prior to 2023. Your Form 1099-R should have code Q or T in box 7.

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