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I contributed $2,600 to my ROTH IRA in 2017 then withdrew $1,000 for personal reasons later that year. Now I'm being taxed on that money. I thought it would be tax free?

Forum|Forum|7 years ago
June 5, 2019
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Best answer by MinhT1

For a Roth IRA, you are not taxed or pay an early withdrawal penalty when you withdraw all or part of your contributions.

In TurboTax, make sure you enter your Roth IRA contributions so that your withdrawal is not taxed. Follow the interview after you have entered your form 1099-R until you get to the page titled Enter Prior Year Roth IRA Contributions and you can enter $2,600 (see attached screenshot).

M

MinhT1Answer

For a Roth IRA, you are not taxed or pay an early withdrawal penalty when you withdraw all or part of your contributions.

In TurboTax, make sure you enter your Roth IRA contributions so that your withdrawal is not taxed. Follow the interview after you have entered your form 1099-R until you get to the page titled Enter Prior Year Roth IRA Contributions and you can enter $2,600 (see attached screenshot).

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foreosuAuthor

Thanks. However, our contributions were made in 2017, and we withdrew in 2017. This would not be a "prior year" contribution. Where do we ent 2017 contributions?