I withdrew funds from my Roth IRA in 2024. TurboTax wants my contributions prior to 2024. I have no idea what that figure is. Why is TurboTax asking this.

Forum|Forum|1 year ago
February 16, 2025
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I withdrew from my Roth IRA in 2024. TurboTax wants me to provide what my contributions were before 2024. I don't know what that figure is & neither does Vanguard. Why is TurboTax asking this question?

fanfare

Employee

TUrboTax tries to maintain your Roth contributions history, including deposits and withdrawals, for tax purposes.

If you have this information in your own records, you don't need TurboTax to do it.

If you don't have this information in your own records, you can't expect TurboTax to do it.

@prbill

prbillAuthor

Why do I need someone to track this information?

DanaB27

If you are taking a distribution before 59 1/2 then TurboTax needs this information to check if your distribution is taxable. You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free.

If you are over 59 1/2 and had the Roth IRA for 5 years then your distributions will be Qualified Distributions. Your Form 1099-R should have codes T or Q and you can ignore the question about the net contributions prior to 2024.

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