Question

Roth IRA you can withdraw principal plus up to $10,000 earnings for a first time home buyer (account longer than 5 yrs). Why does turbo tax still limit to $10,000?

Forum|Forum|5 years ago
February 14, 2021
1 reply
0 views

No text available

TurboTax Premier Online

Employee

You need to make sure that TurboTax has the correct values for your Roth IRA contribution and conversion basis. To reach the pages that ask for these amounts, click the Continue button on the Review Your 1099-R Info page. Once your basis entries are correct, TurboTax will prepare Form 8606 Part III to determine the amount of the distribution that is from original contributions and the amount that is from earnings to which the first-time homebuyer treatment is to be applied.