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KV20
February 26, 2024
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Withdrawal from Roth that I've had for 30 years

  • February 26, 2024
  • 1 reply
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I've had a Roth IRA for 30 years and have never taken any money out of it.  Last year (2023) I withdrew $55,000.  I'm trying to do my taxes.  Turbo Tax asks me if I've had the Roth for over 5 years.  I answer yes. The it asks me for the contributions I made prior to 2023.  The problem is I have never kept track of the contributions.  I haven't contributed any money to my Roth IRA since 2014 when I retired.  How do I answer this question?  Do I just guess?

    Best answer by MinhT1

    If your Roth IRA account is more than 5 years old and you are older than 59 1/2 (you mentioned that you retired in 2014), withdrawals from the Roth IRA account are tax -free, no matter how much you have contributed to the account. So you can just make a guess of the amount you contributed. This amount isn't reported on your tax return and won't affect your taxes.

    1 reply

    M
    MinhT1Answer
    February 26, 2024

    If your Roth IRA account is more than 5 years old and you are older than 59 1/2 (you mentioned that you retired in 2014), withdrawals from the Roth IRA account are tax -free, no matter how much you have contributed to the account. So you can just make a guess of the amount you contributed. This amount isn't reported on your tax return and won't affect your taxes.

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