Withdrawal of Roth IRA Contributions from 2024 for 2025 Tax Return

Forum|Forum|1 year ago
March 2, 2025
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Hi All, I'm trying to file my turbo tax 2024 tax return, today is currently March 2025.

In 2024, I contributed to my Roth IRA at the beginning of the year, but I needed the money so I withdrew that contribution at the end of the 2024 year. When trying to file the Roth IRA contribution and withdrawal information, TurboTax only allows me to enter my contributions in "Roth IRA Contributions prior to 2024" and not including 2024, so only all times before December 2023.

I thought the rule was that Roth IRA contributions can be withdrawn at any time without taxes or penalties. But there is nowhere on the 2025 TurboTax forms to note my contributions for 2024 as part of my Roth IRA withdrawal.

AnnetteB6

In addition to reporting the Form 1099-R showing the distribution from your Roth IRA, you need to indicate that you also contributed to the account in 2024.

This is done by going to Deductions and Credits > Retirement and Investments > Traditional and Roth IRA Contributions and entering the information about your contribution.

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