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I recently withdrew money from a ROTH IRA that was opened in…

I recently withdrew money...

I recently withdrew money from a ROTH IRA that was opened in 2015. It was a rollover from a Traditional IRA that was opened many years ago. I understand that I can only withdraw contributions that I made to the ROTH. May I assume that contributions that I made to the original traditional IRA would count for the Roth ITA?

Accountant's Assistant: The Expert will know what to do. Is there anything else the Expert should be aware of?

I am 75 years of age and the traditional IRA was established years ago at Ameritrade which no longer has records of the IRA.

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Answered in 13 minutes by:
9/30/2017
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,873
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

Your Roth IRA contribution in your case is the amount you converted from your traditional IRA to roth IRA. It is the amount you reported on your tax return when made the conversion. The amount would also be reported on your 2013 1099R as taxable amount. It is your original traditional IRA contributions + the earnings.

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Customer reply replied 9 months ago
I converted the entire IRA - the contributions plus whatever was earned (which was drastically more than the contribution). So I can withdraw the entire amount that I rolled over into the IRA as if it were all a contribution?

Yes. You can withdraw everything except the ROTH earnings since 2015. Everything already included in your taxable income is your contribution, you can take it out whenever you want. Any earnings since 2015 will be subject to income tax because you do not meet the 5 year waiting period.

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Customer reply replied 9 months ago
Thanks. You have been very helpful.

You're welcome. Is there anything else I can help you with today?

emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,873
Experience: IRS licensed Enrolled Agent and tax instructor
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emc011075 and 87 other Tax Specialists are ready to help you
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Customer reply replied 9 months ago
No thank you, ***** ***** again for the help.
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