1099-R form Code T

Forum|Forum|2 years ago
February 11, 2024
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Last year I changed financial institutions from Ameriprise to Osaic. When I got my 1099-R for a Roth distribution from Ameriprise it was coded Q for Qualified distribution, as I am 65 and have not contributed to the Roth in 8 years. But when I got 2 1099-R from Osaic for 2 Roth distributions they were coded with a T for exception applies. I'm assuming that is because they didn't know I have had this Roth for over 5 years. Where do I enter into TurboTax that this is a Qualified distribution? I imported the forms and when I go back to edit them there is no way for me to identify this. What should I do? Should I delete it and start again? Did I miss some key questions?

Best answer by CatinaT1

Many things have been corrected in the latest updates to TurboTax. Are you still experiencing this problem?

Make sure you have ran all updates.

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If using TurboTax Desktop: Please see this FAQ.

dmertz

Employee

Click the Continue button on the page that lists the Forms 1099-R that you have entered and 2023 TurboTax will ask if you had a Roth IRA before 2019. Answer Yes and TurboTax will treat code T the same as code Q.

salsfirstAuthor

Yes, I clicked the button that says I had the Roth IRA opened before 2019. The federal form picks it up correctly but the Massachusetts state form X has it as taxable. Is there a bug in Turbotax state?