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April 11, 2024
Question

Anyone know why TT is calculating my Roth distribution from Box 1 and not Box 2? Its taxing my already taxed contribution and earnings instead of just the earnings

  • April 11, 2024
  • 2 replies
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2 replies

April 11, 2024

Please make sure you enter your net Roth IRA contributions in the follow-up questions:

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top and type “1099-R” 
  3. Click on “Jump to 1099-R” and enter all your 1099-Rs
  4. Click "Continue" on the "Review your 1099-R info" screen
  5. Answer all the questions and make sure you enter the net contributions prior to 2023 on the "Enter Prior Year Roth IRA Contributions" screen
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VolvoGirl
Employee
April 11, 2024

If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right. Check lines 4b & 5b for any taxable amounts. For a rollover line b should be zero and the word Rollover by it.