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pmilender83
February 5, 2025
Question

How do I figure out the tax on a Roth account when part of it was a lump sum. Due to an injury and loss of job. Only 2 payment were made on as anuity

  • February 5, 2025
  • 1 reply
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    1 reply

    DawnC
    DawnC
    Employee
    February 5, 2025

    Enter your 1099-R into TurboTax and answer the follow-up questions.   TurboTax will calculate the tax and make the entry on your tax return.   Where do I enter a 1099-R?

     

    A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA.

     

    • You cannot deduct contributions to a Roth IRA.
    • If you satisfy the requirements, qualified distributions are tax-free.
    • You can make contributions to your Roth IRA after you reach age 70 ½.
    • You can leave amounts in your Roth IRA as long as you live.
    • The account or annuity must be designated as a Roth IRA when it is set up.
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