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February 10, 2025
Question

How do I fix this? I'm over 59 1/2 and had the Roth more than 5 years. I received roth ira distribution. 1099r shows it code Q, it is qualified Turbo tax is taxing it.

  • February 10, 2025
  • 2 replies
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    2 replies

    February 14, 2025

    Please make sure you indicate that you had the Roth IRA for more than 5 years in the follow-up questions. Click continue after you entered all Form 1099-Rs.

     

    Can you please check line 4b if the qualified Roth distribution shows up as taxable?

     

    To preview Form 1040:

    1. Click on "Tax Tools" in the left menu
    2. Click "Tools"
    3. Click "View Tax Summary" in the Tool Center window
    4. Click on "Preview my 1040" on the left

     

     

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    Employee
    February 14, 2025

    It's doubtful that TurboTax is including this in income if you entered the Form 1099-R correctly because TurboTax is programmed to exclude the amount from Form 1040 line 4b where it would otherwise be reported.  Where do you see TurboTax including this amount in income?

     

    The only possible way that I can imagine that a code-Q Roth IRA distribution would have any effect your tax liability is if the distribution from the Roth IRA had the side effect of reducing the amount of a Retirement Savings Contributions Credit that you (or your spouse) would otherwise be eligible to receive.