Solved

How do I report the earnings on my roth ira withdrawal?

Forum|Forum|7 years ago
June 5, 2019
1 reply
0 views

how do I report the earnings on my roth ira withdrawal?

i'm 63, i took an early withdrawal (held <5 years).

received a 1099-r that shows a gross distribution ($10k), the distribution code is t & shows tax amount not determined.

is there a way to obtain the cost of the gross distribution. use box 8 and 9a for cost/contribution-withdrawal?

TurboTax Deluxe Windows

Best answer by MinhT1

Distributions of amounts you contributed to your Roth IRA account are not taxable. As your account is less than 5 years, the earnings are taxable.

In TurboTax, you have to enter your prior year contributions to the Roth IRA in the 1099-R interview so that TurboTax can exclude them from income (see attached screenshot).

M

MinhT1Answer

Distributions of amounts you contributed to your Roth IRA account are not taxable. As your account is less than 5 years, the earnings are taxable.

In TurboTax, you have to enter your prior year contributions to the Roth IRA in the 1099-R interview so that TurboTax can exclude them from income (see attached screenshot).

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"