Question

I was over 59 1/2 when I made a distribution, what should I check on the Turbo Tax form?

Forum|Forum|6 years ago
February 4, 2020
1 reply
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Can I avoid paying a penalty if I made a distribution at 59 1/2?

TurboTax Deluxe Online

You will not have to pay penalty on a Roth withdrawal at age 591/2 if you meet certain criteria such as the account has been in existence for at least 5 years from the date of conversion.

So If the account is a Roth, then check the Turbo Tax resource for further information about penalty withdrawal.

Re: Withdrawal from ROTH IRA conversion - Community

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R

Rj1215

So if a 401k after tax conversion was made into a Roth account in 2017 and a distribution was made in 2019 you have to pay taxes on money again?

D

dmertz

Employee

No, it is not taxed again and because it was a nontaxable conversion, distributions of money attributable to this nontaxable conversion are not subject to penalty at any age. If the distribution is not a qualified distribution, the taxable amount of the Roth IRA distribution will be determined on Form 8606 Part III. To allow TurboTax to properly prepare Form 8606 you must click the Continue button on the Your 1099-R Entries page and answer the questions that follow regarding your basis in Roth IRA contributions and conversions.