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February 9, 2025
Question

If account was opened as a Roth IRA when Roth IRAs began but, unsure of the opening contribution? How do you enter 1099-R info? Should this distribution be non-taxable?

  • February 9, 2025
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    February 9, 2025

    Contributions you have made to your Roth IRA are recorded on Form 5498 (IRA Contribution Information). ‌This form is issued by your IRA trustee or issuer.  Generally, you can also find the information in your year-end summary statement or your Form 1099-R.

     

    To enter your Form 1099-R follow the instructions in the following TurboTax help article: Where do I enter my traditional or Roth IRA contributions?

     

    If you take money out before you are 59 1/2, it'll be taxed. You need to enter your contribution amounts before 2024. ‌You might even have to pay an additional 10% penalty.  If you have had the account for 5 years and are 59 1/2 or older, you won't have to pay taxes when you take money out of your Roth IRA. ‌Your Form 1099-R will have code Q in box 7.  

     

    For more information see the following links:

     

    Is the distribution from my Roth account taxable?

    What do I do with Form 5498?

    Do I have to pay tax on an early Roth IRA distribution if I used it to buy my first home?