My 1099 R has code T in box 7. Because I migrated to a new Roth IRA account in 2023. In fact, I started contributing to my Roth IRA in 2010. What should I do in tax rtn?

Forum|Forum|1 year ago
February 15, 2025
3 replies
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I have distributed $7000 from my Roth account in 2024. The company helped preparing this 1099 R insisted the code T is accurate. And, they suggested me to file form 8606. I have checked the instruction for line 19 (part III). But I don’t really know how to fill the box on line 19? And, what else I should do? Please help. Thanks.

fanfare

Employee

You don't need to file Form 8606 if you have met the 5 year holding period.

@chiuchis

DanaB27

As fanfare stated you do not need Form 8606 since you met the 5 year holding period. You distributions are Qualified Distributions.

Please answer the follow-up question in TurboTax how long you had the Roth IRA:

Login to your TurboTax Account
Click on "Search" on the top and type “1099-R”
Click on “Jump to 1099-R” and enter all your 1099-Rs
Click "Continue" on the "Review your 1099-R info" screen after you entered all you Form 1099-R
Answer "Owned Any Roth IRA for Five Years?" screen

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dmertz

Employee

After clicking the Continue button on the page that lists the Forms 1099-R that you have entered, 2024 TurboTax will ask if you had a Roth IRA before 2020. Answering Yes will cause TurboTax to treat code T the same as code Q, treating the distribution as a qualified distribution that is not reportable on Form 8606.