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January 28, 2025
Question

My Roth distribution was 100% from contributions. I should not have to pay any tax. How do I tell turbotax this?

  • January 28, 2025
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    January 28, 2025

    The only way you would have taxes associated with a Roth IRA distribution is if it was an early distribution (before age 59 1/2) or the funds were not held in the account for five years. Without knowing what amounts you have in the boxes on your Form 1099-R, it is difficult to be more specific than that. I suggest you revisit your Form 1099-R entries and answer the questions again with those facts in mind. Also, the codes in box 7 will help you determine how the distribution will be taxed. Code J would indicate that it was an early distribution on which the earnings would be subject to tax and penalties.

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