Question

no 8606 form generated but we took a roth ira distribution

Forum|Forum|4 years ago
March 12, 2022
1 reply
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In 1999 we opened a Roth IRA with an initial deposit of $4000. We have never contributed to it since nor have we took a distribution from it until June of 2021 when we took a full distribution to pay for unforeseen medical expenses for our dog. The Roth IRA was in my wife's name and she was 60 years old at the time of the full distribution. Based on my understanding of Roth IRAs we should not have any tax liability for this account and the 1099R shows no taxes were withheld for state or federal. The distribution amount was $15566.

My question is why doesn't TT generate a 8606 form when I print out my taxes? I read in the help that it will create a 8606 form if you take a distribution from a Roth IRA.

D

DanaB27

It depends, if it was a Nonqualified Distribution then TurboTax will create Form 8606 with part III filled out. But if it was a Qualified Distributions Form 8606 will not be created.

It seems that it should be a Qualified Distribution since your wife is over 59 1/2 and had the Roth IRA for more than 5 years. As a Qualified Distribution, this distribution will not be taxable.

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