Roth IRA

Forum|Forum|1 year ago
April 24, 2024
2 replies
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Do I need to report to report Roth IRA withdrawals in my tax report?

Best answer by Opus 17

Yes, you must report the withdrawals. Even though they might not be taxable, they count as "income" for certain other calculations. Also, if you are under age 59-1/2, the IRS may assume your withdrawal is taxable and subject to a penalty unless you certify (by filing) that you are only withdrawing your original contributions, and not earnings.

DoninGA

Employee

If you have a withdrawal from the Roth IRA in 2023 then you should have received a Form 1099-R from the administrator of the account in January 2024. The Form 1099-R has to be reported on your federal tax return.

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

On the screen Did you get a 1099-R in 2023? Click on Yes

On the next screen click on Continue

On the screen Let's import your tax info Click on Change how I enter my form

On the screen How do you want to add your 1099‑R? Click on Type it in myself

On the screen Who gave you a 1099-R? select the type of 1099-R you received and Continue