Roth IRA principle only withdraw, how can I report this in turbo tax? When I enter the info on my 1099-R turbo tax applies taxes and penalty for my principle withdraw.
Roth IRA principle only withdraw, how can I report this in turbo tax? When I enter the info on my 1099-R turbo tax applies taxes and penalty for my principle withdraw.
You don't include in your gross income qualified distributions or distributions that are a return of your regular contributions from your Roth IRA(s). You also don't include distributions from your Roth IRA that you roll over tax free into another Roth IRA. You may have to include part of other distributions in your income. See Ordering Rules for Distributions , later.
What Are Qualified Distributions?
A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements.
It is made after the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit, and