Question

What should the 1099R Box 7 code be if you specified your Roth IRA withdrawal should come from Roth contributions (to avoid taxes)?

Forum|Forum|7 years ago
June 4, 2019
1 reply
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TurboTax Premier Online

Enter the information from the 1099-R as it appears on the form. The IRS also receives a copy and will be matching it to your return.

Roth IRA distributions are considered to come first from contributions first and then from earnings. No income tax or 10% penalty applies until total withdrawals exceed total contributions.

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nedmalone21Author

Thank you. The reason I'm asking is that when I entered the 1099R info into TurboTax my estimated amount owed increased significantly. If my withdrawal came from contributions, why would this be happening? That's why I wondered if the 1099R was incorrect.