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Where will turbo tax allow me to my report original ROTH contribution date after taking a withdrawal. Current custodian unaware since custodian has changed several times

Forum|Forum|1 year ago
January 8, 2025
2 replies
0 views

I realize that ROTH contribution and withdrawal dates are key to the amount of taxes if any that will need to be paid. I'm over 60. This has been my first year making a ROTH withdrawal. My account has had several custodians since originally opened in 2008. Where will I be able to report my original ROTH contribution date since current custodian is unaware.

Best answer by dmertz

2024 TurboTax will ask if you made your first Roth IRA contribution before 2020. Answer Yes and TurboTax will treat Form 1099-R code T the same as code Q, a qualified distribution that is not subject to tax or penalty and is not to be reported on Form 8606 Part III.

Employee

You will enter that information into the program.

dmertzAnswer

Employee

2024 TurboTax will ask if you made your first Roth IRA contribution before 2020. Answer Yes and TurboTax will treat Form 1099-R code T the same as code Q, a qualified distribution that is not subject to tax or penalty and is not to be reported on Form 8606 Part III.

FtgarlandAuthor

Thank you! Exactly what I needed to know.