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mblagen
Returning Member

I have posted a question but need an answer now. Why does my total income not match the 1000Rs I entered?

1099Rs (I meant). Why does withdrawal fromRoth not show as non-taxable?
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2 Replies

I have posted a question but need an answer now. Why does my total income not match the 1000Rs I entered?

This appears to be the only question ever asked by that user name.

 

Where are you looking?   Roth 1099-R income should be on the 1040 line 4a and taxable amount on line 4b with any early distribution penalty on a 5329 form and 1040 Schedule 1 line 17.

 

Are you over age 59 1/2?

Did you withdraw more than your own prior contributions?

 

You can always withdraw your own Roth contributions tax and penalty free.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

One of the followup questions will ask for your prior year** contributions not previously withdrawn. Those contributions that still remain in the Roth will not be taxed or subject to a early withdrawal penalty. That will add a 8606 form to your tax return with the Roth contribution and tax calculation in part III.

Note: **Prior year - any current year Roth contributions should be entered into the IRA contributions section. They will not show up in the prior years contributions but will be accounted for on the 8606 form that calculates the taxable amount.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

I have posted a question but need an answer now. Why does my total income not match the 1000Rs I entered?

And If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right.

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