MarilynG1
Expert Alumni

Get your taxes done using TurboTax

@pcamp19 If you received 1099-R's reporting removal of Excess Roth IRA contributions, enter them TurboTax exactly as they are issued.

 

The Codes in Box 7 will indicate that it is a withdrawal of excess contribution for the prior year.   Only the earnings reported in Box 2a are taxable.

 

Per Expert @JotikaT2:

 

"Go back into the federal section of your return.

  1. Select Income & Expenses
  2. Scroll down and select IRA, 401(k), Pension Plan Withdrawals (1099-R)
  3. Select Edit to the right of your Roth IRA input
  4. Continue through until you get to your detailed input section.
  5. Under Box 1, enter your Gross distribution as provided on your 1099-R form.
  6. Under Box 2, enter your earnings as the Taxable amount
  7. Review the codes under Box 7.  They should reflect codes P and J.
  8. Continue through the screens and enter information to explain the excess withdrawal as it applies to your current return"

Click this link for more info on How to Enter a 1099-R

 

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