Do we need to report ROTH IRA PARTNERSHIPS and Form 1099-R to the IRS?

 
jtax
Level 10

Retirement tax questions

If you get a 1099-R for withdrawals from any retirement plan you do need to enter those into Turbotax. Usually (but not always) Roth withdrawals are not taxed. TT will do the right thing (asking follow questions in need be) to figure  out if they are taxable or no. 

 

Also 1040 line 4a is for "total IRA distributions" and 4b is for "taxable distributions" ... the IRS will want to see the total of all IRA 1099-Rs on line 4a. Otherwise they may hassle you (in a year or two or three even) to explain why your total doesn't match their total. TT will figure out how much (usually zero for Roth's) should be on line 4b.

 

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Retirement tax questions

What do you mean "partnership"?

 

Did you receive a K-1 form for a partnership held in an IRA?

**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.**