You will enter each 1099R in TurboTax as separate transactions as they are.
I assume these are both early withdrawals (prior to age 59 1/2). The distribution will all be taxed on the traditional IRA, while $10,000 may be excluded from the 10% penalty.
You will credit for the $1,500 which should be on Box 4 of that 1099R.
On the Roth:
If the withdrawal is made before age 59 and 1/2 and is only up to the amount that has been contributed to the Roth IRA then no income tax is charged.
To enter each of these in TurboTax.
To enter pension and annuity
Payments (1099-R)
- Click on Federal Taxes (Personal using Home and
Business)
- Click on Wages and Income (Personal Income using Home
and Business)
- Click on I'll choose what I work on (if shown)
- Scroll down to Retirement Plans and Social Security
- On IRA, 401(k), Pension Plan Withdrawals (1099-R),
click the start or update button
- Carefully answer the questions, and it will appear you are finished on the Traditional, but keep going as it will ask about the First Time Homebuyer Exception.
