dmertz
Level 15

Retirement tax questions

A myRA is nothing more than a Roth IRA with limited investment options.

You haven't indicated what you believe needs correcting on this Form 1099-R.  Regular distributions from a Roth IRA are reported with code J, T or Q, have the gross distribution amount in box 1, a blank box 2a and box 2b Taxable amount not determined marked.  If the code is J or T, the taxable amount of any portion not rolled over to another Roth IRA is determined on Form 8606 Part III using the gross distribution amount and the answers that you provide to the questions asked by TurboTax after clicking the Continue button on the Your 1099-R Entries page.  If the code is J, the taxable amount determined on Form 8606 is also subject to an early-distribution penalty on Form 5329 unless you have a penalty exception applies.

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