gvrp
Level 2

Retirement tax questions

By looking at the transactions out of your Roth account, you will know how much contribution and earnings were withdrawn. As DanaB27 pointed out earlier, if Schwab is withholding taxes, then you may have to wait. In my case, I asked my Roth provider not to withhold taxes.

Since any excess contribution withdrawn prior to tax deadline is considered as not contributed at all, I have  entered only the earnings amount on 1099-R.  If in doubt, you may delete the 1099-R form you created and create again. Following the 1099-R, Turbotax will ask you to select a reason where you may select the box for corrective distributions to avoid the penalty.