DanaB27
Expert Alumni

Retirement tax questions

If you had the Roth IRA for 5 years and are 59 1/2 or older then this will be Qualified Distributions and your Form 1099-R should have code Q in box 7. In this case you can ignore TurboTax questions about net contributions prior to 2023.

 

If your Form 1099-R shows code J in box 7 then you will have to keep track of your net contributions prior to 2023 and enter it in TurboTax.  Yes, your net contribution would be your contribution minus distributions taken before 2023. 

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