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Retirement tax questions
Correct. Because you are over age 60 and it has been more than 5 years since the beginning of the year for which you first made a Roth IRA contribution, any distribution you now receive from any of your Roth IRAs is a qualified distribution, free of any tax or penalty. However, because your current Roth IRA custodian(s) only know the amount of time that your current Roth IRA(s) have been open, the Forms 1099-R that they issue for Roth IRA distributions from these accounts until year 5 will have code T instead of code Q. When entering these Forms 1099-R into TurboTax you'll simply tell TurboTax that you've met the 5-year requirement so that TurboTax will treat code T the same as code Q.
‎July 21, 2024
7:55 PM