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Retirement tax questions
Withdrawals of your Roth IRA basis (the amounts that you contributed to your Roth IRA) can be withdrawn at any time without taxes or penalties. Your 1099-R should have Distribution code - J in Box 7, which indicates "Early distribution from a Roth IRA, no known exception". Your answers to the questions TurboTax asks you after you enter or upload your 1099-R will determine whether or not your withdrawal is subject to tax and/or penalty. Review your 1099-R and make sure of the following:
- Box 2a - Taxable Amount is blank
- Box2b - Taxable Amount not determined is checked
- You answer YES to "Did this money come from a Roth IRA"?
- On the screen Enter Prior Year Roth IRA Contributions - Roth IRA Contributions prior to 2024 - The amount for contributions you enter must be at least as much as your withdrawal - $7,000.
You may need to delete your 1099-R in TurboTax and re-enter to access all of the questions.
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March 26, 2025
9:07 AM