Retirement tax questions

The 1099-R that reports your withdrawal should have one of these codes in box 7 to indicate the distribution is from a Roth account: 

• B – Designated Roth account distribution
  
• H – Direct rollover of a designated Roth account distribution to a Roth IRA
• J – Early distribution from a Roth IRA
• Q – Qualified distribution from a Roth IRA
• T – Roth IRA distribution, exception applies

Just make sure to include the box 7 code(s) when entering your 1099-R in TurboTax.

• Open (continue) your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
• Click Tax Tools (lower left side of your screen).
• Select Tools.
• In the pop-up window, select Topic Search.
• In the I'm looking for: box, type 1099-r.
• In the results box, highlight 1099-r, then click GO.
• Follow the onscreen instructions to complete the 1099-R section of TurboTax.

Note: If using the TurboTax CD/Download software, you'll use the Find function and the "Jump to" link (instead of "Tax Tools") to search for the topic.

Some Roth distributions may be partly taxable. For example, if the 5-year holding period for a Roth IRA is not met and there is no known exception, a 10% tax penalty applies. Please see the FAQ below for more information.