MinhT
Expert Alumni

Retirement tax questions

Distributions from a Roth IRA of monies contributed are not taxable or subject to the early withdrawal penalty. If you are over 59 1/2 and the Roth IRA is more than five years old (which it is in your case), the earnings are also excluded from taxation and the early withdrawal penalty.

To exclude the contributions from taxation, you need to enter in the 1099-R interview your prior-year Roth IRA contributions on the page shown in the attached screenshot.
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