Wale
Returning Member

Personal IRA Fund Withdrawal

I started my IRA Account contributing the maximum allowed for that year and took tax exemption for it. I did not take any tax exemption for all other subsequent contributions. I have now withdrawn the entire fund from the investment company. How should I enter the amount withdrawn on my Tax returns.

Retirement tax questions

If the withdrawal occurred in 2018 then you should have received a Form 1099-R from the investment company for the withdrawal.  The 1099-R is entered on your tax return as received on your 2018 tax return.

If the withdrawal occurred in 2019 then the investment company will send you a Form 1099-R in January of 2020 so you can report the withdrawal on your 2019 tax return.

 

IRS Form 1099-R - https://www.irs.gov/pub/irs-pdf/f1099r.pdf

 

To enter, edit or delete a form 1099-R -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

Retirement tax questions

does your last form 8606 show your correct basis in non-deductible contributions?
Did you even file a form 8606 for those contributions?