Retirement tax questions
@abtb00 wrote:
but when i did it in interview it never asked me when I opened my roth and then it produced a "NO" on line 22 of part V of "IRA information worksheet". But I opened it in 2012. My box 7 is J. I contributed 18400 totally after opening in 2012 for sevelral years. I withdrew 5000 in 2019 first time.
So then what will happen to that "NO" there? how else can I correct it? or it doesnt matter?
and even after i entered 2012, which i will delete now, it asked interview questions again from beginning
There is two part to the interview. When you get to the 1099-R summary screen (where you can enter another 1099-R) select [Continue] and keep going and you will get this screen:
(delete the 1099-R and re-enter)
| You can always withdraw your own Roth contributions tax and penalty free. Enter a 1099-R here: Federal Taxes, Wages & Income I’ll choose what I work on (if that screen comes up), Retirement Plans & Social Security, IRA, 401(k), Pension Plan Withdrawals (1099-R). OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place. Be sure to choose which spouse the 1099-R is for if this is a joint tax return. Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R. [NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.] One of the followup questions will ask for your prior year** contributions not previously withdrawn. Those contributions that still remain in the Roth will not be taxed or subject to a early withdrawal penalty. That will add a 8606 form to your tax return with the Roth contribution and tax calculation in part III. Note: **Prior year - any current year Roth contributions should be entered into the IRA contributions section. They will not show up in the prior years contributions but will be accounted for on the 8606 form that calculates the taxable amount. |
