Follow these directions explicitly and you will not owe taxable income or early withdrawal penalties.
- After you enter all your 1099R information, there are many followup questions that occur.
- Scroll through the many questions regarding the qualified disaster Distribution and continue until you reach a screen that asks "owned Any Roth for more than five years? Say yes
- Go ahead and answer the next two answers truthfully and you will reach a screen that says"Enter your prior year's contributions. If you have been using turbo tax in past years, this will be populated.
- As soon as you answer this question regarding basis, this will make your distribution non -taxable.
- I see where you enter the amount of the distribution as a disability and that is the correct way to report this so you won't receive the early withdrawal penalty.
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