You can leave box 2a blank.
Here is how to interpret the 1099-R.
- Box 1, Gross Distribution: This is the total distribution for the calendar year.
- Box 2a, Taxable Amount: This is the portion of pre-tax money of your Gross Distribution (in Box 1).
- Box 5, Employee contribution... Is any post-tax money distributed.
- Box 7, Distribution codes8 –
- 8 - Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2023
- B – Designated Roth account distribution
- For other codes, see the Turbo Tax article:
- Box 11, First year of ROTH. This establishes the date the ROTH was created.
- If you're younger than 59½ and the account is less than 5 years old
- You’ll owe income taxes and a 10% penalty if you withdraw earnings in less than five years.
- For more information see the TurboTax article:
You can post the 1099-R exactly as it shows on the form 1099-R.
To post investments:
- Sign into TurboTax
- Select Work on other (Income/Deductions)
- There is a Sidebar to the left
- Under Federal
- Select Wages & Income
- In the main body, scroll down to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) - Select it
- Depending on what you've already posted, you may see different screens
- Continue to follow the interview.
Please contact us again with any additional questions or to provide some additional details.
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