1099-R

[dsuper20]

1099-R   Box 1 & 5 have the same amount, box 2a is blank, box 7 code is 8B, box 11 entry is 2021.  It this taxable? Can I just put 0 in box 2?

[JohnB5677]

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:
    •  What do all the codes in Box 7 of the 1099-R mean?
• 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:
    • Roth IRA Withdrawal Rules

You can post the 1099-R exactly as it shows on the form 1099-R.

To post investments:

1. Sign into TurboTax
2. Select Work on other (Income/Deductions)
3. There is a Sidebar to the left
4. Under Federal
5. Select Wages & Income
6. In the main body, scroll down to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) - Select it
7. Depending on what you've already posted, you may see different screens
8. Continue to follow the interview.

Please contact us again with any additional questions or to provide some additional details.