Yes, If you did indeed use all of the funds for the same purpose it would be the amount in box 1. I think you are referring to the questions: I moved the money to another retirement account I did something else with itIf you selected I moved the money to another retirement account there is an additional option to rollover only part of the money.

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jojo12-tx

Level 1

Question

Is the amount in the 1099-R box 1 the same amount I would use to show how much of my roth ira distrubution I spent on one of the reasons listed?

Forum|Forum|5 years ago
February 25, 2021
2 replies
10 views

No text available

TurboTax Premier Online

JohnB5677

Alumni - Intuit

Yes, If you did indeed use all of the funds for the same purpose it would be the amount in box 1.

I think you are referring to the questions:

I moved the money to another retirement account
I did something else with it

If you selected I moved the money to another retirement account there is an additional option to rollover only part of the money.

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dmertz

Level 15

Maybe, but probably not. The box 1 amount is the maximum for which you might claim an exception to the early-distribution penalty. However, because you can take out your Roth IRA contributions (and Roth conversions that have met the 5-year holding period) without tax or penalty, it's likely that a substantial portion of this distribution is already free of tax and penalty and needs no penalty exception.

Be sure to click the Continue button on the Review You 1099-R Items page and answer 2020 TurboTax's questions regard your basis in Roth IRA contributions and conversions made for years prior to 2020.