It could be possible if there was a distribution made that was from a Individual Retirement Account to which you contribute after-tax dollars. You can take out whatever you put into your Roth IRA, tax-free, because you already paid taxes on that money. You have to meet the test here: You can also make tax-free withdrawals on any additional earnings in your Roth IRA unless either of the following is true:You're making the withdrawal less than five years after establishing the Roth.You're making an early withdrawal (before age 59½) without the exception for death, disability, or the $10,000 first-time homebuyer distribution.Generally, as long as your Roth has been open for at least five years, you can withdraw as much as you want (if you're 59½ or older) or anything up to the amount you put in (if you're under 59½) without any taxes or penalties. I would need more info on your specific situation, but this may apply to you and possibly be the reason your combined distributions are higher than what is included in your taxable income.

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Eric-P1

Level 2

Question

Our combined ditributions from IRAs, 401K, sep-ira and 403K is much higher than what T-Tax lists as part of income. Is that correct?

2 replies
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SantinoD

Alumni - Intuit

It could be possible if there was a distribution made that was from a Individual Retirement Account to which you contribute after-tax dollars. You can take out whatever you put into your Roth IRA, tax-free, because you already paid taxes on that money.

You have to meet the test here:

You can also make tax-free withdrawals on any additional earnings in your Roth IRA unless either of the following is true:

You're making the withdrawal less than five years after establishing the Roth.
You're making an early withdrawal (before age 59½) without the exception for death, disability, or the $10,000 first-time homebuyer distribution.

Generally, as long as your Roth has been open for at least five years, you can withdraw as much as you want (if you're 59½ or older) or anything up to the amount you put in (if you're under 59½) without any taxes or penalties.

I would need more info on your specific situation, but this may apply to you and possibly be the reason your combined distributions are higher than what is included in your taxable income.

Eric-P1Author

Level 2

Thanks, but actually the answer was that I didnt realize that 401 and 403 distributions were listed under pensions rather than IRA distibutions. Mea Culpa.