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Level 2
March 28, 2022
Question

1099-R error on early distribution of Roth IRA

  • March 28, 2022
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I opened a Roth IRA in 2012 for $2,000 and closed out the account with an early, full distribution in 2021at age 34 because the returns were so bad and it had only earned $64 total net gains. My 1099-R shows $2,064 in the "Gross distribution" box, the "Taxable amount" box is blank, and the boxes checked for "Taxable amount not determined" and "Total distribution", the Distribution code is "J", and the "1st year of desig. Roth contrib" space is blank.  The "Taxable amount" box should say $64, with these other boxes also corrected. I have statements from 2012 and 2021 to prove my taxable gains amount. I reached out to the financial company to correct, but have had no response. What form(s) do I need and how do I correct this in TuboTax (desktop)? Thanks!

1 reply

fanfare
Level 15
March 28, 2022

duplicate post