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matthewkeller104

Level 2

Question

I cashed in a Roth IRS after a holding period of 5+ years, but am still being taxed on it. Why is this? I withdrew the principal, not the cap gains.

Forum|Forum|7 years ago
June 1, 2019
2 replies
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TurboTax Self Employed Online

Level 3

Was Box 2B on the 1099-R checked for 'Taxable Amount not Determined'? What was the distribution code(s) in box 7 of the 1099-R?

matthewkeller104Author

Level 2

2013. I held it for several months greater then 5 years.

Level 15

Since you are under age 59½, the fact that you've met the 5-year holding period is irrelevant unless you are disabled or have used the money for a first-home purchase. If you are not disabled or using the money for a first-home purchase, the taxable amount of your distribution is determined on Part III of For 8606 by applying your basis in Roth IRA contributions and conversion. Be sure to click the Continue button on the Your 1099-R Entries page and tell TurboTax your basis in Roth contributions for years prior to 2018 and your basis in Roth conversion for years prior to 2018.