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About ROTH IRAx: we have four we cashed out in 2016. Three are marked "Q" and one "T" on the 1099-R. Can we assume NO TAX is due on all of them?
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About ROTH IRAx: we have four we cashed out in 2016. Three are marked "Q" and one "T" on the 1099-R. Can we assume NO TAX is due on all of them?
You must enter the Forms 1099-R into TurboTax and answer the follow-up questions to allow TurboTax to determine the taxable amount. Be sure to click the Continue button on the Your 1099-R Entries page and answer the additional follow-up questions with respect to each spouse. If these are all Roth IRAs owned by the same individual, the code Q Form 1099-R indicates that this individual has met the 5-year holding period to make all of the distributions qualified distributions, tax free; be sure to indicate that this individual made the first Roth IRA for a year before 2012.
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About ROTH IRAx: we have four we cashed out in 2016. Three are marked "Q" and one "T" on the 1099-R. Can we assume NO TAX is due on all of them?
You must enter the Forms 1099-R into TurboTax and answer the follow-up questions to allow TurboTax to determine the taxable amount. Be sure to click the Continue button on the Your 1099-R Entries page and answer the additional follow-up questions with respect to each spouse. If these are all Roth IRAs owned by the same individual, the code Q Form 1099-R indicates that this individual has met the 5-year holding period to make all of the distributions qualified distributions, tax free; be sure to indicate that this individual made the first Roth IRA for a year before 2012.
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