turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

62rfor
New Member

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?

 
1 Best answer

Accepted Solutions
dmertz
Level 15

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.

View solution in original post

1 Reply
dmertz
Level 15

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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v