TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Solved

Capital Gains

Forum|Forum|6 years ago
April 7, 2020
1 reply
13 views

Took money out of our IRA, we are both retired , and TurboTax wants me to fill out Capital Gains form ????? Never got any form but 1099-R.

IRA

Best answer by BillM223

What is TurboTax asking in terms of Capital Gains? You don't pay capitals gains on either traditional IRA distributions or Roth IRA distributions. In the former case, you pay ordinary income tax rates and in the latter case, you don't pay any income tax at all so long as the distribution was qualified.

Oh, you are referring to box 3 on the 1099-R. Is there a number in it? There shouldn't be. Just enter the 1099-R as is.

Level 15

What is TurboTax asking in terms of Capital Gains? You don't pay capitals gains on either traditional IRA distributions or Roth IRA distributions. In the former case, you pay ordinary income tax rates and in the latter case, you don't pay any income tax at all so long as the distribution was qualified.

Oh, you are referring to box 3 on the 1099-R. Is there a number in it? There shouldn't be. Just enter the 1099-R as is.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Level 2

It wants me to fill out a Capital Gains work sheet and it keeps showing me an error for not doing it ! (there is nothing in box 3)

Level 15

Silly question - did you auto-import the 1099-R or enter it manually?

If you auto-imported it, I would encourage to write down all the information on the 1099-R, then delete the 1099-R and re-enter it manually.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"