Closing IRA

[1362f3f52eeb]

Closed four IRA's. Where do I report on TurboTax? I am over 59 1/2.

[MinhT1]

When you close your IRA accounts and withdraw the proceeds, you will receive a form 1099-R for each IRA.

If the accounts are Traditional IRAs, the withdrawals are taxable.

If they are Roth IRAs, the withdrawals aren't taxable, provided the Roth IRA is at least 5 years old.

You have to report the withdrawals by entering the forms 1099-R on your tax return.

In TurboTax Online, you can enter your form 1099-R by following these steps:

1. Open your tax return
2. Click Federal in the left-hand column then on Wages & Income
3. Locate the section Retirement Plans and Social Security and click on the down arrow on the right
4. Click Start next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
5. Follow the TurboTax interview after entering the form 1099-R