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A myRA is nothing more than a Roth IRA with limited investment options.
You haven't indicated what you believe needs correcting on this Form 1099-R. Regular distributions from a Roth IRA are reported with code J, T or Q, have the gross distribution amount in box 1, a blank box 2a and box 2b Taxable amount not determined marked. If the code is J or T, the taxable amount of any portion not rolled over to another Roth IRA is determined on Form 8606 Part III using the gross distribution amount and the answers that you provide to the questions asked by TurboTax after clicking the Continue button on the Your 1099-R Entries page. If the code is J, the taxable amount determined on Form 8606 is also subject to an early-distribution penalty on Form 5329 unless you have a penalty exception applies.
A myRA is nothing more than a Roth IRA with limited investment options.
You haven't indicated what you believe needs correcting on this Form 1099-R. Regular distributions from a Roth IRA are reported with code J, T or Q, have the gross distribution amount in box 1, a blank box 2a and box 2b Taxable amount not determined marked. If the code is J or T, the taxable amount of any portion not rolled over to another Roth IRA is determined on Form 8606 Part III using the gross distribution amount and the answers that you provide to the questions asked by TurboTax after clicking the Continue button on the Your 1099-R Entries page. If the code is J, the taxable amount determined on Form 8606 is also subject to an early-distribution penalty on Form 5329 unless you have a penalty exception applies.
For some reason, some Roth IRA custodial banks do not provide any information in the 1099 form except for the gross distribution. You can call them and ask for a final statement or figure out your post tax deposits from your own records. That information will be input into a question about nondeductible contributions, after the natural disaster questions, in the TurboTax queries after you fill out the 1099 form which will then show up in section 3 of the 8606 form. This obscure, convoluted requirement is ridiculous and I don't know why banks issuing the 1099-R forms are not required to provide taxable amounts.
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