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Got 1099-R.I am breaking even. How do I report for taxes so my contributions are not treated as gains.Turbo tax took out the a large amount from the calculated refunds.

I got 1099-R for early withdrawal of my roth IRA. I know I probably was breaking even or may have made a little money, but mostly break-even. How do I report for taxes so my contributions are not treated as gains.  When I entered 1099-R info, turbo tax took out the a large chunk of money from the calculated refunds.

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Accepted Solutions
MinhT
Expert Alumni

Got 1099-R.I am breaking even. How do I report for taxes so my contributions are not treated as gains.Turbo tax took out the a large amount from the calculated refunds.

When entering your 1099-R, in the TurboTax interview, please make sure that you indicate how much you have contributed to your Roth-IRA prior to 2017 so that your contributions can be excluded from taxation (see attached screenshot).

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5 Replies

Got 1099-R.I am breaking even. How do I report for taxes so my contributions are not treated as gains.Turbo tax took out the a large amount from the calculated refunds.

I do not get the screen where I can enter the contributions info. My 1099-R states no info, but the box2b (tax not determined) is checked.
MinhT
Expert Alumni

Got 1099-R.I am breaking even. How do I report for taxes so my contributions are not treated as gains.Turbo tax took out the a large amount from the calculated refunds.

When entering your 1099-R, in the TurboTax interview, please make sure that you indicate how much you have contributed to your Roth-IRA prior to 2017 so that your contributions can be excluded from taxation (see attached screenshot).

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

Got 1099-R.I am breaking even. How do I report for taxes so my contributions are not treated as gains.Turbo tax took out the a large amount from the calculated refunds.

Thanks for your quick response. I do not get the screen where I can enter the contributions info. My 1099-R states no info, but the box2b (tax not determined) is checked.

Got 1099-R.I am breaking even. How do I report for taxes so my contributions are not treated as gains.Turbo tax took out the a large amount from the calculated refunds.

You can always withdraw your own Roth contributions tax and penalty free.


Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

One of the followup questions will ask for your prior year contributions not previously withdrawn.   Those contributions that still remain in the Roth will not be taxed or subject to a early withdrawal penalty. That will add a 8606 form to your tax return with the Roth contribution and tax calculation in part III.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Got 1099-R.I am breaking even. How do I report for taxes so my contributions are not treated as gains.Turbo tax took out the a large amount from the calculated refunds.

Thanks. I see where I can enter the prior contributions after I am done adding the 1099-R details and answering few other questions.
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