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Hello I did a distribution from my Roth IRA in 2017, how do I indicate that I only took out contributions.

 
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dmertz
Level 15

Hello I did a distribution from my Roth IRA in 2017, how do I indicate that I only took out contributions.

Enter the Form 1099-R exactly as received under Wages & Income -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R) and answer the immediate follow-up questions.  After that, click the Continue button on the Your 1099-R Entries page.  When TurboTax asks for it, enter you basis in Roth IRA contributions for years prior to 2017.

If you made any contribution for 2017, be sure to enter that under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions and answer the follow-up questions.

TurboTax will use this information to prepare Form 8606 Part III to calculate the taxable amount of the distribution.  If all of the distribution came from your original contributions, the result will be that none of the distribution is taxable or subject to early-distribution penalty.

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2 Replies
dmertz
Level 15

Hello I did a distribution from my Roth IRA in 2017, how do I indicate that I only took out contributions.

Enter the Form 1099-R exactly as received under Wages & Income -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R) and answer the immediate follow-up questions.  After that, click the Continue button on the Your 1099-R Entries page.  When TurboTax asks for it, enter you basis in Roth IRA contributions for years prior to 2017.

If you made any contribution for 2017, be sure to enter that under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions and answer the follow-up questions.

TurboTax will use this information to prepare Form 8606 Part III to calculate the taxable amount of the distribution.  If all of the distribution came from your original contributions, the result will be that none of the distribution is taxable or subject to early-distribution penalty.

Hello I did a distribution from my Roth IRA in 2017, how do I indicate that I only took out contributions.

If you withdraw contributions (including any net earnings on the contributions) by the due date of your return for the year in which you made the contribution, the contributions are treated as if you never made them.

If you had contributions before 2017 you cannot designate that you are withdrawing contributions only- the taxable part is calculated using the total of all contributions and earnings so part will be taxable.


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