how do I report the earnings on my roth ira withdrawal?
i'm 63, i took an early withdrawal (held <5 years).
received a 1099-r that shows a gross distribution ($10k), the distribution code is t & shows tax amount not determined.
is there a way to obtain the cost of the gross distribution. use box 8 and 9a for cost/contribution-withdrawal?
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Distributions of amounts you contributed to your Roth IRA account are not taxable. As your account is less than 5 years, the earnings are taxable.
In TurboTax, you have to enter your prior year contributions to the Roth IRA in the 1099-R interview so that TurboTax can exclude them from income (see attached screenshot).
Distributions of amounts you contributed to your Roth IRA account are not taxable. As your account is less than 5 years, the earnings are taxable.
In TurboTax, you have to enter your prior year contributions to the Roth IRA in the 1099-R interview so that TurboTax can exclude them from income (see attached screenshot).
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