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How do I report the earnings on my roth ira withdrawal?

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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Accepted Solutions
MinhT
Expert Alumni

How do I report the earnings on my roth ira withdrawal?

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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1 Reply
MinhT
Expert Alumni

How do I report the earnings on my roth ira withdrawal?

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).

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

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