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delnickk
New Member

I closed my Roth IRA before 59 1/2. How do I claim the penalty and pay the tax

 
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ReneV4
Expert Alumni

I closed my Roth IRA before 59 1/2. How do I claim the penalty and pay the tax

You do not need to claim the penalty. TurboTax will calculate both the federal and state penalties.

 

You should have received a Form 1099-R for your Roth IRA distribution. 

 

Enter your 1099-R information in the Wages & Income section, answering all of the questions.

 

Depending on your situation, the amount may be deducted from your federal and state refunds (if applicable).

 

If you owe money, you will need to make the payments when filing your return.

 

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
ReneV4
Expert Alumni

I closed my Roth IRA before 59 1/2. How do I claim the penalty and pay the tax

You do not need to claim the penalty. TurboTax will calculate both the federal and state penalties.

 

You should have received a Form 1099-R for your Roth IRA distribution. 

 

Enter your 1099-R information in the Wages & Income section, answering all of the questions.

 

Depending on your situation, the amount may be deducted from your federal and state refunds (if applicable).

 

If you owe money, you will need to make the payments when filing your return.

 

**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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