Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
colin-oneil
New Member

I have a distribution code of 1B on my 1099R and TurboTax is not taking the Roth contribution into consideration. Can I just use B as the distribution code?

 
1 Best answer

Accepted Solutions
dmertz
Level 15

I have a distribution code of 1B on my 1099R and TurboTax is not taking the Roth contribution into consideration. Can I just use B as the distribution code?

Enter the Form 1099-R exactly as received by entering both codes 1 and B.  These two codes together indicate that you made a distribution from a Roth account in a qualified retirement plan before age 59½, not a distribution from a Roth IRA.  On the Form 1099-R, the payer should have indicated the taxable amount in box 2a and the nontaxable portion in box 5.

If any portion was rolled over to another Roth account, indicate that the a some or all of the distribution was rolled over to another retirement account and indicate the amount rolled over.  The taxable amount reported on Form 1040 line 16b or Form 1040A line 12b will be reduced by the amount rolled over (but not to less than zero) and the word ROLLOVER will appear next to the line.

View solution in original post

5 Replies
AmandaR1
New Member

I have a distribution code of 1B on my 1099R and TurboTax is not taking the Roth contribution into consideration. Can I just use B as the distribution code?

Did you convert from a IRA to a Roth? No you should enter exactly what's on your form.
dmertz
Level 15

I have a distribution code of 1B on my 1099R and TurboTax is not taking the Roth contribution into consideration. Can I just use B as the distribution code?

Enter the Form 1099-R exactly as received by entering both codes 1 and B.  These two codes together indicate that you made a distribution from a Roth account in a qualified retirement plan before age 59½, not a distribution from a Roth IRA.  On the Form 1099-R, the payer should have indicated the taxable amount in box 2a and the nontaxable portion in box 5.

If any portion was rolled over to another Roth account, indicate that the a some or all of the distribution was rolled over to another retirement account and indicate the amount rolled over.  The taxable amount reported on Form 1040 line 16b or Form 1040A line 12b will be reduced by the amount rolled over (but not to less than zero) and the word ROLLOVER will appear next to the line.

AmandaR1
New Member

I have a distribution code of 1B on my 1099R and TurboTax is not taking the Roth contribution into consideration. Can I just use B as the distribution code?

No, for box 7 you should enter code "1" and code "B" if you have both codes on your form. 

After you enter Form 1099-R, answer the questions that follow carefully. Then, once you are back on the summary screen and have entered all form 1099-Rs, be sure to click continue. This is where you'll be asked many relevant questions for taxability. 

If you made contributions this year, be sure to enter them under Deductions & Credits >>> Retirement and Investments >>> Traditional and Roth IRA Contributions. 

arileib
New Member

I have a distribution code of 1B on my 1099R and TurboTax is not taking the Roth contribution into consideration. Can I just use B as the distribution code?

Turbo Tax is not giving an option at all to select 1B. How am I supposed to show 1B on my form, if in the drop down menu there is no option for it?

macuser_22
Level 15

I have a distribution code of 1B on my 1099R and TurboTax is not taking the Roth contribution into consideration. Can I just use B as the distribution code?

Click the box below box 7 for  2nd box 7 code.

**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.**
Dynamic AdsDynamic Ads
Privacy Settings
v