Solved: I have a distribution from my Roth IRA entirely from my own contributions. It looks like the program is making it taxable? But it shouldn't be, right?
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hodgesbm
New Member

I have a distribution from my Roth IRA entirely from my own contributions. It looks like the program is making it taxable? But it shouldn't be, right?

 
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Accepted Solutions
MinhT
Expert Alumni

I have a distribution from my Roth IRA entirely from my own contributions. It looks like the program is making it taxable? But it shouldn't be, right?

If you have owned that Roth IRA for more than 5 years and distributions are less than your prior contributions, the distribution is not taxable. Make sure that you indicate that you owned the Roth IRA for more than 5 years. And also enter your prior contributions in the TurboTax interview (see attached screenshot).

You can then preview your 1040. To do this, click on Tax Tools in the left-hand column. On the Tax tools page, click on View Tax Summary. Then click on Preview 1040 in the left-hand column. You should find the amount of your distribution on line 15a. Taxable amount on line 15b should be 0.

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MinhT
Expert Alumni

I have a distribution from my Roth IRA entirely from my own contributions. It looks like the program is making it taxable? But it shouldn't be, right?

If you have owned that Roth IRA for more than 5 years and distributions are less than your prior contributions, the distribution is not taxable. Make sure that you indicate that you owned the Roth IRA for more than 5 years. And also enter your prior contributions in the TurboTax interview (see attached screenshot).

You can then preview your 1040. To do this, click on Tax Tools in the left-hand column. On the Tax tools page, click on View Tax Summary. Then click on Preview 1040 in the left-hand column. You should find the amount of your distribution on line 15a. Taxable amount on line 15b should be 0.

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

View solution in original post

hodgesbm
New Member

I have a distribution from my Roth IRA entirely from my own contributions. It looks like the program is making it taxable? But it shouldn't be, right?

Thank you!  I didn't know how to preview the 1040, and it does show line 15b as 0.  The wages/income page made me think it was taxable.  Thanks for the quick response!
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