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I made a withdrawl from my Roth IRA that I have had since 2016. It is tax free, but turbo tax is having me pay extra taxes on distribution. why?

 
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2 Replies

I made a withdrawl from my Roth IRA that I have had since 2016. It is tax free, but turbo tax is having me pay extra taxes on distribution. why?

Are you at least 59 1/2 years old?

JulieS
Employee Tax Expert

I made a withdrawl from my Roth IRA that I have had since 2016. It is tax free, but turbo tax is having me pay extra taxes on distribution. why?

When you make withdrawals from your Roth before age 59-1/2, you have to enter some extra information about your Roth account to show that your distribution is "qualified".

 

This is how to do that in TurboTax online:

 

  1. Select Federal, then Deductions & Credits. 
  2. Expand the list and scroll down to Retirement and Investments.
  3. Expand the section and click Start to the right of Traditional and Roth IRA Contributions. 
  4. Check the types of IRA accounts you have and then answer the questions.
  5. Keep going until you finish the section. 
     
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