turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

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
Expert Alumni

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

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies