I received a 1099-r for my roth ira - but I am confused on whether I should be submitting it, as a roth ira is already after taxes and I already paid the penalty from the bank from withdrawing early. Do I need to still submit it on my taxes or is it just paperwork for my files?
Yes, you would need to enter this information
To enter a form 1099-R
- Click on Federal Taxes (Personal using Home and Business)
- Click on Wages and Income (Personal Income using Home and Business)
- Click on I'll choose what I work on
- Scroll down to Retirement Plans and Social Security
- On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button