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emend121
New Member

I took out ONLY principal from my Roth IRA during the year and got charged a penalty. How can I mark it as a principal withdrawal and not get charged the penalty? THANX

 
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MichaelDC
New Member

I took out ONLY principal from my Roth IRA during the year and got charged a penalty. How can I mark it as a principal withdrawal and not get charged the penalty? THANX

After entering the 1099-R, the follow-up interview will establish that only contributions were removed. When you get done, the box 1 amount from the 1099-R will go on line 15a of form 1040 with 0 (the taxable amount) on line 15b (lines 11a & b of form 1040A). 

Also, in the follow-up enter or confirm the amount of contributions that you made for years prior to 2017 (minus any distributions made before 2017).

Please feel free to post any additional details or questions in the comment section. 

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1 Reply
MichaelDC
New Member

I took out ONLY principal from my Roth IRA during the year and got charged a penalty. How can I mark it as a principal withdrawal and not get charged the penalty? THANX

After entering the 1099-R, the follow-up interview will establish that only contributions were removed. When you get done, the box 1 amount from the 1099-R will go on line 15a of form 1040 with 0 (the taxable amount) on line 15b (lines 11a & b of form 1040A). 

Also, in the follow-up enter or confirm the amount of contributions that you made for years prior to 2017 (minus any distributions made before 2017).

Please feel free to post any additional details or questions in the comment section. 

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