cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

I withdrew $ 2,000 from a Roth IRA that was 10 years old.How do I enter this information into turbotax?

I should not have to pay taxes on this amount, yet turbotax has put this amount into distributions from IRA. How do I enter this info into turbotax?

1 Best answer

Accepted Solutions
Level 7

I withdrew $ 2,000 from a Roth IRA that was 10 years old.How do I enter this information into turbotax?

If you received a 1099-R, it is a Distribution from an IRA account.

Whether it is taxable or not depends on the Code in Box 7 of the 1099-R.  When you enter the 1099-R into TurboTax, you will be asked some questions about your distribution. 

TurboTax will report the distribution on your tax return, but it will not be taxable income. 

Here's more info:

https://ttlc.intuit.com/replies/3301082

1 Reply
Level 7

I withdrew $ 2,000 from a Roth IRA that was 10 years old.How do I enter this information into turbotax?

If you received a 1099-R, it is a Distribution from an IRA account.

Whether it is taxable or not depends on the Code in Box 7 of the 1099-R.  When you enter the 1099-R into TurboTax, you will be asked some questions about your distribution. 

TurboTax will report the distribution on your tax return, but it will not be taxable income. 

Here's more info:

https://ttlc.intuit.com/replies/3301082