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conanfish
New Member

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?

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MarilynG
Expert Alumni

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

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1 Reply
MarilynG
Expert Alumni

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

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