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CL5
New Member

I withdrew from my Roth IRA (which I have had for over 5 years) this year and thought I had to file a Form 8606 for a distribution. However all that populates on TurboTax is that I do not qualify for a deduction? Do I not need to fill out the form 8606?

 
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3 Replies

I withdrew from my Roth IRA (which I have had for over 5 years) this year and thought I had to file a Form 8606 for a distribution. However all that populates on TurboTax is that I do not qualify for a deduction? Do I not need to fill out the form 8606?

You do not enter anything in the IRA contribution section to report a distribution.

A distribution is reported to you on a 1099-R form.    Have you received the 1099-R yet?   They are not required to be sent to you until Jan 31.

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).


OR  Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
CL5
New Member

I withdrew from my Roth IRA (which I have had for over 5 years) this year and thought I had to file a Form 8606 for a distribution. However all that populates on TurboTax is that I do not qualify for a deduction? Do I not need to fill out the form 8606?

Thank you for the very helpful information! When I had researched prior to making the early distribution I had seen that I needed to report it on a Form 8606. I will await the 1099-R and go from there. Thanks again!

I withdrew from my Roth IRA (which I have had for over 5 years) this year and thought I had to file a Form 8606 for a distribution. However all that populates on TurboTax is that I do not qualify for a deduction? Do I not need to fill out the form 8606?

When  you enter the 1099-r a 8606 will be generated automatically based on the box 7 codes on the 1099-R that identifies the distribution as a Roth.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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