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I withdrew money from my E Trade Roth IRA, contributions only, not earnings. However when I put that information into Turbo Tax it cuts my refund in half.
Not sure why my refund is being cut in half, I only withdrew my contributions for my Roth IRA, not earnings.
I have a 1099-R from E-Trade and they classified this as J (distribution code).
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June 1, 2019
6:06 AM
last updated
June 01, 2019
6:06 AM
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I withdrew money from my E Trade Roth IRA, contributions only, not earnings. However when I put that information into Turbo Tax it cuts my refund in half.
After you enter the 1099-R into your tax return be sure to go through all of the follow-up questions. One of the questions will ask about the contributions that were made to the Roth account – this is the basis of the account. If the basis is greater than your distribution, then none of the distribution will be taxable.
June 1, 2019
6:06 AM
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I withdrew money from my E Trade Roth IRA, contributions only, not earnings. However when I put that information into Turbo Tax it cuts my refund in half.
Thanks for the information, what if my contributions this year are less?.....I took out more than I put in, this year, however, only took out contributions.
June 1, 2019
6:06 AM
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I withdrew money from my E Trade Roth IRA, contributions only, not earnings. However when I put that information into Turbo Tax it cuts my refund in half.
You enter the total of all *previous* years contributions that you had not *already* withdrawn. Any "this year" (I assume you mean 2017 contributions) you do not enter, you enter those in the IRA contribution interview as 2017 contributions. TurboTax will combine the prior year contributions with the 2017 contribution for you and report it correctly on a 8606 form.
**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.**
June 1, 2019
6:06 AM
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