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dbdill137
New Member

I withdrew my contributions from a roth ira. Turbo tax does not allow me to specify that, so it says I owe taxes.

 
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dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

I withdrew my contributions from a roth ira. Turbo tax does not allow me to specify that, so it says I owe taxes.

Click the Continue button on the page that lists the Forms 1099-R that you have entered.  TurboTax will then prompt you to enter your basis in Roth IRA contributions which will reduce the taxable amount of the distribution to zero if your distribution was less than the contribution basis in your Roth IRAs.  The taxable amount is calculated on Form 8606 Part III.

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5 Replies

I withdrew my contributions from a roth ira. Turbo tax does not allow me to specify that, so it says I owe taxes.

What is the code in box 7 of the Form 1099-R you received from the plan administrator for the Roth IRA?

dbdill137
New Member

I withdrew my contributions from a roth ira. Turbo tax does not allow me to specify that, so it says I owe taxes.

J is in box 7

I withdrew my contributions from a roth ira. Turbo tax does not allow me to specify that, so it says I owe taxes.

Code J signifies that this was an early distribution from a Roth IRA so the amount withdrawn will be taxable.

 

The code in box 7 should have been a Q if this was a Qualified Roth IRA distribution so the amount withdrawn would not be taxable.

 

 

dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

I withdrew my contributions from a roth ira. Turbo tax does not allow me to specify that, so it says I owe taxes.

Click the Continue button on the page that lists the Forms 1099-R that you have entered.  TurboTax will then prompt you to enter your basis in Roth IRA contributions which will reduce the taxable amount of the distribution to zero if your distribution was less than the contribution basis in your Roth IRAs.  The taxable amount is calculated on Form 8606 Part III.

dbdill137
New Member

I withdrew my contributions from a roth ira. Turbo tax does not allow me to specify that, so it says I owe taxes.

That was it, I just needed to continue further and add the contributions.  Thanks for the help!

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