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Level 3
posted Mar 17, 2020 9:37:56 AM

I withdrew only the basis of my roth ira in 2017. I need to do a form 5329 but am not sure what exception to put down for not paying taxes on the basis?

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1 Replies
Expert Alumni
Mar 17, 2020 10:08:13 AM

You can always withdraw your basis in a Roth IRA and not pay taxes on the amount withdrawn.  

 

On the 1099-R form you received, the taxable amount in Box 2 should be $0.

 

The code on the 1099-R indicates that the amount is not taxable.  

 

When you put the information into TurboTax is asks the amount of Prior Year Roth Contributions.

 

The form 5329 is a form that is generated by the custodian of your account.