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New Member
posted May 31, 2019 10:30:22 PM

If I did a lump-sum distribution on a Roth IRA being 64 and had it for more than 5 years. Do I pay tax on any part?

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1 Best answer
Level 15
May 31, 2019 10:30:24 PM

Because you were over age 59½ and you made your first contribution to a Roth IRA for a year prior to 2012, any distribution from your Roth IRA is a qualified distribution, tax and penalty free.  After entering this Form 1099-r, be sure to click the Continue button on the Your 1099-R entries page, and, if TurboTax asks, indicate that you made your first contribution before 2012.

2 Replies
Level 15
May 31, 2019 10:30:24 PM

Because you were over age 59½ and you made your first contribution to a Roth IRA for a year prior to 2012, any distribution from your Roth IRA is a qualified distribution, tax and penalty free.  After entering this Form 1099-r, be sure to click the Continue button on the Your 1099-R entries page, and, if TurboTax asks, indicate that you made your first contribution before 2012.

Level 15
May 31, 2019 10:30:26 PM

considering your total contributions, did you have a loss or a gain on your Roth adventure?