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all7020
all7020
Level 1
posted
‎May 31, 2019 10:30 PM
last updated ‎May 31, 2019 10:30 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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dmertz
Level 20 dmertz
Level 20
‎May 31, 2019 10:30 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?

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.

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dmertz
Level 20 dmertz
Level 20
‎May 31, 2019 10:30 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?

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.

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fanfare
fanfare
Level 18
‎May 31, 2019 10:30 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?

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