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Anonymous
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If I take out contributions or basis from a Roth it isn't taxable, but do I need a special form at tax time to show I took out a contribution?

 
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Accepted Solutions
KatherineC
New Member

If I take out contributions or basis from a Roth it isn't taxable, but do I need a special form at tax time to show I took out a contribution?

No, you do not need a special form.  You will need to report the distribution on your tax return.  You should receive a Form 1099-R from your broker/plan administrator.

What determines the taxability of your distribution is the code in Box 7 of your Form 1099-R.

Look below for the codes and what they mean.

https://ttlc.intuit.com/replies/4194736

To report the Form 1099-R, follow the instructions below:

https://ttlc.intuit.com/replies/4194737

View solution in original post

1 Reply
KatherineC
New Member

If I take out contributions or basis from a Roth it isn't taxable, but do I need a special form at tax time to show I took out a contribution?

No, you do not need a special form.  You will need to report the distribution on your tax return.  You should receive a Form 1099-R from your broker/plan administrator.

What determines the taxability of your distribution is the code in Box 7 of your Form 1099-R.

Look below for the codes and what they mean.

https://ttlc.intuit.com/replies/4194736

To report the Form 1099-R, follow the instructions below:

https://ttlc.intuit.com/replies/4194737

View solution in original post

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