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In 2010 i invested 5,000 in roth ira then in 2016 at age 60 i withdrew entire balance which totaled 7,000. what is the tax treatment of this distribution?

 
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dmertz
Level 15

In 2010 i invested 5,000 in roth ira then in 2016 at age 60 i withdrew entire balance which totaled 7,000. what is the tax treatment of this distribution?

It is a qualified distribution, entirely tax and penalty free.  When the Form 1099-R for this distribution is entered into TurboTax, TurboTax will include the gross amount of the distribution ($7,000) on Form 1040 line 15a or Form 1040A line 11a but will exclude the entire amount from line 15b or line 11b.

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dmertz
Level 15

In 2010 i invested 5,000 in roth ira then in 2016 at age 60 i withdrew entire balance which totaled 7,000. what is the tax treatment of this distribution?

It is a qualified distribution, entirely tax and penalty free.  When the Form 1099-R for this distribution is entered into TurboTax, TurboTax will include the gross amount of the distribution ($7,000) on Form 1040 line 15a or Form 1040A line 11a but will exclude the entire amount from line 15b or line 11b.

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