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New Member
posted Feb 17, 2022 4:59:59 AM

Is it necessary to report my roth ira withdraw on my return?

i ve been retired gor 4 years

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3 Replies
Expert Alumni
Feb 17, 2022 5:17:27 AM

Yes. You should receive a form 1099-R for your Roth IRA withdrawal and have to enter it on your tax return.

 

If you are over 59 1/2 and have had the Roth IRA account for more than 5 years, the withdrawal is tax-free, but you have to enter the form 1099-R on your tax return and follow the the TurboTax interview.

 

You can enter your form 1099-R by following these steps:

 

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
  3. Scroll down and locate the section Retirement Plans and Social Security and click on Show more
  4. Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).

New Member
Feb 20, 2022 4:44:09 AM

my question is I already filed my return do I need to amend it?

Expert Alumni
Feb 20, 2022 5:07:35 AM

Yes, you will need to amend the return to include your 1099-R. But please wait until your refund or payment is processed. Please be aware that you can e-file your 2021 amended federal tax return, but most states require amendments to be printed and filed by mail. Please see How to amend a tax return for instructions (this will be updated once the 2021 Form 1040-X is ready).