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EKT77
New Member

Is the 1099-R form that shows my early with-drawl from my Roth, and the $135 in penalties I owe enough? Why am I waiting for Form 8606-S from Turbo Tax?

 
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ToddL
New Member

Is the 1099-R form that shows my early with-drawl from my Roth, and the $135 in penalties I owe enough? Why am I waiting for Form 8606-S from Turbo Tax?

The 1099-R isn't enough. You also need  Form 8606 to report other IRA-related transactions where the government needs to track the status of your money.

From  What is IRS Form 8606: Nondeductible IRAs

"Other uses for IRS Form 8606"  - The form is not just for reporting nondeductible contributions to traditional IRAs. You also use it to report other IRA-related transactions where the government needs to track the status of your money—whether it’s been taxed or untaxed. Form 8606 is also used when you:
  • Take distributions from a Roth IRA
  • Take distributions from a traditional, SEP or SIMPLE IRA at any time after you have made nondeductible IRA contributions
  • Convert a traditional, SEP or SIMPLE IRA into a Roth IRA

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ToddL
New Member

Is the 1099-R form that shows my early with-drawl from my Roth, and the $135 in penalties I owe enough? Why am I waiting for Form 8606-S from Turbo Tax?

The 1099-R isn't enough. You also need  Form 8606 to report other IRA-related transactions where the government needs to track the status of your money.

From  What is IRS Form 8606: Nondeductible IRAs

"Other uses for IRS Form 8606"  - The form is not just for reporting nondeductible contributions to traditional IRAs. You also use it to report other IRA-related transactions where the government needs to track the status of your money—whether it’s been taxed or untaxed. Form 8606 is also used when you:
  • Take distributions from a Roth IRA
  • Take distributions from a traditional, SEP or SIMPLE IRA at any time after you have made nondeductible IRA contributions
  • Convert a traditional, SEP or SIMPLE IRA into a Roth IRA
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