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jojo12-tx
New Member

Is the amount in the 1099-R box 1 the same amount I would use to show how much of my roth ira distrubution I spent on one of the reasons listed?

 
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2 Replies
JohnB5677
Expert Alumni

Is the amount in the 1099-R box 1 the same amount I would use to show how much of my roth ira distrubution I spent on one of the reasons listed?

Yes, If you did indeed use all of the funds for the same purpose it would be the amount in box 1.

 

I think you are referring to the questions:

  • I moved the money to another retirement account
  • I did something else with it

If you selected I moved the money to another retirement account there is an additional option to rollover only part of the money.

 

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dmertz
Level 15

Is the amount in the 1099-R box 1 the same amount I would use to show how much of my roth ira distrubution I spent on one of the reasons listed?

Maybe, but probably not.  The box 1 amount is the maximum for which you might claim an exception to the early-distribution penalty.  However, because you can take out your Roth IRA contributions (and Roth conversions that have met the 5-year holding period) without tax or penalty, it's likely that a substantial portion of this distribution is already free of tax and penalty and needs no penalty exception.

 

Be sure to click the Continue button on the Review You 1099-R Items page and answer 2020 TurboTax's questions regard your basis in Roth IRA contributions and conversions made for years prior to 2020.

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