There was a previous post asking whether withdrawals of contributions (not earnings) from Roth IRAs incur taxes or penalties. DavidD66 replied “Withdrawals of your Roth IRA basis (the amounts that you contributed to your Roth IRA) can be withdrawn at any time without taxes or penalties. Your 1099-R should have Distribution code - J in Box 7, which indicates "Early distribution from a Roth IRA, no known exception". Your answers to the questions TurboTax asks you after you enter or upload your 1099-R will determine whether or not your withdrawal is subject to tax and/or penalty. . .
Box 2a - Taxable Amount is blank
Box2b - Taxable Amount not determined is checked
You answer YES to "Did this money come from a Roth IRA"?
On the screen Enter Prior Year Roth IRA Contributions - Roth IRA Contributions prior to 2024 - The amount for contributions you enter must be at least as much as your withdrawal . . .
MY QUESTION pertains to the answer from DavidD66: When TT asks me to enter Roth Contributions prior to 2024, does that include money originally contributed to a Roth 401k that was subsequently moved to a regular Roth after the job ended? This is for my son. The only money he's ever put in Roth so far is the Roth 401k at the prior job and that $ is now in a regular Roth. (If no where do we enter the 401K Rot5h contribution, or do we?). Also, for the contribution amount, do we include the employer contribution amount or just what he put in? Of course, the vested part of the employer contribution was also moved to the regular Roth when the job ended. Thanks for any insights.
Yes
No
