I'm 68 years old, and all contributions are more than 5 years ago. What do I need to do to avoid this? Do I really need records of all contributions?
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You must click the Continue button on the Your 1099-R Entries page, then, when asked, indicate in 2018 TurboTax that your first Roth IRA contribution was for some year prior to 2014. TurboTax will then show the distribution as nontaxable income.
You can also tell TurboTax your contribution and conversion basis, but this is unnecessary to determine that the code T distribution is nontaxable as long as you've indicated that your first Roth IRA contribution was for some year prior to 2014.
You must click the Continue button on the Your 1099-R Entries page, then, when asked, indicate in 2018 TurboTax that your first Roth IRA contribution was for some year prior to 2014. TurboTax will then show the distribution as nontaxable income.
You can also tell TurboTax your contribution and conversion basis, but this is unnecessary to determine that the code T distribution is nontaxable as long as you've indicated that your first Roth IRA contribution was for some year prior to 2014.
It should not be taxable. There are a few questions that will be asked about the Roth, but you may have missed them.
Per the PA Personal INcome Tax (PIT) Guide, Chapter 7, a box 7 Code T:
T - Roth IRA distribution, exception applies.
T - Under Pennsylvania personal income tax law, not taxable to the extent you are over 59½. Taxable if under 59½.to the extent using the cost recovery method.
Select: I qualify, plan qualify (or similar choice) to mark this distribution as not taxable.
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