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Level 1

My son made an excess Roth IRA contribution in 2015, which was withdrawn in 2017 . He got a 1099-R with J on box 7. How do I report this in TurboTax?

 
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Level 8

My son made an excess Roth IRA contribution in 2015, which was withdrawn in 2017 . He got a 1099-R with J on box 7. How do I report this in TurboTax?

You will follow these steps to enter your Son's Form 1099-R with Code J to report the withdrawal from his Roth IRA:

Once in the return, follow these steps:

  • Click on the "Federal Taxes" tab
  • Click "I'll Choose What I Work On"
  • Scroll down to "Retirement Plans & Social Security"
  • Select "Start/Update" next to "IRA, 401(K), Pension Plan Withdrawals, 1099-R
  • Enter the 1099-R exactly as shown
  • Click "Continue" to walk through and answer the interview questions associated with that 1099-R
  • Once you walk through those questions, you will be brought to a summary page of your 1099-Rs.  Click "Continue" at the bottom right which will lead you through some more interview questions.  About the third question starts asking questions about the Roth IRA which you will need to pay particular attention to.
  • Regarding this question: Prior Year Contributions that REMAIN in Roth IRA?  The amount to enter here is the amount of contributions that remained in your Roth IRA leading into 2017.  You *should not* reduce that amount by the distribution that you made in 2017.

If you need further assistance getting your ROTH distribution reported properly, please comment below so that I can assist you further.

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Level 8

My son made an excess Roth IRA contribution in 2015, which was withdrawn in 2017 . He got a 1099-R with J on box 7. How do I report this in TurboTax?

You will follow these steps to enter your Son's Form 1099-R with Code J to report the withdrawal from his Roth IRA:

Once in the return, follow these steps:

  • Click on the "Federal Taxes" tab
  • Click "I'll Choose What I Work On"
  • Scroll down to "Retirement Plans & Social Security"
  • Select "Start/Update" next to "IRA, 401(K), Pension Plan Withdrawals, 1099-R
  • Enter the 1099-R exactly as shown
  • Click "Continue" to walk through and answer the interview questions associated with that 1099-R
  • Once you walk through those questions, you will be brought to a summary page of your 1099-Rs.  Click "Continue" at the bottom right which will lead you through some more interview questions.  About the third question starts asking questions about the Roth IRA which you will need to pay particular attention to.
  • Regarding this question: Prior Year Contributions that REMAIN in Roth IRA?  The amount to enter here is the amount of contributions that remained in your Roth IRA leading into 2017.  You *should not* reduce that amount by the distribution that you made in 2017.

If you need further assistance getting your ROTH distribution reported properly, please comment below so that I can assist you further.

View solution in original post