2009691
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

grammacn
New Member

"net regular contributions made and distributions taken prior to 2020" for a 1099R for 25 yr old Roth IRA. Made sporadic depos. (<age 60) and wthdrwls (>age 60)?

1099R for withdrawal from Roth IRA prompts a request for net contributions and withdrawals made prior to 2020. We do not have 25 years of statements to answer this and for a $5k withdrawal getting bank and brokerage to find them would be impractical.
How should we enter.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
dmertz
Level 15

"net regular contributions made and distributions taken prior to 2020" for a 1099R for 25 yr old Roth IRA. Made sporadic depos. (<age 60) and wthdrwls (>age 60)?

Presumably you made your first Roth IRA contribution for some year prior to 2016.  Because you were age 59½ or over in 2020 when you received the distribution (code T or Q in box 7 of the Form 1099-R), the distribution is a qualified distribution.  Since it is a qualified distribution, you do not need to enter your basis in Roth IRA contributions or conversions.  No reporting on Form 8606 is required.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question