Personal IRA Fund Withdrawal

Forum|Forum|7 years ago
August 14, 2019
2 replies
16 views

I started my IRA Account contributing the maximum allowed for that year and took tax exemption for it. I did not take any tax exemption for all other subsequent contributions. I have now withdrawn the entire fund from the investment company. How should I enter the amount withdrawn on my Tax returns.

DoninGA

Level 15

If the withdrawal occurred in 2018 then you should have received a Form 1099-R from the investment company for the withdrawal. The 1099-R is entered on your tax return as received on your 2018 tax return.

If the withdrawal occurred in 2019 then the investment company will send you a Form 1099-R in January of 2020 so you can report the withdrawal on your 2019 tax return.

IRS Form 1099-R - https://www.irs.gov/pub/irs-pdf/f1099r.pdf

To enter, edit or delete a form 1099-R -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R