My wife and I each received a 1099-R Form listing the amount that we pulled from the account in 2019 tax year. The amount that we pulled is the contributions that each of us have added in 2015-2017. Even though we are under the age of 59 1/2 and don't satisfy any of the other exemptions that we used the money for, my tax advisor told me that we shouldn't pay taxes because we are pulling back our contribution. However, I am not able to enter it in a way for Turbo Tax to recognize the amount as not taxable. Can you please instruct me how to enter it.
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No that's not right. What kind of IRA Account? Was it from ROTH IRA? @dmertz
Since the circumstances suggest that these were a distributions was from IRAs, be sure to click the Continue button on the Your 1099-R Entries page and answer the additional questions needed to prepare Form 8606 for each of you.
Yes it is a Roth IRA
The 8606 form isn't coming up. I will continue to try.
Thank you for your help
You will have to indicate that you had made prior ROTH contributions.
Enter the total of all prior ROTH Contributions. You will not be taxed on the contributions, but if you had additional earnings they would be taxable.
If you aren't getting From 8606, you haven't entered the Form 1099-R correctly. TurboTax will always create From 8606 when you enter a code J Form 1099-R; code J (by itself) means that Form 8606 Part III is required to be present in your tax return.
Thank you for the step to step answer. It satisfied the missing information.
Thank you again
thank you for your helpful advise. I was able to get through the federal return.
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