2679327
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.

TurboTax isn't interpreting my inherited ROTH IRA distribution correctly

I have a ROTH IRA I inherited from a trust. Because the oldest beneficiary is my 98-year-old mother, I need to withdraw about 25% of it per year. Taxes were paid on the money by my deceased uncle, so TurboTax should not be characterizing this as taxable income, but in both the Federal and State parts of the program, it is doing that. How can I tell Turbotax Federal and State (Massachusetts) not to tax this withdrawal?

 

I'm using the Desktop version of Turbotax for Windows. (Weirdly, I can't select Windows in the "Choose the Platform" box below).

 

Thank you!

David

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.

3 Replies

TurboTax isn't interpreting my inherited ROTH IRA distribution correctly

NOTE: I am able to put a 0 in the taxable amount box of the 1099-R, which eliminates the incorrect Federal tax on the amount, but I can't find a way to tell the Massachusetts part that this is a tax-free distribution.

JohnB5677
Expert Alumni

TurboTax isn't interpreting my inherited ROTH IRA distribution correctly

Please clarify what the code is in Box 7?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

TurboTax isn't interpreting my inherited ROTH IRA distribution correctly

The code in box 7 is "T" What does this code mean?

 

Also, 2b is checked. The Roth IRA is from California, and it's 15 years old, if that's relevant.

 

Thanks,

David

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