Roth distribution report requirements

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Cashed in proceeds

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To report Roth IRA distributions, you need to receive Form 1099-R from your financial institution, which details the distribution. Report this on Form 1040 of your federal income tax return. Qualified distributions are tax-free, but non-qualified ones may incur taxes and penalties. For a distribution to be qualified, the Roth IRA must be open for at least five years, and you must meet certain conditions (age 59½, disability, or first-time home purchase). Non-qualified distributions require calculating the taxable amount, usually the earnings portion. Additionally, some states may have extra tax requirements.

 To report in TurboTax

1. Sign in to TurboTax
2. Click here to enter your 1099r and related distributions