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Level 1
posted Feb 6, 2023 10:01:11 AM

Roth IRA 1099-R Import from Brokerage on TurboTax being Taxed

Hello, during 2022 I withdraw contributions from a Roth IRA that I've had for many years. While completing the 1099-R section in TurboTax, I imported the 1099-R from my brokerage company. Turbox Tax is now showing I owe taxes on this amount.  However, on the 1099-R form, box 2b - Taxable amount not determined is checked. How can I correct this?

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1 Best answer
Expert Alumni
Feb 6, 2023 10:15:04 AM

You will have to continue after you entered all Form 1099-R, then TurboTax will ask follow-up questions about your Roth IRA and you will be able to enter your prior contributions.

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top and type “1099-R” 
  3. Click on “Jump to 1099-R” and enter all your 1099-Rs
  4. Click "Continue" on the "Review your 1099-R info" screen
  5. Answer all the questions and make sure you enter the net contributions prior to 2021 on the "Enter Prior Year Roth IRA Contributions" screen
  6. Answer the remaining question.

 

You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. 

 

2 Replies
Expert Alumni
Feb 6, 2023 10:15:04 AM

You will have to continue after you entered all Form 1099-R, then TurboTax will ask follow-up questions about your Roth IRA and you will be able to enter your prior contributions.

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top and type “1099-R” 
  3. Click on “Jump to 1099-R” and enter all your 1099-Rs
  4. Click "Continue" on the "Review your 1099-R info" screen
  5. Answer all the questions and make sure you enter the net contributions prior to 2021 on the "Enter Prior Year Roth IRA Contributions" screen
  6. Answer the remaining question.

 

You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. 

 

Level 1
Feb 6, 2023 10:25:56 AM

Thank you. Panicked for a moment 🙂