Roth IRA early distribution question

7 replies
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Hi! If I paid taxes on an early roth IRA distribution when I didn't need to, how can I get it back when I file my taxes next year?

rjsAnswer

Level 15

What exactly do you mean by "I paid taxes"? Do you mean that you took the distribution in 2024 and you had tax withheld from the distribution? If that's what you mean, in January you will get a Form 1099-R for the distribution, and it will show the amount of tax that was withheld. When you prepare your 2024 tax return, just enter the 1099-R in TurboTax. The tax that was withheld will be included in the total tax withheld on your tax return. The total tax withheld will be applied to your total tax for the year. If the tax withheld is more than your total tax, you will get a refund for the excess.

If that's not what you mean, please explain exactly how and when you "paid taxes," and when you took the distribution.

rjs

Answer

Level 15

If that's not what you mean, please explain exactly how and when you "paid taxes," and when you took the distribution.

michaelcottierAuthor

Level 2

Ok I see! Yes that is what I meant, but won't it count the distribution itself as taxable still, even though it isn't? Because that is why I shouldn't have paid taxes on it! The amount was under my contribution total, so it isn't taxable. Maybe TurboTax will ask if it is taxable or not?