Roth IRA Early Distribution?

[hira-husain]

I opened my Roth IRA in September 2016 when I was 24 with $3000. In September 2019 (I am 27), I took out $400 for personal reasons. I was penalized automatically, but for taxes coming up in 2020 how on turbo tax do I fill out that I took out this distribution? Also, I can't figure out how much I will get taxed? Help!

[DoninGA]

You will receive a Form 1099-R from the plan administrator in January of 2020 for the withdrawal in 2019.  If any taxes were withheld those are reported on the form and entered on your tax return as a tax payment.

To enter, edit or delete a form 1099-R -

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Scroll down to Retirement Plans and Social Security
• On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button

Or enter 1099-r in the Search box located in the upper right of the program screen. Click on Jump to 1099-R

[dmertz]

I'm not sure what you mean by "penalized automatically" since the distribution is not subject to tax or penalty because the distribution is coming from your basis in the contributions that you originally made.  There was also no requirement that taxes be withheld unless you failed to specify whether you wanted no taxes to be withheld or that you wanted more than 10% to be withheld.

Enter the Form 1099-R as DoninGA indicates and be sure to click the Continue button on the Your 1099-R Entries page and, when TurboTax asks, be sure to enter or confirm the amount shown as your contributions for years prior to 2019.