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Level 2
January 27, 2021
Solved

Self Employed Roth IRA and traditional IRA

  • January 27, 2021
  • 1 reply
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I closed my S-Corp business last year and I have traditional IRA.  This year I'm self employed and opened a Roth IRA and continued contributing to my traditional IRA.  How do I create a 1099-R form for these 2 accounts in the Turbotax software?

Best answer by dmertz

Forms 1099-R are for distributions, not contributions.  Roth IRA and regular traditional IRA contributions are entered into TurboTax under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.

1 reply

dmertzAnswer
Level 15
January 27, 2021

Forms 1099-R are for distributions, not contributions.  Roth IRA and regular traditional IRA contributions are entered into TurboTax under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.