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ajfamily2016
New Member

We withdrew money from a roth ira to pay off school debt, but the money we withdrew was from the portion we contributed. Do we have to report that?

 
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dmertz
Level 15

We withdrew money from a roth ira to pay off school debt, but the money we withdrew was from the portion we contributed. Do we have to report that?

If the code in box 7 is anything other than Q, you must click the Continue button on the Your 1099-R Entries page and answer the follow-up question where you can enter or confirm your net basis in Roth IRA contributions and conversions.

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2 Replies
dmertz
Level 15

We withdrew money from a roth ira to pay off school debt, but the money we withdrew was from the portion we contributed. Do we have to report that?

If the code in box 7 is anything other than Q, you must click the Continue button on the Your 1099-R Entries page and answer the follow-up question where you can enter or confirm your net basis in Roth IRA contributions and conversions.

View solution in original post

Coleen3
Intuit Alumni

We withdrew money from a roth ira to pay off school debt, but the money we withdrew was from the portion we contributed. Do we have to report that?

Yes, you should have received a 1099-R for the distribution. The code in Box 7 will govern how it is treated. You will be asked, in the interview process, about length of time owned and amount of contributions.

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