WHAT IS A ROTH IRA

Forum|Forum|7 years ago
June 6, 2019
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I HAVE RETIRED FROM TEACHING AND I HAVE A FORM 1099-R. IS THIS A ROTH IRA?

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BillM223

Level 15

The form 1099-R is a report of a distribution from a broad spectrum of retirement plans, the Roth IRA being just one of them.

Is this 1099-R from your teacher's retirement plan? Then I would guess that it is probably not a Roth IRA, unless your retirement plan was set up as a Roth (not common).

You can tell something about the plan by
1. Looking at the box to the right of box 7, where there is a small unnumbered check box labeled "IRA/SEP/SIMPLE". if it is a Roth, it should be checked (but I bet it isn't).

2. Checking the code in box 7 which can vary based on the type of plan. If the code is 7 (for a normal distribution from a qualified retirement plan) , then this is not a Roth IRA.

Of course, you can always contact the organization that sent you the 1099-R and ask them what kind of plan it is.

If you are curious as to the meaning of the codes, please see https://ttlc.intuit.com/replies/4194736

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BillM223

Level 15

Oh, a Roth IRA is an IRA in which you contribute only after-tax dollars (hence, no deduction in the current year), but when you draw the money out later (meeting some rules), you pay tax on neither what you put in nor on what your money earned.

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