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Level 2
posted Jan 8, 2025 10:42:12 AM

Where will turbo tax allow me to my report original ROTH contribution date after taking a withdrawal. Current custodian unaware since custodian has changed several times

I realize that ROTH contribution and withdrawal dates are key to the amount of taxes if any that will need to be paid. I'm over 60. This has been my first year making a ROTH withdrawal. My account has had several custodians since originally opened in 2008. Where will I be able to report my original ROTH contribution date since current custodian is unaware.

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1 Best answer
Level 15
Jan 8, 2025 2:23:40 PM

2024 TurboTax will ask if you made your first Roth IRA contribution before 2020.  Answer Yes and TurboTax will treat Form 1099-R code T the same as code Q, a qualified distribution that is not subject to tax or penalty and is not to be reported on Form 8606 Part III.

3 Replies
Level 15
Jan 8, 2025 10:47:02 AM

You will enter that information into the program. 

Level 15
Jan 8, 2025 2:23:40 PM

2024 TurboTax will ask if you made your first Roth IRA contribution before 2020.  Answer Yes and TurboTax will treat Form 1099-R code T the same as code Q, a qualified distribution that is not subject to tax or penalty and is not to be reported on Form 8606 Part III.

Level 2
Jan 9, 2025 7:17:05 AM

Thank you! Exactly what I needed to know.