topic basis withdraw from a Roth IRA in Get your taxes done using TurboTax

basis withdraw from a Roth IRA

ddewee — Sun, 23 Feb 2025 23:10:39 GMT

I withdrew $7000 from a roth ira. the 1099-R I recieved has J for the distribution code. all of the $7000 is basis, how do I correctly report this on my return?

Re: basis withdraw from a Roth IRA

MindyB — Sun, 23 Feb 2025 23:13:49 GMT

Here is how to report your withdrawal of contributions in TurboTax Online (cost basis, total basis also includes earnings, which you can't withdraw tax and penalty free early):

Go to Wages & Income.
On the Your income and expenses screen, locate and select the Retirement Plans and Social Security section, then select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R).
Answer Yes to Did you get a 1099-R in 2024?, then Continue.
Select how you want to enter your 1099-R (import or choose Change how I enter my form to either upload it or type it in yourself) and follow the instructions.
Answer the questions on the following screens, until you reach Enter Prior Year Roth IRA Contributions. Here, enter all the amounts you contributed prior to 2024.

Re: basis withdraw from a Roth IRA

ddewee — Fri, 28 Feb 2025 00:36:56 GMT

Thanks for the help Mindy!

Do you know where I would be able to confirm this amount? I'm sure it's something I'll have to get from my financial advisor but wonder if you know what I should ask him for?

Is there an issue with making an educated guess?

thanks

Re: basis withdraw from a Roth IRA

DanaB27 — Fri, 28 Feb 2025 15:36:34 GMT

You can check each of your end of the year statements for the contribution amount for each year. Generally, you should track your Roth IRA contributions yourself.