topic Roth IRA disbursement in Get your taxes done using TurboTax

Roth IRA disbursement

alexH1 — Wed, 05 Mar 2025 18:38:32 GMT

I closed my Roth IRA with my bank and had all the funds disbursed into my checking account after having the bank withhold 10% of it. Some of the contributions were from a direct rollover from a 403B I had with my employer. Some of the contributions were directly deposited from my checking account. I had minimal earnings. What do I claim on my taxes as an income?

Re: Roth IRA disbursement

KrisD15 — Wed, 05 Mar 2025 18:58:19 GMT

You should have received Form 1099-R for that distribution.

Enter the 1099-R for that distribution and continue through the interview.

Tax will be determined on several factors, such as how long you held the Roth account and your age.

The fact that the funds were put into another bank account is of no consequence, that is not the same as a roll-over.

Re: Roth IRA disbursement

JamesG1 — Wed, 05 Mar 2025 19:11:08 GMT

In what year did you make the distribution?

If the distribution was in 2024, the Roth IRA distribution will be reported on an IRS form 1099-R.

You will compute any taxable amount within the software. See this TurboTax Best Answer.

Re: Roth IRA disbursement

DawnC — Wed, 05 Mar 2025 19:14:42 GMT

You should have received a 1099-R for the distribution. Enter it exactly how you see and answer all of the follow-up questions. TurboTax will report the correct amounts on your tax return. Where do I enter a 1099-R?

Re: Roth IRA disbursement

alexH1 — Wed, 05 Mar 2025 20:15:09 GMT

yes I did receive a 1099-R for 2024 it says the amount of gross distribution, federal income tax withheld and then 2b is checked off which says "taxable amount not determined". Also it was an early withdrawal because of my younger age.

Re: Roth IRA disbursement

DawnC — Wed, 05 Mar 2025 20:43:44 GMT

Go ahead and enter it in TurboTax and answer the follow-up questions. TurboTax will do the rest!

Where do I enter a 1099-R?

Re: Roth IRA disbursement

DawnC — Wed, 05 Mar 2025 20:52:31 GMT

Go ahead and enter it in TurboTax and answer the follow-up questions. TurboTax will do the rest!

Where do I enter a 1099-R?