Webull 1099R

Matthew58 — Wed, 12 Mar 2025 20:35:59 GMT

I have an Roth IRA and had an early withdraw. My 1099R is taxing me what I put in to my Ira. Isn’t only the profits I made get the early withdraw tax?

Re: Webull 1099R

MindyB — Wed, 12 Mar 2025 20:43:09 GMT

Yes, you are correct, you can withdraw your contributions without being taxed again. You do need to tell the software what you contributed.

Here is how to report it in TurboTax Online:

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.

Also enter any 2024 Roth contributions in Credits and Deductions. TurboTax will add the 2024 contributions with the prior year Roth IRA contributions you added in step 5 above to determine your total contributions.

topic Re: Webull 1099R in Get your taxes done using TurboTax

Webull 1099R

Re: Webull 1099R