https://ttlc.intuit.com/community/taxes/discussion/crypto-roth-ira/01/2564529#M952944 <P>During 2021, I opened and funded a Crypto Roth IRA using cash from my savings.&nbsp; A couple of weeks later I discovered that I had overfunded the Crypto Roth IRA and transferred a potion of crypto to my personal wallet to fall within the Roth IRA funding limits.&nbsp; I have since received a 1099-R from the Crypto Roth IRA custodian showing a gross distribution of $3,700.&nbsp; I'm over 59 1/2 but the Crypto Roth IRA was only a few weeks old when I corrected the overfunding, so I'm not sure how to account for this in Turbo Tax.&nbsp; How do I enter the 1099-R information as a correction as opposed to a distribution?</P> Mon, 09 Mar 2026 08:38:18 GMT dubosea4 2026-03-09T08:38:18Z https://ttlc.intuit.com/community/taxes/discussion/crypto-roth-ira/01/2564529#M952944 <P>During 2021, I opened and funded a Crypto Roth IRA using cash from my savings.&nbsp; A couple of weeks later I discovered that I had overfunded the Crypto Roth IRA and transferred a potion of crypto to my personal wallet to fall within the Roth IRA funding limits.&nbsp; I have since received a 1099-R from the Crypto Roth IRA custodian showing a gross distribution of $3,700.&nbsp; I'm over 59 1/2 but the Crypto Roth IRA was only a few weeks old when I corrected the overfunding, so I'm not sure how to account for this in Turbo Tax.&nbsp; How do I enter the 1099-R information as a correction as opposed to a distribution?</P> Mon, 09 Mar 2026 08:38:18 GMT https://ttlc.intuit.com/community/taxes/discussion/crypto-roth-ira/01/2564529#M952944 dubosea4 2026-03-09T08:38:18Z https://ttlc.intuit.com/community/taxes/discussion/re-crypto-roth-ira/01/2564694#M952945 <P>You'll enter the 1099-R into the system for this year.&nbsp; The taxable amount in box 2a should be empty or zero since it was a Roth and didn't have time to earn any money in the current year.&nbsp; The code in box 7 should be '8' which indicates it was a corrective withdrawal and the amount in box 2a is taxable.</P> Wed, 09 Mar 2022 18:51:46 GMT https://ttlc.intuit.com/community/taxes/discussion/re-crypto-roth-ira/01/2564694#M952945 RobertB4444 2022-03-09T18:51:46Z