topic The total withdrawal amount of $16,100 from my wife and my own Roth IRAs, Turbotax still takes $10,100 out of it as taxable. I thought all should be taken as no tax. in Retirement tax questions

The total withdrawal amount of $16,100 from my wife and my own Roth IRAs, Turbotax still takes $10,100 out of it as taxable. I thought all should be taken as no tax.

7springlake — Sat, 06 Mar 2021 20:40:10 GMT

All 16100 are used to pay my daugher's college tuition in 2020.

Re: The total withdrawal amount of $16,100 from my wife and my own Roth IRAs, Turbotax still takes $10,100 out of it as taxable. I thought all should be taken as no tax.

SweetieJean — Sat, 06 Mar 2021 20:45:28 GMT

Was it less than 5 years old?

Re: The total withdrawal amount of $16,100 from my wife and my own Roth IRAs, Turbotax still takes $10,100 out of it as taxable. I thought all should be taken as no tax.

DoninGA — Sat, 06 Mar 2021 20:45:53 GMT

The taxable amount of the distribution as reported on Form 1099-R in box 2a is entered on a tax return as ordinary income and taxed at your current tax rate.

The distribution

Not in excess of your qualified higher education expenses

from an IRA removes the 10% early withdrawal penalty, not the taxability of the distribution.

IRS Tax Topic - https://www.irs.gov/taxtopics/tc557

Re: The total withdrawal amount of $16,100 from my wife and my own Roth IRAs, Turbotax still takes $10,100 out of it as taxable. I thought all should be taken as no tax.

7springlake — Sun, 07 Mar 2021 00:32:46 GMT

No. That's not what I want answer. my 1099R 2a is blank. I know the amount in 2a is for taxable income. But I do not have 2a amount. That's what I got confused.

Re: The total withdrawal amount of $16,100 from my wife and my own Roth IRAs, Turbotax still takes $10,100 out of it as taxable. I thought all should be taken as no tax.

7springlake — Sun, 07 Mar 2021 00:34:00 GMT

No, more than 5 years.