topic Roth IRA Withdrawal in Retirement tax questions

Roth IRA Withdrawal

letestud — Tue, 06 Apr 2021 14:28:50 GMT

I made a an Roth IRA withdrawal from Fidelity which was funded from after tax contributions to my employer 401K. On Fidelity 1099R, Box 2B is checked (Taxable amount not determined) and Box 7 has code T. Why is this being taxed?

Re: Roth IRA Withdrawal

ColeenD3 — Tue, 06 Apr 2021 14:53:02 GMT

How exactly did you answer each question, such as having other Roth accounts, how much you contributed, having a Roth open on December 31? I went through the program three times, changing answers each time and could not make it taxable.

Re: Roth IRA Withdrawal

dmertz — Tue, 06 Apr 2021 17:15:06 GMT

Also, what answer did you provide when TurboTax asked if you had a Roth IRA prior to 2016?

Re: Roth IRA Withdrawal

letestud — Tue, 06 Apr 2021 20:24:32 GMT

My Roth IRA was only opened in Jan. 2020

Re: Roth IRA Withdrawal

dmertz — Tue, 06 Apr 2021 22:55:10 GMT

In what year did the distribution from the 401(k) occur (2019 or 2020) that was rolled over the the Roth IRA in January 2020?

What was the code in box 7 of the Form 1099-R that reported that distribution from the 401(k)?

Did that 1099-R report both the amount rolled over to the Roth IRA and other amounts, perhaps rolled over to a traditional IRA?

If the distribution from the 401(k) occurred in 2019, did you use TurboTax to prepare your 2019 tax return and then transfer that tax file into 2020 TurboTax to begin your 2020 tax return?