topic Re: Roth IRA in Retirement tax questions

Roth IRA

cdecamp8 — Fri, 26 Feb 2021 22:57:39 GMT

I took a distribution from my Roth IRA and didn't uncheck the 10% tax for an early distribution. My distribution was no early I am over 65 years old. TurboTax shows the total distribution but I can't figure out how to get back the 10% that was deducted for taxes or if I am even looking in the right place or where to add it in TurboTax to get credit for tax paid.

I would appreciate and help that anyone can provide.

Re: Roth IRA

dmertz — Sat, 27 Feb 2021 03:15:22 GMT

When you enter the Form 1099-R that reports this distribution, TurboTax will automatically include in the amount on Form 1040 line 25b the amount that is shown in box 4 of the Form 1099-R. This will increase your refund or reduce your balance due by this amount. That's how you get it back, by it being credited against your tax liability on your tax return.

Re: Roth IRA

cdecamp8 — Mon, 01 Mar 2021 18:46:19 GMT

Got it! Thanks for pointing me to right place.

Re: Roth IRA

ljg082946 — Sun, 18 Apr 2021 21:00:03 GMT

I am having the exact same problem. I have not found any indication that the credit was eliminated. Either Turbotax has a hole in it or I missed something. My guess is the latter is true.... not sure. [email address removed]

If you email me, I will let you know if I discover the answer.

Re: Roth IRA

chas-lucas — Wed, 05 May 2021 21:10:48 GMT

Is Tubotax making me pay tax on a roth distribution ? /

Re: Roth IRA

ThomasM125 — Wed, 05 May 2021 23:57:12 GMT

@chas-lucas You don't normally pay tax on a ROTH IRA distribution, but you may have to pay a penalty and tax on the earnings if the distribution was early or was a return of a non-qualified contribution.

Re: Roth IRA

dmertz — Thu, 06 May 2021 16:57:38 GMT

Be sure to click the Continue button on the page that lists your 1099-R entries and enter or confirm your basis in Roth IRA contributions and conversions. This information is needed so that TurboTax can properly prepare Form 8606 Part III to calculate the taxable amount of any nonqualified Roth IRA distribution.