topic We withdrew money from a roth ira to pay off school debt, but the money we withdrew was from the portion we contributed. Do we have to report that? in Retirement tax questions

We withdrew money from a roth ira to pay off school debt, but the money we withdrew was from the portion we contributed. Do we have to report that?

ajfamily2016 — Wed, 05 Jun 2019 22:44:40 GMT

If the code in box 7 is anything other than Q, you must c...

dmertz — Wed, 05 Jun 2019 22:44:42 GMT

If the code in box 7 is anything other than Q, you must click the Continue button on the Your 1099-R Entries page and answer the follow-up question where you can enter or confirm your net basis in Roth IRA contributions and conversions.

Yes, you should have received a 1099-R for the distributi...

Coleen3 — Wed, 05 Jun 2019 22:44:44 GMT

Yes, you should have received a 1099-R for the distribution. The code in Box 7 will govern how it is treated. You will be asked, in the interview process, about length of time owned and amount of contributions.