topic 1099-R in Retirement tax questions

1099-R

ericjmagpantay — Sat, 08 Feb 2020 03:40:09 GMT

Hello!

I'm entering my 1099-R, and I made an early withdrawal of $4000, however my contributions are $15,324.

Can someone help me with exactly where to put this number?

Even after putting 15324.10 in box 5, the amount $4000 is still being taxed.. It has been 6 years my account has been open if it means anything.

Thankful for your advice.

Re: 1099-R

MinhT1 — Sat, 08 Feb 2020 04:05:00 GMT

If this is a withdrawal from a Roth IRA, you have to enter your Prior Year Roth Contributions. Withdrawals of Roth contributions are not taxed.

After you have entered your form 1099-R, TurboTax will take you back to the summary page titled Your 1099-R Entries.

On that page, click Continue and follow the TurboTax until you arrive at the page titled Enter Prior Year Roth IRA Contributions where you can enter the amount of your past contributions

Re: 1099-R

fanfare — Sat, 08 Feb 2020 04:29:35 GMT

Is it a Traditional IRA ?

If your contributions are deductible contributions, you won't enter that number on a federal return.

If your contributions are non-deductible contributions, the amount should appear on the last form 8606 you filed in prior years.