topic Tax Year Prior to 2020: Roth IRA in Retirement tax questions

Tax Year Prior to 2020: Roth IRA

ahuffman0406 — Tue, 23 May 2023 20:25:50 GMT

I received distribution in 2019 form Roth IRA and received a 1099-R. However, when I enter into section for "Retirement Plans and Social Security" and I did identify it as a "Roth IRA", it is still included in my total taxable income when I've already paid taxes on it. Why? Am I doing something wrong or just not report it in Turbo Tax?

Re: Roth IRA

DianeC958 — Tue, 25 Feb 2020 16:34:02 GMT

You do need to report the distribution for the Roth IRA on your return.

Review your entries for the Roth IRA distribution in the 1099-R section of TurboTax to make sure that the amount in box 2 is $0 or nothing reported in that box and the box for Taxable Amount not Determined is not checked.

Instructions for where to go to this information in TurboTax

Open (continue) return if you don't already have it open.
Click on magnifying glass in the upper right hand corner
Type in the box that opens the tax form you received
Click on the first option
Enter the information into TurboTax

This will give the program the information to not include this distribution as taxable income. The amount for the distribution should show on line 4c and then the taxable amount shows on the line 4d.

Re: Roth IRA

MikeinSC — Tue, 25 Feb 2020 20:45:55 GMT

Form 8606 is what you use to report Roth IRA distributions.

Here is a link to a prior discussion on this:

https://ttlc.intuit.com/community/retirement/discussion/how-do-i-properly-report-withdrawal-of-roth-ira-contributions-i-understood-contributions-could-be/00/738443

Re: Roth IRA

VictorW9 — Tue, 25 Feb 2020 20:57:03 GMT

For it not be included in your taxes, it has to be a qualified distribution. To be a qualified distribution it has comply with the following:

As long as the distribution is made:

1) After the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit.

2) The distribution is :

a) Made on or after the date you reached age 591/2

b)Made because you are disabled

c)Made to a beneficiary or to your estate after your death.