topic Re: form 1099-R in Retirement tax questions

form 1099-R

dmkale — Tue, 24 Mar 2020 16:20:41 GMT

I took a distribution from a Roth IRA in 2019. I received a 1099-R and under box 2a, "taxable amount," it was blank. When I entered the form into Turbo Tax it added to my "federal tax owed." I already paid taxes on this being a Roth. I was under the impression that this should not have added to what I owe in federal taxes. Right or wrong?

Re: form 1099-R

MinhT1 — Tue, 24 Mar 2020 23:52:35 GMT

In fact, distributions from a Roth IRA of your prior contributions are not taxable, even if you are under 59 1/2 and/or the Roth account is less than 5 years old. You have to enter your prior years Roth IRA contributions in TurboTax.

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: form 1099-R

dmkale — Fri, 27 Mar 2020 11:29:01 GMT

I appreciate your response. However, what if I am over 59 1/2 and this is a distribution of an older Roth IRA where I already paid the taxes. I received the 1099-r for the dispersal and it still adds to the federal taxes I owe.

Re: form 1099-R

DoninGA — Fri, 27 Mar 2020 11:39:45 GMT

@dmkale wrote:
I appreciate your response. However, what if I am over 59 1/2 and this is a distribution of an older Roth IRA where I already paid the taxes. I received the 1099-r for the dispersal and it still adds to the federal taxes I owe.

Do not go by the income summary page as that shows all income received, taxable or not.

Look at your federal tax return Form 1040 Line 4b for an IRA taxable distribution. If there is not an entry on Line 4b then your Roth IRA distribution is not included on your tax return as taxable income.

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.