1099-R Taxable Amount Not Determined

Forum|Forum|4 years ago
February 27, 2022
2 replies
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1099-R Box 2=Taxable Amount Not Determined. Box 7 Dist code=T. 2021 return. This is for a Roth IRA, first withdrawal of $33K from the fund. During TT input, TT pops my original investment of $25K, which leads me to think that $8K would be taxed. Instead, the TT Fed Tax summary showed no increase. Total 2021 income is $100K+, so expected to see some Fed Tax added. Ideas??? TIA

Best answer by DanaB27

Please be aware, if you took a Qualified Distribution then you won't have any taxable income.

A Qualified Distribution is any payment or distribution from your Roth IRA that meets the following requirements.

It is made after the 5-year period beginning with the first tax year for which a contribution was made to a Roth IRA set up for your benefit.
The payment or distribution is:
1. Made on or after the date you reach age 59½,
2. Made because you are disabled,
3. Made to a beneficiary or to your estate after your death, or
4. One that meets the requirements listed under First Home (up to a $10,000 lifetime limit).

You can verify how much is taxable by looking on line 4b.

To preview Form 1040 in TurboTax Online:

Click on "Tax Tools" in the left menu
Click "Tools"
Click "View Tax Summary" in the Tool Center window
Click on "Preview my 1040" on the left

DanaB27Answer

Level 15

Please be aware, if you took a Qualified Distribution then you won't have any taxable income.

A Qualified Distribution is any payment or distribution from your Roth IRA that meets the following requirements.

It is made after the 5-year period beginning with the first tax year for which a contribution was made to a Roth IRA set up for your benefit.
The payment or distribution is:
1. Made on or after the date you reach age 59½,
2. Made because you are disabled,
3. Made to a beneficiary or to your estate after your death, or
4. One that meets the requirements listed under First Home (up to a $10,000 lifetime limit).

You can verify how much is taxable by looking on line 4b.

To preview Form 1040 in TurboTax Online:

Click on "Tax Tools" in the left menu
Click "Tools"
Click "View Tax Summary" in the Tool Center window
Click on "Preview my 1040" on the left

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billmoore48Author

Level 2

Always appreciate great explanations like this one! Thanks and have a great week!

Mike9241

Level 15

code T . there are two possibilities. if you had the ROTH since 2016, the distributions are tax-free. do not complete form 8606 enter $0 for taxable amount on 1099-r.

if not, then you need to complete form 8606 to determine taxability