I did a direct, trustee-to-trustee rollover in June, 2017, of my entire $23K (contributions and earnings) from a designated 401(k) Roth account with my former employer into a Roth IRA with another financial institution, established June 2019. The begin date of the designated 401(k) Roth account was January 1, 2008. In June, 2019 I took a distribution of the rolled in amount ($23K) from the Roth IRA which should be its basis. The 1099-R identifies the distribution as code “T”, (Roth distribution, exception applies).
How do I report this distribution in Turbo tax so the entire $23K is not reported as taxable income?
None of the Qualified Disaster or Hurricane scenarios apply. I’m over 59½.
Just enter the 1099-R.
A code T is a qualified distribution except that the trustee does not know if the 5 year rule is met. TurboTax will as if you had the Roth for 5 years and the 2008 date established that so you can answer yes. Nothing should be taxable.