We have a simple IRA that we want to take money out of to pay for a new roof. How do we record this on our taxes?
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Hello,
Generally, you must pay income tax on any amount you withdraw from your SIMPLE IRA. You may also have to pay an additional tax of 10% or 25% on the amount you withdraw unless you are at least age 59½ or you qualify for another exception.
Additional taxes
Exceptions to additional taxes
You don’t have to pay additional taxes if you are age 59½ or older when you withdraw the money from your SIMPLE IRA. You also don’t have to pay additional taxes if, for example:
Here's where to enter your 1099-R in TurboTax:
You can also find the 1099-R section using Search. Open or continue your return in TurboTax by selecting the Continue or Start button on the Tax Home screen, enter 1099-r in the search bar, and select the Jump to 1099-r link.
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