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posted Mar 4, 2020 4:46:45 PM

Roth IRA Distribution

I received a total distribution from my Roth IRA.  Box 2A is blank; Box 2B Taxable Amount Not Determined and Total Distribution is checked. Box 7 (distribution code) is "T Roth Distribution, Exception Applies".

I am over 591/2, have had the Roth for well over 5 years.  This should be non-taxable, is that correct?  How do I assure it is non-taxable and what form is that reported on?

hermannf-15

0 1 435
1 Replies
Expert Alumni
Mar 4, 2020 5:13:31 PM

Yes, it should be non-taxable.

 

To show it is a qualified Roth distribution, you have to enter some information about your Roth basis in the program.

  1. Search for IRA contributions using the search box located in the upper right corner .
  2. Click on the Jump to link.
  3. Check the box showing that you contributed to a Roth IRA.  
  4. The next screen asks you to verify that you contributed to a Roth IRA, choose Yes.
  5. If you didn't contribute to the account in 2019, just enter $0. 
  6. The next screen asks if the contribution was a repayment of a retirement distribution, choose No.
  7. Answer the remaining questions according to your situation. After a few more questions you will be asked about your contributions in the past.