roth

[kstratemeier]

I took out 40000 roth ira after 59 1/2 boxon 1099R 2a is blank (taxable income) tubo tax asked me to enter amount of contributions, list on tubo tax state Roth ira is nontaxable income.  Is this correct.

[DavidD66]

Box 2a shows the portion of the distribution which is generally taxable. If there is no entry in this box, the taxable amount was not determined by the payer and it will have to be determined by the taxpayer.  If you have a code 7 in Box 7, then you have a normal, non-taxable Roth IRA distribution.  Not only would it be nontaxable for federal, but also for state.

[kstratemeier]

Thanks for the help.  Number 7 on the 1099R has a code T.  Can you give me info about how that may affect reporting.

[DanaB27]

Code T stands for" Roth IRA distribution, exception applies". If you had the Roth IRA for more than 5 years or you used the money where an exception applies then it will be nontaxable. TurboTax will ask questions after you entered the 1099R and determine if the distribution is taxable.

[PS56k]

For me - I had a small amount from a
Traditional IRA --> Roth IRA direct rollover.
The same amount was in Box 1 and Box 2a. 
Box 7 = 7
BUT....
I discovered that when I entered the End of Year balance on the IRA Informational Worksheet & also on the Taxable IRA Distribution Worksheet... another additional tax was calculated due to the Deductible vs Non-Deductible past history.

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My issue was that TTax did not catch this lack of having an existing balance or amount for the End of Year balance - I caught it -