Have Tax Questions? Ask a Tax Expert for Answers ASAP
Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.
Withdrawals from a ROTH IRA are not taxable if you meet certain requirements the most common being that the funds have been in the account for at least 5 years and you have attained age 59.5. If you meet these requirements you will need to reflect the withdrawal as income in the left hand IRA column but put a zero in the right hand column. The bank may already be showing this on the 1099-R. If you do not meet those two requirements a portion of the withdrawal may be taxable. If that is the case please let me know and I will be able to help you further.