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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22749
Experience:  Taxes, Immigration, Labor Relations
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I need help with how to claim the Roth IRA distribution I took

Resolved Question:

I need help with how to claim the Roth IRA distribution I took last year. I took this distribution prior to age 59 1/2. I am to understand that I can take this withdraw without any penalty or tax as it is made up of the contributions I made to my Roth IRA. When I enter the info in Turbo Tax it wants to tax me. It looks like I need to file a form 8606. Part III of form 8606 deals with Distributions From Roth IRAs. Am I correct that this is all I need to do. Sure could use some help here. Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

LEV :

Hi and welcome to Just Answer!

Customer:

Hi

LEV :

You should receive a form 1099R - did you?

Customer:

Yes

LEV :

That amount should represent your earnings inside Roth IRA and that is your taxable amount.
Total distribution is reported in box 1. Please verify that amount is box 2a is smaller than the amount in box 1.

Customer:

There is no amount in box 2a, 2b is checked.

LEV :

Then - you need to determine your taxable amount by yourself. Do you know what amount was your contribution?

Customer:

Line 22 of form 8606 says "Enter your basis in Roth IRA contributions". My input here would be the contributions I made.

LEV :

Is that amount larger than what is reported in box 1?

LEV :

That is correct.

Customer:

What I withdrew was only what I contributed.

Customer:

So I only need to submit a form 8606 with my return?

LEV :

If there is no earning - nothing should be taxable.
When you enter your basis - your taxable amount should be calculated as zero,

LEV :

form 8606 line 19 - amount from 1099R box 1
line 23 - same amount
line 24 - your original contribution - assuming the same as line 19
line 25 - Taxable amount - zero.

Customer:

I will have to talk with Turbo Tax as to how I can add the form to my return. Thanks

LEV :

You are welcome.
The amount from line 25 should be transferred to your tax return - if it is zero - nothing should be included into your taxable income.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22749
Experience: Taxes, Immigration, Labor Relations
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