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Level 2
April 5, 2024
Solved

Withdrawal of Roth Contributions (Not Excess Contributions)

  • April 5, 2024
  • 1 reply
  • 8 views

A client, age 40, has been contributing to a Roth for 21 years.  He has made contributions over the years totaling $26k.  He recently withdrew $34K which would be the original contributions plus earnings.  The original contributions are not taxable but the earnings ($8k) are.  The 1099-R shows the Gross Distribution of $34k, blank Taxable and Code J.

What is the proper way of inputting it so only the earnings are taxable? The distribution is not qualified.  

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Best answer by Just-Lisa-Now-

You need to input his basis, scroll down the 1099R worksheet, you should find a button to take you to the ROTH worksheet

1 reply

Just-Lisa-Now-
Intuit Community Champion
April 5, 2024

You need to input his basis, scroll down the 1099R worksheet, you should find a button to take you to the ROTH worksheet

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
djscoeAuthor
Level 2
April 5, 2024

Thank you.  That did it.

 

Level 5
April 6, 2024

Can you show me what you did on 1099 R worksheet?