How do I file a Roth IRA withdrawal of contributions?
Asked by: jhuntres
I made a withdrawal from a Roth IRA account that was only from prior contributions. For example, I contributed $ 3000 in each year from 2003 – 2008. I withdrew $ 8000 from the account in 2012, leaving 10,000 left of contributions in the account. How do I file this on my 2012 taxes? I recieved a 1099-R from the financial institution for the money that was withdrew. There is a J in box 7. When I enter this item into the tax software (TaxAct and HRblock) it is taxing me on the withdrawal.
Yirmiyahu, there’s no information on the form 1099-R as to how much of the distribution was from earnings. Also, I don’t find anywhere in P590 where it discusses that a withdrawal from a roth ira is considered equal parts of contributions and earnings from the account. Reasonably, anyone would first withdrawal any contributions to the account and leave the earnings in the account until age eligible.
How others found here:
- does irs want documentation when withdrawing roth contributions
- Form 1099R J Roth IRA
- what to do with a 1099-r form for withdrawl of contributions of roth ira