Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Retirement

Enter Roth distributions

Refer to Form 1099-R, Form 5498, and Form 8606 instructions, and IRS Publications 590-A and 590-B for exact reporting requirements. In addition, IRS Notices 98-50 and 1998-39 I.R.B. give more information about Roth IRA distributions, contributions, and recharacterizations.
To enter a distribution from a Roth IRA, complete the following steps.
  1. Open the
    1099R
     screen in the
    Retirement
     folder and enter the gross distribution in box 1. Generally, box 2a should be left blank.
  2. Mark the
    Taxable amount not determined
     checkbox in box 2b.
  3. Use code
    J
    ,
    T
    , or
    Q
     in box 7. Don't mark the IRA/SEP/SIMPLE checkbox.
  4. Open the
    IRA
     screen in the
    Retirement
     folder and enter any current year contributions, basis information, and IRA values as necessary.
    note
    • For distributions of excess Roth IRA contributions, report the gross distribution in box 1 and only the earnings in box 2a. Enter the code
      8
       or
      P
       in box 7. Enter
      X
       in the
      IRA/SEP/SIMPLE
       checkbox.
    • If the 1099 has distribution code
      T
      , mark the
      Contributions (or conversion) made 5 or more years ago
       field in the
      1099R-3
       screen.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Retirement

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close