Question

ira disbursement

Forum|Forum|1 year ago
March 8, 2025
1 reply
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I had a Roth IRA and I wanted to take a disbursement of some of it. The company because of the structure of it wanted me to take the money I needed and put it in another Roth until the time that I would need to take the money out. So I moved the sum to the new Roth IRA and when I needed the money I took it out. My tax statement from the company makes it look like I took out the sum of money on 2 occasions but does not make the distinction of the first withdrawal was just a move to another Roth IRA. How do I file this on my taxes and do I have to pay state taxes on the Roth withdrawal?

TurboTax Deluxe Online

D

DanaB27

You can indicate in the follow-up questions that the funds were rolled over into another Roth IRA:

Click on "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Click "Continue" and enter the information from your 1099-R
Answer questions until you get to “Did you roll over all of this $XXXX (Box 1) to another retirement account?”, and pick what applies.

Also, make sure to click continue after you added all Form 1099-R to answer more follow-up questions.

You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. Qualified Distributions will be tax-free. For Nonqualified distributions, the earnings will be taxable.

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