Federal 2010: 1099-R Roth Distributions with Exceptions
Certain customers, who filed a joint return in which both the taxpayer and spouse had distributions from Roth accounts in 2010, may have incorrect Roth basis that may affect future tax return. In rare situations, this may result in an incorrect 2010 federal tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed your federal tax return prior to April 27, 2011, AND
- You filed a Married Filing Joint return, AND
- Both you and your spouse had Roth Distributions in 2010 AND
- The related 1099-Rs had code T (Roth Distribution with Exception) in box 7, AND
- You entered amounts for prior year Roth IRA contributions for both you and your spouse
If all of these are true, we would strongly encourage you to review the prior year Roth IRA contribution amounts that you entered for each spouse, as we have seen where customers inadvertently entered them incorrectly.
The instructions below will guide you in verifying these amounts and determining if your 2010 tax return was incorrect and if so, how to amend your 2010 federal tax return.
Step by Step Instructions link
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Federal: 1099-R Roth Distributions - Code T.