plkrout
Level 1
12-07-2019
02:14 AM
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A client has an early distribution from a Roth IRA. I've entered $0 taxable in box 2, Dist code J, and check-marked Roth IRA, but it is included on the 1040 line 4 as taxable income, (in addition to the 10% early withdrawal penalty). Is this a ProSeries Basic error, or am I missing something?
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garman22
Level 13
12-07-2019
02:14 AM
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Do you have the clients basis entered? It's probably picking it up as income because there is no basis entered.
Just-Lisa-Now-
Level 15
12-07-2019
02:14 AM
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Yep! Gotta have basis!
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
plkrout
Level 1
12-07-2019
02:14 AM
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Doh! That was it - thank you!
garman22
Level 13
12-07-2019
02:14 AM
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you bet!:+1: