Roth IRA Distribution

wethepeople · ‎09-14-2020

Taxpayer received a Form 1099-R showing a distribution from his Roth IRA for the year. He is under age 59 1/2.

My ProSeries Basic program taxed that amount less the basis in the IRA as a Non-Qualified Distribution and also calculated a 10% penalty.

Is this correct?

IRonMaN · ‎09-15-2020

Sounds about right.

Barber! Why didn't I think of this before? Getting paid to give out bad tax advice - need I say more? I've run with scissors for years so it is a natural fit.

dkh · ‎09-15-2020

Any chance your client qualifies for one of the exceptions to the 10% penalty?

Roth IRA Distribution

ProSeries Basic

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