wethepeople
Level 3
09-14-2020
08:17 PM
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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?
2 Replies 2
IRonMaN
Level 15
09-15-2020
09:08 AM
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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.