qbteachmt
Level 15
02-14-2024
06:13 PM
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"How much should it be?"
I didn't see the taxpayer's age.
"Roth was opened in 2021"
And it seems, unless there is another Roth account somewhere that was opened earlier, there is/are 5-year rules that weren't met, either (age of account, timeframe of basis contributions).
"I'm stumped on the penalty for early withdrawal."
I like to list the actions according to the timeline sequence. That helps identify penalties vs taxable actions.
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Don't yell at us; we're volunteers
Don't yell at us; we're volunteers