Djscoe1
Level 1
04-05-2024
02:23 PM
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A client, age 40, has been contributing to a Roth for 21 years. He has made contributions over the years totaling $26k. He recently withdrew $34K which would be the original contributions plus earnings. The original contributions are not taxable but the earnings ($8k) are. The 1099-R shows the Gross Distribution of $34k, blank Taxable and Code J.
What is the proper way of inputting it so only the earnings are taxable? The distribution is not qualified.
Best Answer Click here
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Level 15
04-05-2024
02:31 PM
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You need to input his basis, scroll down the 1099R worksheet, you should find a button to take you to the ROTH worksheet
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Djscoe1
Level 1
04-05-2024
02:40 PM
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Thank you. That did it.
chenschuh
Level 3
04-06-2024
09:52 AM
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Can you show me what you did on 1099 R worksheet?