taxgal812
Level 1
02-14-2025
10:27 PM
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Level 11
02-15-2025
03:30 AM
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There could be a "basis" in the Roth where that can make that just a return of basis. Scroll down about half way down on the 1099-R worksheet and click the QuickZoom to enter Roth Basis.
Level 15
02-15-2025
11:10 AM
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Code J in box means it is an early withdrawal from ROTH IRA and subject to 10% early withdrawal penalty if under 591/2. for the taxable amount it depends on what he did with the money. rollover, emergency, went to Vegas, etc. Note his contribution in the IRA is never taxable, only the gain of the distribution if not held for 5 years.