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?
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IRonMaN
Level 15
09-15-2020
09:08 AM
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Sounds about right.
Slava Ukraini!
dkh
Level 15
09-15-2020
10:10 AM
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Any chance your client qualifies for one of the exceptions to the 10% penalty?