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richw1
Level 3
March 15, 2022
Question

Has anyone had issues using 1099-R with code J, early Roth IRA distribution?

  • March 15, 2022
  • 1 reply
  • 7 views

I've entered a 1099-R for an early Roth distribution, and properly populated code J in box 7, yet it is throwing the distribution into taxable income.  I know the 10% penalty applies but this should not be populating taxable income.  Has anyone else come across this and if so what was the fix?

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1 reply

dascpa
dascpa
Level 11
March 15, 2022

If you don't have Roth IRA basis entered into the software it will treat the corpus as taxable.  See the IRA Info Worksheet.  The earnings on an early withdraw will be taxable income and subject to the 10% penalty.

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