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wethepeople
Level 5
September 15, 2020
Question

Roth IRA Distribution

  • September 15, 2020
  • 2 replies
  • 13 views

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?

 

This topic has been closed for replies.

2 replies

IRonMaN
IRonMaN
Level 15
September 15, 2020

Sounds about right.

Slava Ukraini!
    dkh
    dkh
    Level 15
    September 15, 2020

    Any chance your client qualifies for one of the exceptions to the 10% penalty? 

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