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plkrout
Level 2
December 7, 2019
Solved

Taxable Roth Distribution?

  • December 7, 2019
  • 1 reply
  • 7 views

A client has an early distribution from a Roth IRA. I've entered $0 taxable in box 2, Dist code J, and check-marked Roth IRA, but it is included on the 1040 line 4 as taxable income, (in addition to the 10% early withdrawal penalty). Is this a ProSeries Basic error, or am I missing something?

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Best answer by garman22

Do you have the clients basis entered? It's probably picking it up as income because there is no basis entered. 

1 reply

G
garman22Intuit Community ChampionAnswer
Intuit Community Champion
December 7, 2019

Do you have the clients basis entered? It's probably picking it up as income because there is no basis entered. 

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
December 7, 2019
Yep! Gotta have basis!
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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