Roth Distribution

[kjm1059]

My client withdrew funds ($3,600) from a Roth IRA.  This was not a total distribution.  All of the funds received were a return of his own money.  No earnings in the total.

The 1099 shows code J.  Looking at the 1040, the distribution amount is showing as taxable.  Where/how do I report the non-taxable portion of the distribution? ($3,600)

There doesn't seem to be an area on the 8606 or at the bottom of the 1099 screen.

[rbynaker]

You should be able to enter the total Roth IRA basis on the IRA Info Wks.

[IRonMaN]

Since you said "jokes" as in more than one, here is number two and this is just too much work so I think I will rest now.

Ole and Lars go ice fishin. Ole pulls out his new thermos and Lars says to him, "Ole, whatcha got der?".

Ole says, "Well Lars, dis here's a thermos. It keeps hot tings hot, and it keeps cold tings cold."

After awhile, Lars gets curious and says, "Vell Ole, whatcha got in dat der thermos?"

Ole says, "Vell Lars, I got a popsicle, and two cups a coffee."

[kjm1059]

Thank you.  One more thing I forgot....My client withdrew the funds inside the 5-year holding period.  This being the case, is the entire withdrawal taxable?

[RCBCPA]

You can put in and take it out.  Only the earnings would be taxed.  A bit like family planning.