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Level 3
April 1, 2021
Question

Roth Distribution

  • April 1, 2021
  • 4 replies
  • 22 views

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.

 

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4 replies

rbynaker
Level 13
April 1, 2021

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

IRonMaN
Level 15
April 1, 2021

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."

 

Slava Ukraini!