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- Roth withdrawal used for adoption expenses
Roth withdrawal used for adoption expenses
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jhayden57
Level 1
03-11-2021
11:53 AM
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Client is 38. He withdrew $21k (and closed the account).
The 1099 indicates Code J, Early withdrawal.
He believes he started the Roth 5 years ago but he can not find his initial documents.
The money was to pay for the Adoption fees in 2020.
Where do I indicate that $5,000 was an adoption fee exception to the taxability of the withdrawal?
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1 Comment 1
IntuitCharlene
Moderator
03-15-2021
12:52 PM
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If you open the 5329-T there is a Distributions Not Subject to Additional Tax Smart Worksheet. Line L can be used for any other expenses that are listed in the instructions for Form 5329.
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