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C
CRM2182
Level 5
July 18, 2023
Solved

1099R Penalty

  • July 18, 2023
  • 2 replies
  • 26 views

Client withdrew Roth IRA Contributions. Received 1099R with a distribution code of J. It's calculating the 10% penalty for early withdrawal. Is there a way to remove the penalty or should the 1099R be coded differently? I thought contributions could be withdrawn anytime without a penalty. 

This topic has been closed for replies.
Best answer by sjrcpa

Mak sure you have the basis entered.

Only the amount withdrawn in excess of that amount is subject to tax and penalty.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
July 18, 2023

Mak sure you have the basis entered.

Only the amount withdrawn in excess of that amount is subject to tax and penalty.

The more I know the more I don’t know.
    C
    CRM2182Author
    Level 5
    July 18, 2023

    Thank you. I did not have the basis included. 

      Camp1040
      Camp1040
      Level 10
      July 18, 2023

      Should only be tax and penalties on earnings from the contributions.

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