Early Roth distribution

Forum|Forum|2 years ago
March 25, 2024
2 replies
18 views

Client decided he didn't want his Roth anymore and took a full distribution. It was an early distribution, code J. From what I've read, the initial amount put into the Roth should not be taxable, only the gain on it. That gain could also be subject to Early withdrawal penalties.

However, regardless of how I enter this form, ProSeries is putting the full amount as taxable income.

Any tips?

ProSeries Professional

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

You'll need to input the basis (what he originally contributed), I think the 1099R worksheet has a button to take you right to where you need to go (near the bottom of Page 1).

Just-Lisa-Now-

Answer

Intuit Community Champion

You'll need to input the basis (what he originally contributed), I think the 1099R worksheet has a button to take you right to where you need to go (near the bottom of Page 1).

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