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J
jmbillmeyer
Level 3
April 11, 2025
Question

ROTH IRA WITHDRAWAL

  • April 11, 2025
  • 3 replies
  • 14 views

I HAVE A CLIENT WHO TOOK A DISTRIBUTION FROM HIS ROTH IRA. I THOUGHT THAT WITHDRAWALS OF CONTRIBUTIONS ARE ALWAYS TAX AND PENALTY FREE, HOWEVER PROSERIES PROFESSIONAL IS CALCULATING THE ADDITIONAL 10% PENALTY. NOT SURE IF I ENTERED SOMETHING INCORRECTLY? THANKS IN ADVANCE FOR THE HELP!

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3 replies

dkh
dkh
Level 15
April 11, 2025

Did the client withdraw more than was contributed? 

 

    J
    jmbillmeyerAuthor
    Level 3
    April 11, 2025

    No he didn't

    dkh
    dkh
    Level 15
    April 11, 2025

    What code is on 1099-R ?     Client under 59-1/2 ?    

      dascpa
      dascpa
      Level 11
      April 11, 2025

      First off - all uppercase means SHOUTING.

      Was the Roth held for 5 years? Is the Code on the 1099-R and in your input correct?  Is there basis for a Roth listed in the software? The 10% penalty "can" happen if it's not a "qualified Roth" and the taxpayer is under age 59 1/2 (research ordering rules of Roth distributions). Typically this situation ends up being user input error.

        T
        TaxGuyBill
        Level 15
        April 11, 2025

        Did you enter the "Basis" of the Roth IRA?

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