The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: How to figure taxes owed on Roth withdrawal?||Date: 12/9/1999 3:23 PM|
|Author: JeffdFool||Number: 22702 of 121802|
I contributed 2K in 1998 to a Roth and then another 2K on 1-14-99 for 1999. At that time my original 2K had grown to $2349. Well times have been good and now I don't come close to qualifying for the 1999 contribution. I have sold my current holding in the Roth and would like to withdrawal the 2K for 1999 plus the earnings and pay the tax and penalty. My account is now at $7171.
I talked to my Tax Accountant about this, he "thinks" I should calculate the gain after 1-14-99, deduct the 2K for 1999 and split what's left over in two (half for 1998 and half for 1999). Then pay tax and penalty on the 1999 gain.
I can find confirmation on this anywhere.
Any help would be appreciated.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|