The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: No tax on returned Roth Contributions?||Date: 3/12/2003 8:08 PM|
|Author: 1000101||Number: 64476 of 121258|
That's not what the 8606 instructions say.
Page 2 column 1 at the top.
"Exception. Any distribution made
during the 5-year period beginning
with the first year for which you made
a Roth IRA contribution or conversion
is not a qualified distribution, and
may be taxable. Because 1998 was
the first year for which Roth IRA
contributions or conversions could be
made, no Roth IRA distribution prior
to 2003 is a qualified distribution.
Also, in TurboTax for the web, there is no place to enter the breakdown between what was a contribution, and what wasn't. I'd been on their tech support line for 2 hours when I told them to forget it.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|