The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: No tax on returned Roth Contributions?||Date: 3/12/2003 8:20 PM|
|Author: 1000101||Number: 64478 of 122998|
Assuming that line 21 is zero or less, you owe no penalty.
You got hung up on the page 2 discussion of qualified distributions. Your distribution was not a qualified distribution, but not all "unqualified" distributions result in a penalty.
I did read the whole thing. I thought the later discussion only applied to qualified distributions however, i.e. the stuff on page two "overrode" the later stuff.
I'm sure Roy (TMF Taxes) accepts your apology.
I hope so. I didn't mean it to be personal in any case. I'm very frustrated because TurboTax for the web will not allow me to enter the 1099-R without revising my tax up more than $100.
I have a question that might solve things. On my 1099-R, the IRA/SEP/SIMPLE box is not checked, but I noticed that other people who have taken similar early Roth withdrawals do have that box checked on theirs. Should that box be checked for this type of distribution?
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