Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: srfslr Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123157  
Subject: Roth "distribution"? Date: 2/3/2000 11:03 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
In 1998 I opened a Roth IRA with what I thought would be the allowable contribution for my income. When tax time came, my tax guy told me I over contributed by $200 and needed to withdraw that amount to avoid penalty, so I did that in March of 1999. Today I got a 1099-R from my brokerage account for a "gross distribution" of $200. Taxable amount is listed as $0.00. What, if anything does this mean? Obviously it is not a "qualified" distribution as I understand it from reading about Roth IRAs, or is it? Will I have to pay a penalty? I kinda thought since I withdrew the $200 before tax time, the IRS wouldn't know anything about it. Can anybody tell me what if anything I need to do, or what I should expect? Thanks.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Berkshire Hathaway

Book Review: Dream Big
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.