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Financial Planning / Tax Strategies


Subject:  Re: ROTH Mistake Date:  3/4/2014  11:52 AM
Author:  TMFPMarti Number:  120345 of 131761





Did I make a major mistake? Attempting to streamline & simplify my portfolio, I closed out a Roth MM held less than 5 years as it held only $39.72.

I don't know where your wires got crossed, but it's likely that this will not affect your tax bottom line at all. Start by reviewing the ordering rules for Roth distributions in Chapter 2 of Pub 590. Then Check out Part III of Form 8606, where you report this distribution.

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