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Discussion Forum Index --> Tax Questions --> Taxable Roth IRA Distribution
Bogie (talk|edits) said:
| 9 April 2007
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| Taxpayer had distribution from Roth IRA prior to the 5 year rule. Entering the 1099-R has the distribution taxed as well as the 10% penalty. Is the distribution taxed? It was never deductible when taxpayer made the contribution.
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Riley2 (talk|edits) said:
| 10 April 2007
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| Basis comes out first. If the distribution exceeds basis, the amount is subject to taxation and the 10% penalty.
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Deback (talk|edits) said:
| April 10, 2007
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| There is a worksheet where you need to enter the Roth IRA basis (prior contributions). After you do this, your software will not tax the contributions.
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