Solved
ROTH IRA
MY GRANDSON RECEIVED A 1099Q.
THE DISTRIBUTION WAS ROLLED OVER INT A ROTH AND SHOULDN'T BE TAXABLE.
IT IS BEING SHOWN AS TAXABLE.
HOW DO I CORRECT THIS?
It is tax free and penalty free if:
- Doesn't exceed the yearly limit $7000
- The 529 account must have been open for at least 15 years.
- The beneficiary of the 529 account and the owner of the Roth IRA must be the same person.
- Must be paid in a trustee-to-trustee transfer.
If all apply, don't enter the form. Keep it for your records.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
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