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March 11, 2025
Question

I pulled from my Roth IRA right after a contribution hit the account. ( Now I have a 1099R - Shouldn't this be non taxable since I pulled from basis?

  • March 11, 2025
  • 1 reply
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    March 11, 2025

    It depends. If you are retirement age and have had the account for over five years then it should not be taxable. Double check the code(s) in box 7, of your 1099-R.  The meaning of the codes are in the link below.

    What Are Qualified Distributions?  A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements.  IRS Publication 590b

    1. It is made after the 5-year period beginning with the first tax year for which a contribution was made to a Roth IRA set up for your benefit.
    2. The payment or distribution is: 
      1. Made on or after the date you reach age 59½,
      2. Made because you are disabled (defined earlier),
      3. Made to a beneficiary or to your estate after your death, or
      4. One that meets the requirements listed under First home under Exceptions in chapter 1 (up to a $10,000 lifetime limit).
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