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June 1, 2019
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I thought that I didn’t need to pay tax on a withdrawal from a Roth

  • June 1, 2019
  • 2 replies
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a distribution is income and penalty tax-free if made after a five-year holding period, which begins on jnuary 1 of the first year for which a Roth contribution was made and one of the following applies 

1. - taxpayer 59 1/2 or older

2. - distribution is due to death or disability

3.  eligible fr the first-time homebuyer exception yo 10$ penalty. 


certain other rules for amounts converted from Simple or traditional IRA

2 replies

Answer
June 1, 2019

a distribution is income and penalty tax-free if made after a five-year holding period, which begins on jnuary 1 of the first year for which a Roth contribution was made and one of the following applies 

1. - taxpayer 59 1/2 or older

2. - distribution is due to death or disability

3.  eligible fr the first-time homebuyer exception yo 10$ penalty. 


certain other rules for amounts converted from Simple or traditional IRA

Critter
Employee
June 1, 2019

sometimes you do and/or penalties ... enter the 1099-R in the program and complete all the follow up screens and let the program do the math.