cientax Posted November 12, 2007 Report Share Posted November 12, 2007 I have never had anyone take a distribution from a Roth IRA and don't know how to enter on Form 1099R in ATX. There is no check box for Roth IRA on the 1099R in ATX and the distribution code that I have from the income information provided from the IRS states: "Distribution from a Roth IRA in 1st 5 years". This was a total distribution of $8,008 and he is under 59.5 and this was not a conversion. I believe that $8000 was what he contributed. Can anyone help on how to input on return? Thanks. Quote Link to comment Share on other sites More sharing options...
Pacun Posted November 13, 2007 Report Share Posted November 13, 2007 From ATX open 1099R, enter $8008 on box 1 and $8 on box 2. You will have a ONE-DOLLAR penalty for early distribution. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted November 13, 2007 Report Share Posted November 13, 2007 Are you saying you don't have a 1099-R from the plan? The info should be on the 1099-R which would show $8008 in box 1 and $8000 in box 5. Then you would fill out the Roth section of Form 8606 which will bring the $8 taxable amount to 1040, page 1 and a 5329 will be generated. taxbilly Quote Link to comment Share on other sites More sharing options...
cientax Posted November 14, 2007 Author Report Share Posted November 14, 2007 Are you saying you don't have a 1099-R from the plan? The info should be on the 1099-R which would show $8008 in box 1 and $8000 in box 5. Then you would fill out the Roth section of Form 8606 which will bring the $8 taxable amount to 1040, page 1 and a 5329 will be generated. taxbilly My client doesn't have his copy of the 1099 so we got a print out from the IRS to work from and it gives the information stated above and there is nothing in box 5. Since there is not a check box for Roth IRA on the 1099R, do I just not worry about it? Also, when I fill in the 1099R on ATX, it carries the amount of $8000 to 16a and $8 to 16b for pension an annuities. When I fill in the 8608, it carries only the $8 to 15b and nothing in 15a for IRA's. Do I just not fill in the 1099R and only use the 8606? Thanks. Quote Link to comment Share on other sites More sharing options...
Pacun Posted November 14, 2007 Report Share Posted November 14, 2007 On 1099R, answer question 7 with a distribution code AND select IRA. DO NOT expect to find a Roth IRA choice. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted November 14, 2007 Report Share Posted November 14, 2007 I agree, there is no Roth choice, because it's only taxable if they don't follow the rules and leave it in for at least 5 years, in which case it's taxable to the extent it's not a return of the contribution. Quote Link to comment Share on other sites More sharing options...
Don in Upstate NY Posted November 15, 2007 Report Share Posted November 15, 2007 Roth 1099-R format There are special Roth codes that will appear in box 7 ... Code Q - Qualified Roth distribution. Meets both age and holding period. Code T - Roth distribution that meets age requirement but with unknown holding period. Code J - Non-qualified Roth distribution - does not meet age requirement Code J8 - Correction distribution taxable this year Code JP - Correction distribution taxable prior year Interesting, distributions from a Roth IRA need NOT have the IRA box checked (from 1099-R instructions) Quote Link to comment Share on other sites More sharing options...
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