ROTH IRA

charlessgoldberg · ‎March 7, 2025

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?

MayaD · ‎March 7, 2025

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.

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MayaD · ‎March 7, 2025

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"