Hi,
Through JP Morgan I invested 6000 in ROTH IRA and I received 1099-R with
Box 2a ==> $6000
Box 2b ==> both "Taxable amount not determined" and "Total Distribution" ticked
Box 7 : code is 2 and IRA/SEP/SIMPLE is ticked
(Most of the other boxes are empty)
I am doing taxes in TT and currently I owe nothing. But, if enter 1099-R form, now I owe ~$1200 in Federal Tax. I do not understand as why post-tax ROTH investment makes me Owe Federal tax.
I am fresh graduate with new job and I thought Roth IRA will help me in my taxes. But it looks more counter-intuitive. Can you please help me understand as why now I owe money to IRS ?
Thanks
tp
