- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Really appreciate your help. Comparing 1040's and 8606's revealed the issue. We took an early Roth distribution to pay for son's college. The Roth IRA basis wasn't correct, so we were being taxed on a portion of the early distribution. So when I entered our current year Roth contribution, our basis increased, thus decreasing tax liability and increasing refund. I corrected the Roth basis and all is well. Thanks again!
March 22, 2023
6:44 PM