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Retirement tax questions
Hi - Thank you very much for answering my question. I sincerely appreciate the help. I am using TurboTax Deluxe software for desktop and in the section, 'IRA, 401k Withdrawals' of my return it states, "Based on the code in box 7 of this 1099-R, you're paying extra tax on this money." This is in regards to the early Roth distribution.
Is my next step to note contribution amounts to my Roth in Form 5329? Will noting contributions to the Roth prevent me from paying extra taxes on this withdrawal?
Is my next step to note contribution amounts to my Roth in Form 5329? Will noting contributions to the Roth prevent me from paying extra taxes on this withdrawal?
‎June 3, 2019
10:11 AM