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TT is assessing a penalty for a contribution only withdrawal from Roth IRA
Good evening.
i withdrew $12000 from a Roth IRA (contribution only withdrawal) in 2024. I was understanding that since this is “after tax” and not earnings, there would be no tax liability or penalty. Line 7 shows distribution code of “J” meaning early distribution. But TT is assessing a 10% penalty anyway. Any ideas on how to correct this?
Thanks!
April 14, 2025
4:40 PM