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Retirement tax questions
Did you recharacterization or convert to a Roth - two totally different things?
Do you have a 1099-R reporting it?
If so, what code is in box 7?
Is the IRA/SEP/SIMPLE box checked?
(If you have both before-tax and after-tax contributions is a Traditional IRA, you can NEVER only distribute the after-tax money - it is always pro-rated over the current distribution and the total years end value of all existing Traditional IRA accounts.)
Do you have a 1099-R reporting it?
If so, what code is in box 7?
Is the IRA/SEP/SIMPLE box checked?
(If you have both before-tax and after-tax contributions is a Traditional IRA, you can NEVER only distribute the after-tax money - it is always pro-rated over the current distribution and the total years end value of all existing Traditional IRA accounts.)
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 4, 2019
1:27 PM