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kelliharrison28
New Member

I took out money from my roth and TT said I need a 8606 from the irs not sure why ?

 
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dmertz
Level 15

I took out money from my roth and TT said I need a 8606 from the irs not sure why ?

Any distribution that you receive that is not a qualified distribution is required to be reported on Form 8606 Part III to calculate the taxable amount of the distribution.

To be a qualified distribution, on the date of the distribution you are required to have met both of the following requirements:

  1. You are age 59½ or older at the time of the distribution, and
  2. The distribution is made more than 5 years after the beginning of the year for which you first made a Roth IRA contribution.

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1 Reply
dmertz
Level 15

I took out money from my roth and TT said I need a 8606 from the irs not sure why ?

Any distribution that you receive that is not a qualified distribution is required to be reported on Form 8606 Part III to calculate the taxable amount of the distribution.

To be a qualified distribution, on the date of the distribution you are required to have met both of the following requirements:

  1. You are age 59½ or older at the time of the distribution, and
  2. The distribution is made more than 5 years after the beginning of the year for which you first made a Roth IRA contribution.

View solution in original post

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