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Qualified distributions or distributions that are a return of your regular contributions from your Roth IRA(s) are not included in your income.
A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements.
It is made after the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit, and
The payment or distribution is:
Made on or after the date you reach age 59½,
Made because you are disabled (defined earlier),
Made to a beneficiary or to your estate after your death, or
One that meets the requirements listed under First home under Exceptions in chapter 1 (up to a $10,000 lifetime limit).
There is an exception to the additional 10% penalty for distributions that are less than your qualified higher education expenses. If you have entered these expenses, you will be able to claim the exception after you enter the 1099-R. However, this exception is only for the 10% penalty tax, not the ordinary income tax.
Qualified distributions or distributions that are a return of your regular contributions from your Roth IRA(s) are not included in your income.
A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements.
It is made after the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit, and
The payment or distribution is:
Made on or after the date you reach age 59½,
Made because you are disabled (defined earlier),
Made to a beneficiary or to your estate after your death, or
One that meets the requirements listed under First home under Exceptions in chapter 1 (up to a $10,000 lifetime limit).
There is an exception to the additional 10% penalty for distributions that are less than your qualified higher education expenses. If you have entered these expenses, you will be able to claim the exception after you enter the 1099-R. However, this exception is only for the 10% penalty tax, not the ordinary income tax.
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