Where do i report taxes and penalties from a non qualified early Roth distribution I took in 2018? These amounts are not showing in my 1099 R. I want to go ahead and pay.

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1 Best answer

New Member

Jun 1, 2019 4:05:50 PM

The program computes the tax and penalty once you enter the amounts in Box 1 and 2 and then the code from Box 7.

If this withdrawal was just from your contributions, there will be no tax or penalty assessed on your withdrawal. Any contributions withdrawn from a Roth are always tax/penalty free.

If you do have a "growth" portion to pay tax and penalty on, it will be added into your tax return and will either increase your overall liability or lessen your refund.

New Member

Jun 1, 2019 4:05:50 PM

The program computes the tax and penalty once you enter the amounts in Box 1 and 2 and then the code from Box 7.

If this withdrawal was just from your contributions, there will be no tax or penalty assessed on your withdrawal. Any contributions withdrawn from a Roth are always tax/penalty free.

If you do have a "growth" portion to pay tax and penalty on, it will be added into your tax return and will either increase your overall liability or lessen your refund.

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Where do i report taxes and penalties from a non qualified early Roth distribution I took in 2018? These amounts are not showing in my 1099 R. I want to go ahead and pay.