1099R non-taxable

kimberly2910 · ‎March 9, 2022

My husband withdrew some of his contributions from his Roth IRA. He was told it was nontaxable since he only withdrew his contributions only. When I entered the information from the 1099R, it looks like we're being taxed on it and now owe the IRS. Is this right??

RobertB4444 · ‎March 9, 2022

It is possible that he is not being taxed on the withdrawal but that he is paying a penalty for the early withdrawal from his Roth.

For a withdrawal from a Roth to not be taxable - box 1 should show the full amount withdrawn, box 2 should be zero and the ode in box 7 should be Q or T.

If box 7 is a code J then there is a ten percent penalty on the withdrawal.

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