About pepbrow

pepbrow · ‎June 6, 2019

My wife knew there was an exception before she withdrew as well. As a matter of fact they told here how much she could withdraw without incurring a penalty. They Bank actually verified the exception before the transaction, so that isn't the question. Knowing there was a valid exception, why didn't they put that in the 1099-R. No matter, I'll deal with it in Turbo Tax. We will be on the look out next time.

pepbrow · ‎June 6, 2019

Thank you. You are correct about my wife's age. I understand that "J" is correct, but there should have been a 2nd code to take care of the 5 year exception. I did the same thing (another company) with an IRA, my code was "2". TurboTax didn't need any other explanation. I will do as you suggest and see how it works out. Thanks again.

pepbrow · ‎June 6, 2019

early distribution exceptions for ROTH IRA not on my 1099-R. The distribution was 7 years after the last contribution. 1099 has "J" and taxable amount not determined box is checked. When I enter the information as it is in the 1099-R, my refund drops by more than $1600.00. It's a Fidelity Destiny II-0 plan. The institution that provided the 1099 was UMB BANK NA. It appears they are seriously under/not trained properly. My wife called them no less than 5 times, and only one of them actually gave an useful info, the others simply said "talk to a CPA", but when the transaction was in progress, they told my wife that there would be not penalties (because of the timing exception) and shouldn't be any tax, as it is from a ROTH IRA, but they didn't provide an exception code on the 1099-R. The distribution code is "J" and "taxable amount not determined" box is checked. How do I deal with this in TurboTax Premier?

My wife knew there was an exception before she wit...

Thank you. You are correct about my wife's age. I ...

Early distribution exceptions for ROTH IRA not on ...