Welcome back! Ask questions, get answers, and join our large community of tax professionals.
  • Products
  • Workflow Tools
  • Learn & Support
  • Sign In
  • Products
  • Workflow Tools
  • Contact Us
  • Sign In
  • Learn & Support
    • cancel
    Turn on suggestions
    Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
    Showing results for 
    Search instead for 
    Did you mean: 

    Taxable Roth Distribution?

    plkrout
    Level 1
    ‎12-07-2019 02:14 AM

    A client has an early distribution from a Roth IRA. I've entered $0 taxable in box 2, Dist code J, and check-marked Roth IRA, but it is included on the 1040 line 4 as taxable income, (in addition to the 10% early withdrawal penalty). Is this a ProSeries Basic error, or am I missing something?

    0 Cheers

    This discussion has been locked. No new contributions can be made. You may start a new discussion here

    1 Solution

    Accepted Solutions
    garman22
    Level 13
    Level 13
    ‎12-07-2019 02:14 AM

    Do you have the clients basis entered? It's probably picking it up as income because there is no basis entered. 

    View solution in original post

    0 Cheers
    4 Comments 4
    garman22
    Level 13
    Level 13
    ‎12-07-2019 02:14 AM

    Do you have the clients basis entered? It's probably picking it up as income because there is no basis entered. 

    0 Cheers
    Just-Lisa-Now-
    Level 15
    Level 15
    ‎12-07-2019 02:14 AM
    Yep! Gotta have basis!

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    0 Cheers
    plkrout
    Level 1
    ‎12-07-2019 02:14 AM
    Doh!  That was it - thank you!   
    0 Cheers
    garman22
    Level 13
    Level 13
    ‎12-07-2019 02:14 AM
    :+1: you bet!:+1:
    0 Cheers
    Intuit Lacerte Tax
    Intuit ProConnect Tax
    Intuit ProSeries Tax
    Additional Accounting Solutions
    Tax Pro Center
    Tax Practice Resources
    Call sales: 844-877-9422
    Sitemap

    ©1997-2024 Intuit, Inc. All rights reserved.

    Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

    By accessing and using this page you agree to the Terms and Conditions.

    About Cookies | Manage Cookies
    Legal Privacy Security