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Question about my 1099-R
Posted on 1/17/17 at 2:20 pm
Posted on 1/17/17 at 2:20 pm
Just got my 1099-R from Vanguard. I withdrew money from my Roth IRA last year, but I only withdrew principal contributions I had made.
Got a notification that my 1099-R was ready and it gives a distribution code of J which is defined as an early distribution with no known exception. So it appears off the 1099-R that the IRS will expect taxes paid for it.
I know it's early, do you think Vanguard might issue amended 1099s, should I contact someone from Vanugard?
Got a notification that my 1099-R was ready and it gives a distribution code of J which is defined as an early distribution with no known exception. So it appears off the 1099-R that the IRS will expect taxes paid for it.
I know it's early, do you think Vanguard might issue amended 1099s, should I contact someone from Vanugard?
3
Posted on 1/17/17 at 2:57 pm to Tigerfan56
I think that 1099 is correct. There's an additional form to complete with your return that provides them with your basis in Roth contributions, letting the IRS know it's nontaxable.
Posted on 1/17/17 at 2:59 pm to Tigerfan56
No. When you file your taxes, you must put in your contribution/cost basis amount. If you withdrew 10,000 and contributed 10,000, you owe nothing.
Posted on 1/17/17 at 2:59 pm to Brummy
Thanks 
Posted on 1/17/17 at 2:59 pm to Tigerfan56
Nope, Vanguard did it right.
Because it was an early distribution, you need to fill out form 8606 with your return. Part III. You will enter in your basis in the Roth (your total contributions) and as long as you did not exceed that, you won't have to pick up any of the distribution in income.
Because it was an early distribution, you need to fill out form 8606 with your return. Part III. You will enter in your basis in the Roth (your total contributions) and as long as you did not exceed that, you won't have to pick up any of the distribution in income.
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