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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2681
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I withdrew money from a Roth Ira account. I'm 63yr old still

Customer Question

I withdrew money from a Roth Ira account. I'm 63yr old still working and I've had the account over 5yr or maybe even 10yr. The investment firm sent me a 1099 form with the amount withdrawn on it. Under taxable amount, was TBD. I was told there would be no taxation on this amount because I meet the criteria. I was under the impression that a 1099 form was an amount that had to be recorded as income on your tax form. Do I do nothing or what say you?
Submitted: 6 months ago.
Category: Tax
Expert:  Barbara replied 6 months ago.
Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.You do have to report the Roth IRA distribution (Form 1099-R) on your tax return. However, if the Roth IRA has been in existence for more than 5 years, the distribution is not taxable income, and you will not pay tax on the distribution amount.Please let me know if I can assist you further.Thank you and best regards,BarbPS: We cannot send emails. The answer must be posted in the Just Answer forum unless you specifically choose Premium Service.
Expert:  Barbara replied 6 months ago.
Just following up with you to see if you have any other questions. If so, please come back to me here, and I will be happy to assist you.Best regards,Barb

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