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IRS said the Roth IRA reported distribution was not held for…

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IRS said the Roth...

IRS said the Roth IRA reported distribution was not held for at least 5 years. It was. I was told I needed to send in a 8606 with my 2014 tax return. How do I go about doing that so I don't own the $1785 that they say I do.

Accountant's Assistant: The expert will know how to help. Is there anything else important you think the expert should know?

I have had the Roth since around 2000. I had just rolled over the account to ***** ***** in 2010.

Submitted: 10 months ago.Category: Tax
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Answered in 4 minutes by:
7/10/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 10 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,212
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane.

...

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986.

Bear with me just a moment and I’ll provide my initial response and then we can go from there if you have further questions on this.

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Customer reply replied 10 months ago
Thanks, ***** ***** standing by
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 10 months ago

What's the significance of 2010? (By the way I tried to accept the call, but there was an error of some kind on y end)

...

The 8606 is typically used for nondeductible contributions to a traditional IRA, OR, received a distribution from an inherited traditional IRA that has basis, you transferred an inherited plan account to a Roth IRA, or you received a distribution from an inherited Roth IRA that wasn’t a qualified distribution

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Customer reply replied 10 months ago
Not sure why the call is not going through. I switched from H&R Block to ***** ***** in 2010 or 2011. I called in 2014 to see if I could take a loan on my Roth, but they said no. I was told I could take out the amount I invested without touching the money made and not be taxed or penalized. So I did. I have not received a letter from the IRS that states the Roth had not been held for 5 years. It had, but not with ***** *****. So I was told I probably did not file an 8606 when I moved the roth from HR block to ***** *****, so that is why they think I owe the tax.
Customer reply replied 10 months ago
Lane, are you there?
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