How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15717
Experience:  15years with H & R Block. Divisional leader, Instructor
14155347
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

I turn 70 1/2 years old on October 12, 2017. I have a Roth

Customer Question

I turn 70 1/2 years old on October 12, 2017.I have a Roth IRA that I opened on 12/15/2014 with a conversion from my IRAI want to withdraw $30K in 2017 from my Roth IRA (current market value of ROTH is $75K)I don’t meet the 5-year rule for my Roth, so I’ll pay taxes on the EARNINGs from the $30KI may be subject to the 10% penalty… BUTI’m over 59 1/2… and
our 2017 tax return will show Unreimbursed medical costs > 7.5% of our AGI (joint return, both born before 1951)AM I subject to the 10% penalty tax on the $30K
JA: The Expert will know how to help. Is there anything else the Expert should be aware of?
Customer: no-- situation and question fully described in previous send
Submitted: 1 month ago.
Category: Tax
Expert:  Robin D. replied 1 month ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  Robin D. replied 1 month ago.

Only if you receive a distribution that is not a qualified distribution, you have to pay the 10% additional tax on early distributions. In your case your distribution is Qualified because you are over 59 1/2.

You will not be subject to a 10% penalty.

Expert:  Robin D. replied 1 month ago.

Only if you receive a distribution that is not a qualified distribution, you have to pay the 10% additional tax on early distributions. In your case your distribution is Qualified because you are over 59 1/2.

You will not be subject to a 10% penalty.

I sincerely ***** ***** above is clear but please let me know or rate in a positive way.