Seems like the account either doesn't understand Roth IRAs or thinks the withdrawal was from a traditional IRA.I guess not, I was so thrown off by all this I wasn't sure what to do. Hes telling me I owe almost $5,500 with a $1,200 penalty.Does your accountant know that they are your contributions? You probably just need to clarify. Tell him what your total contributions have been to date "for the purposes of line 22 of form 8606."I just went to do taxes and my accountant is telling me that I owe taxes on $16,338 of my ROTH IRA account. Below are the details from my tax documents.
APEX C/F ROTH IRA
ROTH OR ESA CONTRIBUTION 2023 6,500.00
ROTH CONVERSION AMOUNT 2023 4,338.47
PERIODIC DISTRB PREMATURE 2023 11,999.99
FAIR MARKET VALUE - 12/31/23 ** 16,157.26
I understand that I owe taxes on the roth conversation of $4338.47... but why would I owe taxes on the $11.999.99? Those were my own roth ira contributions that i took out.
Am I correct?
While the account may not know your Roth contributions, why would anyone assume 100% of a Roth withdrawal is taxable?
Statistics: Posted by jeffyscott — Fri Mar 22, 2024 8:52 pm — Replies 7 — Views 889