Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Ask An Expert
- :
- Roth withdrawal used for adoption expenses
Roth withdrawal used for adoption expenses
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
jhayden57
Level 1
03-11-2021
11:53 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Client is 38. He withdrew $21k (and closed the account).
The 1099 indicates Code J, Early withdrawal.
He believes he started the Roth 5 years ago but he can not find his initial documents.
The money was to pay for the Adoption fees in 2020.
Where do I indicate that $5,000 was an adoption fee exception to the taxability of the withdrawal?
Labels
1 Comment 1
IntuitCharlene
Moderator
03-15-2021
12:52 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If you open the 5329-T there is a Distributions Not Subject to Additional Tax Smart Worksheet. Line L can be used for any other expenses that are listed in the instructions for Form 5329.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution" and then just changing the Accept as solution to Mark as Best Answer, mine gets cutoff, so it is too long. I changed mine to the following and it fits. -->**Say "Thanks" by clicking the thumb icon in a post
**Click "Mark as Best Answer " to mark the post that answers your question.
**Mark the post that answers your question by clicking on "Accept as solution" and then just changing the Accept as solution to Mark as Best Answer, mine gets cutoff, so it is too long. I changed mine to the following and it fits. -->**Say "Thanks" by clicking the thumb icon in a post
**Click "Mark as Best Answer " to mark the post that answers your question.
