Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 02-12-2019, 06:14 AM
Junior Member
 
Join Date: Feb 2017
Posts: 2
Form 8606

I had to take a nonqualified distribution from my Roth IRA in 2018 due to emergency circumstances. I'm a bit confused how to figure out my tax liability (if any) on Part III.

My Line 22 basis is about $30,000 (total contributions since around 2007). The early distribution I took in 2018 was $2,000. I contributed $1,050 to the IRA in 2018.

Is my tax liability therefore $950? What if I were to contribute $950 before the end of the tax year? Would that eliminate any tax liability?

Thanks so much.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
form 8606 and roth conversion slscclcl IRA/Sep 2 02-25-2018 08:02 PM
Why can't I deduct my 6500 IRA contribution and why did form 8606-T get generated in TurboTax? taxedout For 2016 0 03-10-2017 08:02 PM
Please help with form 8606 cm183 For 2016 0 02-18-2017 04:14 AM
Form 8606 is Confusing justr8hr IRA/Sep 2 08-06-2013 01:28 PM
Form 8606 khalvorson1973 IRA/Sep 0 09-08-2010 02:08 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.