i hate dealing with Roth IRA's, mainly because my community is a poor community and i've never seen where roth ira's would help my clients.
anyway, regardless how i feel, my client had a roth ira, made contributions 2002 to 2006. no contributions 2007 or 2008. he closed out the account, got laid off and collecting unemployment.
i added all his contributions for total of $6800, his withdrawal was $7301. it has been more than 5 years since he started , but he is under 59. 1099R code is J, so i'm thinking i should be looking for exception for penalties. does he qualify because of the 5 years, but is disqualified because of age? and is taxable portion the amount over $6800 (501?)
any help would be appreciated.
anyway, regardless how i feel, my client had a roth ira, made contributions 2002 to 2006. no contributions 2007 or 2008. he closed out the account, got laid off and collecting unemployment.
i added all his contributions for total of $6800, his withdrawal was $7301. it has been more than 5 years since he started , but he is under 59. 1099R code is J, so i'm thinking i should be looking for exception for penalties. does he qualify because of the 5 years, but is disqualified because of age? and is taxable portion the amount over $6800 (501?)
any help would be appreciated.
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