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1099R Code J

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    #1

    1099R Code J

    I am having a blank moment. My client is 50 gross distribution of $7,327.68, taxable amount not determined, total distribution. Roth is over 5 years and cost basis of $5000

    Am I correct: The $5,000 is tax and penalty free. The $2,327 is taxed and subject to the 10% penalty of $232.77. If anyone out there can correct me if I am wrong it would be greatly appreciated.
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    #2
    Were there any conversions or rollovers into the Roth IRA? The five year period for those is calculated separately from the five year period from the start of the Roth IRA.

    Might any of the exceptions to the 10% penalty apply?

    Other than those items, it looks right.

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      #3
      No exceptions and no conversions. Thank you for your reply.

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