- quote -

I read that line to mean you don't enter any contributions on line 19 of the
8606 that were both made and returned in 2007. (It refers back to page 4 of
the instructions. Since the web version of the instructions doesn't have
page numbers you're sort of lost unless you look at the .pdf version at
http://www.irs.gov/pub/irs-pdf/i8606.pdf). In any case you are correct the
gross amount of the withdrawal ends up on line 15a of the 1040 and line 15b
is -zero-.
--
Don EA in Upstate NY

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Jan 9, 11:22 pm, "Don Priebe" <pri...[at]iname.com> wrote:
- quote -

instructions here for line 19 (http://www.irs.gov/instructions/i8606/
ch02.html#d0e837). If I read these correctly, I wouldn't put anything
on Line 19, but rather the amount I took out on , line 15A of the
1040. Would you concur, or?

Thanks,
Mark

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

- quote -

You use form 8606. Part III is for non-qualified distributions from a Roth.
It asks how much you took out, and a couple of lines later what your basis
is (which in your case is the amount you contributed). Subtract to
calculate the taxable amount, which should be zero if you are withdrawing
less than you put in.

You will get a 1099-R from the financial institution, which should be coded
as J in box 7 since you are under 59-1/2. The code J is what tell the IRS
to look for a form 8606.
--
Don EA in Upstate NY

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Earlier in the year, I withdrew 10K from one of my Roth IRA's that
I've had established for some 10 years or so. Even though I am under
59 1/2, my understanding is that contributions made to a Roth IRA are
eligible to be removed tax free and without penalties at any time.(it
is only the earnings that are taxable). If this is true and I
believe it to be, what tax form am I going to need to explain this to
the gov and is it important that my financial institution
characterizes this in a certain way, so that the govt doesn't think
I'm doing something improper?

Thanks!
Mark

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >