AboutLouis Schwarz, QFP, CFP®, RFC®. ChFEBC Expertise Over 36 years experience - discretionary investment management, advisory service, stocks, bonds, mutual funds, annuities, IRA, Roth, 403(b), 401k, tax planning, tax preparation, retirement planning, tax reduction, life insurances. I hold five professional designations: QFP, CFP, RFC, ChFEBC, and Paladin Registered Advisor with a professional rating of five stars.
Experience First deaf Certified Financial Planner licensee (http://www.cfpboard.org/), General Securities Registered Representative (Series 7)(http://www/finra.org), Registered Financial Consultant (http://www.iarfc.org/), Registered Investment Advisor, Qualified Financial Planner (http://www.iaqfp.org/), Admitted to Paladin Registry of Personal Financial Advisors (http://www.paladinregistry.com/); Chartered Federal Employee Benefits Consultant (http://www.chfebc.com/); Licensed Life, Health, & Disability Agent
Organizations Financial Planning Association, International Association of Registered Financial Consultants, National Association of Deaf, Alexander G. Bell Association of the Deaf, National Deaf Business Institute
Education/Credentials Gallaudet University, College for Financial Planning
Awards and Honors Who's Who in Finance and Industry, Who's Who in the World, NAD Flying Fingers Award, MDAD Distinguished Award, MCAD Business of Year, Montgomery (MD) County Business Award, 2007 Outstanding Business Person of the Year, Gallaudet University Department of Business
Question It's simple, I closed my Roth IRA early as I'm only 28, it had 5,088.43 dollars in it at the time, I got a check for it all. Now on the 1040 I'm not sure how to make note of it, my 1099 shows 2a as blank and the 2b is checked Taxable amount not determined. I've learned this is because they were "lazy and didn't want to figure out the gains the account made in relation to the initial deposits?" But yea how can I calculate that myself I don't really know that info. So would I put the whole amount on the 1040 under 15b, it's already aftertax I just don't know how much was gained on it before closure? Everything else says 0 or is empty. Grr do you know if there is really a 10% penality on all of that even though it was aftertax income initially?
Answer HI, Sam
If I understand you correctly, please put the info on Line 15a and zero on line 15b so it is not taxable. There may not be a 10% penalty because you may not make any gain. It is very important that you keep track of your contributions to ROth IRA.
