Permalink Submitted by Alan - IRA critic on Mon, 2017-04-10 15:09
Only on line 15a of Form 1040 – except when the quallfied first time homebuyer provision up to 10k lifetime in which case Form 8606 would be required as well as line 15a and 15b of Form 1040. Many custodians do not use the Q code or do not know whether the 5 year holding period has been met and use the T code, but if the taxpayer knows the distribution is qualified Form 8606 is not necessary.
Permalink Submitted by Alan - IRA critic on Mon, 2017-04-10 15:09
Only on line 15a of Form 1040 – except when the quallfied first time homebuyer provision up to 10k lifetime in which case Form 8606 would be required as well as line 15a and 15b of Form 1040. Many custodians do not use the Q code or do not know whether the 5 year holding period has been met and use the T code, but if the taxpayer knows the distribution is qualified Form 8606 is not necessary.