Roth vs Traditional IRA (tax return, money, financial, income)

[LastStraw]

I'm wondering...why I received a 1099-R for a withdrawal from a Roth IRA??

Money a person puts into a ROTH IRA is money that has already been taxed vs money that goes into a Traditional IRA before being taxed. Thus in later years,..... if money is withdrawn from the ROTH it is not taxed because taxes have already been paid on that money. However every time withdrawal comes out of a Traditional IRA taxes are owed on the amount withdrawn.

Before some wise person says I should call the Financial Institution to ask ...... Yes, I tried calling, however they are already closed until tomorrow. So,...I thought I could get a quick answer here so I can sleep tonight.

.

[Lowexpectations]

1099-r are not foreign to Roth’s


https://finance.zacks.com/everyone-ira-1099r-4710.html

[usnftcret]

A 1099 is generated when a withdrawal is made from any qualified retirement account including Roth IRA. You will need to report this on your income tax return.

[LastStraw]

Originally Posted by Lowexpectations

1099-r are not foreign to Roth’s


https://finance.zacks.com/everyone-ira-1099r-4710.html

Thank you "Lowexpectations". Great Link!!!


.