Last year, i withdrew some money in my roth IRA and in my regualr IRA. How do you compute the tax payments ?

Answer 1

You will receive Forms 1099R for these withdrawals. Depending on your age and how long the Roth IRA has been open and where the Roth contributions came from, you may owe taxes and penalties. Taxes may have been withheld from the withdrawals and this will also be shown on the 1099R.

I would just get a software package and enter the 1099R information and not worry about how to fill out the return manually. But if not, enter the taxable amounts on Line 16a of the 1040. Compute the penalty using Form 5329.