Determining basis of IRA distribution

Forum|Forum|1 year ago
April 5, 2025
1 reply
0 views

Hello,

I took a distribution from my traditional IRA during 2024. Over the years I made after tax contributions to this IRA. When calculating the Total value of my 2023 IRAs (in order to determine the portion of the basis I can deduct in 2024), Turbotax says " Enter the total value all of your traditional IRAs, SEP and SIMPLE IRA accounts on December 31, 2024."

Do I include the value of my rollover IRAs as well or JUST the value of my traditional IRA?

THANKS MUCH TO ALL for your help!!

Best answer by sherzlich

Yes - include the value of your rollover IRA too. The "rollover" name just indicates that the funds were sourced from an employer retirement plan. The tax treatment is the same as a traditional or Roth IRA, depending upon where it was rolled over from.

sherzlichAnswer

AnnetteB6

Yes, if the rollover IRA is a Traditional IRA (tax deferred money), then you need to include that total value as part of your total of all Traditional IRA accounts.

If the rollover IRA is a Roth IRA, then the total value is not included.

@akrichard

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"