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February 27, 2025
Question

How do I figure the non taxable amount of my retirement income

  • February 27, 2025
  • 1 reply
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    1 reply

    March 2, 2025

    To clarify, is this a distribution from a traditional IRA? If yes, then this will be calculated on Form 8606. You will have to enter your Form 1099-R and enter your prior basis from your last filed Form 8606. Please note, some customers do not get the prior basis question. If this applies to you please see Why am I unable to report my 2023 for 8606 basis?

     

     

    1. Click on "Search" on the top right and type “1099-R”  
    2. Click on “Jump to 1099-R”
    3. Click "Continue" and enter the information from your 1099-R
    4. On the "Review your 1099-R info" screen click "Continue"
    5. Answer "Yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
    6. Answer the questions about the basis from line 14 of your last filed Form 8606 and the value of all traditional, SEP, and SIMPLE IRAs

     

     

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