Employee

Question

I have a trad IRA with non-deductible contribs & gains. I didn't file form 8606 in yrs of contribution but I know the basis. What do I do to minimize tax on withdrawals.

Forum|Forum|6 years ago
January 4, 2020
1 reply
0 views

More details: value of IRA is about $170K; assume non-deductible contributions were $68,000 over multiple years. Assume I withdraw $50K; I think $30K should be taxable (102/170=60%) but how do I enter this?

TurboTax Online

E

eignash1

I have previous after tax deposits to my ira. where do i enter this

Critter-3

@eignash1

Did you take a distribution in 2021?

Did you make a contribution in 2021?

Have you been filing a form 8606 when needed in the past?

fanfare

Employee

When taking a distribution, see Form 8606 Line 2 to report your non-deductible contributions.

Then do the calculation specified on the following lines.

Note: If you have been remiss in filing 8606 as required, IRS can ask for documentation.

@eignash1

I have a trad IRA with non-deductible contribs & gains. I didn't file form 8606 in yrs of contribution but I know the basis. What do I do to minimize tax on withdrawals.

1 reply

Unlock tailored help options in your account

Get answers to all your tax questions

Vos impôts avec un expert

Faites vos impôts vous-même

Situations fiscales

Ressources

Experts at your fingertips

Do it yourself

Business taxes

Tax situations

Resources

Unlock tailored help options in your account

Get answers to all your tax questions

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded