Jan 24

Over the years I have contributed to traditional non-deductible IRAs as well as ROTH-IRAs. When reporting the IRA basis, do I include contributions for both or only the traditional IRA?

2 comments so far...

  • tro Said on January 24th, 2010 at 2:28 pm:

    you don’t report basis on any 1040, only distributions
    you need basis to determine what your minimum distribution is when you decide to take it(when you are over 59 1/2)

  • the tax lady Said on January 24th, 2010 at 2:41 pm:

    Contributions/rollovers to a Roth are already after tax. You just need a total of the money put in. (You only need this if when you take your last dime of distribution you get back less than what you put in.)

    For the non-deductible portion of a TIRA, you need the records from your last 8606.

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