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Get your taxes done using TurboTax
Presumably this distribution is from a traditional IRA, indicated with code 7 in box 7 and the IRA/SEP/SIMPLE box marked. If so, the taxable amount being less than the full gross amount distributed implies that you have basis in nondeductible traditional IRA contributions, a portion of which was applied on Form 8606 Part I to reduce the taxable amount.
‎February 22, 2025
8:36 PM