1. How to figure your after tax contributions.
- If you were making contributions each year, you would have either deducted the contribution from your income taxes or you would have filed form 8606 for the nondeductible contributions.
- Double check all your prior returns to see what happened each year.
- If you see that contribution were not deducted and there is no form 8606, you will need to recreate all of them and mail them separately to the IRS. Be sure to sign each 8606 and mail them with tracking.
- You can use your form 5498 that you get each year you contribute for your proof (if asked) and to help you determine your basis - already taxed monies.
See About Form 8606, Nondeductible IRAs
2. No, you can't withdraw $xx tax free and call it a withdrawal of basis. Any distributions will be part basis and part taxable once you have your basis figured out, form 8606.
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