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Get your taxes done using TurboTax
You should use your current IRA basis to file your 2024 tax return; it is cumulative.
Your basis is the total of all your nondeductible IRA contributions minus the total of all nontaxable IRA distributions received. It is to your advantage to keep track of your basis because it is used to figure out the nontaxable part of future distributions.
When you know your IRA's basis, you can determine how the amount of withdrawals you can take tax and penalty-free. Any withdrawals of the tax basis will be tax-free, but you could owe income taxes and a potential penalty if the withdrawal exceeds the basis.
You would have to look back at your prior year's tax returns to determine if your IRA's basis was properly reported to determine if you need to amend for prior years.
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