Deductions & credits

No.  What did you do on 12/12/22?  Did you move 250,000 to another IRA?  Did you pay tax on it in your tax return?  Why do you have a basis in the 250,000?

 

You will just have less income to pay tax on now.  If you had a basis in the IRA you should have a form 8606 in your return.   I'll page @dmertz for more help.