dmertz
Level 15

Retirement tax questions

"My basis is $11k" and "All the money in this IRA is post tax" seem to be contradictory statements if you made an $50k distribution.  With $11k of basis, no less than $39k of a $50k distribution will be taxable; more will be taxable if you have other money in traditional IRAs.

Your Form 1099-R is correct.  You must enter it exactly as received.  All of your traditional IRAs are considered to be a signal account for the purpose of determining the taxable amount of a distribution when you have basis in nondeductible contributions.  TurboTax automatically prepares Form 8606 when you enter the Form 1099-R and after clicking the Continue button on the Your 1099-R Entries page you enter your basis and your year-end balance in traditional IRAs.  The Form 8606 will be part of your printed tax return.