Thank you in advance for your help.... Over the years, I have made contributions to my traditional IRA that were nondeductible (and have kept track of my IRA basis and reported it on my 8606 every year). It was my understanding, when this amount was withdrawn from my traditional IRA it would be tax free (since I previously paid tax on it).
However, Turbotax has calculated a tax being owed on my basis amount, based on what my year-end balance in the account was and the amount of the basis I am withdrawing (so my basis withdrawal is nowhere near tax-free). Is this correct?
