This is my first year to take a distribution out of the IRA. My problem here is the Investment company rollover my 401K to Traditional IRA then they combine my post-tax IRA into one.
Here are my basic cost contribution to the (401K) IRA $311298.00 (pre-tax)
basic cost contribution to IRA $65869.00 (post-tax)
current balance of the combine IRA $900000.00
This 2022 take out (distribution) $30000 from the combine IRA
How do I know how much tax to pay for $30000 distribution?
(65869/311298=21%) should I subtract
30000-6300(21%)= 23700 and paid tax on this IRA amount?
In Turbo Tax section Retirement Plans and Social Security
Select Update on IRA, 401K pension withdraws (1099-R)
Then update line 2a Taxable amount of 1099-R form from 30000 to 23700
Please advise.
Thien
