Your “cost basis” in a Traditional IRA is the total amount of the contributions which were not deductible in the years they were made. (The “best answer” in this other Community thread is a good explanation of this.) They’re the part for which there was no earlier tax benefit, so they come out tax-free later.
Your basis is tracked on Form 8606 (seen here), and you should be seeing this in your TurboTax returns. In Part I, additional non-deductible contributions are added as they occur, and the part of any distribution in the current year allocable to basis is calculated as non-taxable. So if you’ve changed your basis to the total amount of your contributions, you’ll definitely want to change that back. And if you did so in a prior year, it gets more complicated but not a huge deal as long as you haven’t taken distributions since doing that.
@rhaining23, hopefully it’s a quick fix on this year’s return. But don’t hesitate to re-post here if it turns out to be a bigger project and you have more questions!
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