It will not be non-taxable because it is not the basis.
You cannot take the basis out first.
you take a fraction of the basis proportional to the distribution over the total value.
That is the calculation on Form 8606.
Enter the total non-deductible amount from prior years on Line 2 assuming this is your first distribution from the IRA.
The old Forms 8606 are important if the IRS asks to see them.
@jhauck
