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Annuity payment partially funded with after-tax contributions
I funded an annuity with both pre- and after-tax nondeductible Traditional IRA funds (mostly pre-tax). The annuity is now paying out and I want to exclude the after-tax income part of the 2023 distribution. I have a Form 8606 from 2018 (the last time I withdrew Traditional IRA funds) showing my total nondeductible basis remaining in those funds. How do I figure out what amount to exclude from tax for 2023?
March 24, 2024
11:44 AM