- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
To clarify, do you have more than one Form 1099-R? Make sure you have the IRA/SEP/SIMPLE box checked.
As DavidD66 explained if you have a mix of pre-tax and after-tax funds then the the pro-rata rule applies. You can check Form 8606 for the calculation, if you have a * next to line 13 then TurboTax is using the IRA worksheet according to Pub 590-B to calculate the nontaxable part. If you have a value on December 31, 2024 in the IRA then part of your basis will be allocated to the funds left in the IRA. You cannot just deduct all of your basis first.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 23, 2025
7:17 AM