Is the 'basis of retirement' amount found on my 1099R?

carishnicka1 · ‎January 24, 2020

I withdrew/closed out my 401k and have a 1099R form but am confused as to what the "basis of retirement" amount is when doing my state taxes. Is that amount found on my 1099R form? If not where or how do I figure that amount out?

GiseleD · ‎January 24, 2020

Basis reflects the amount of your cost. It will not be on your 1099-R. You may need to contact the plan administrator to help you determine this. This is important because some retirement plans allow for after-tax contributions to the plan. When distributions from a pension or annuity plan include money that represents after-tax contributions, it is a recovery of the cost basis in the plan. The cost basis portion relative to distributions from after-tax contributions is not taxable. TurboTax is asking these questions to help determine if any portion of your distributions should not be taxed.

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Is the 'basis of retirement' amount found on my 1099R?

Retirement tax questions