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bradelight
Level 1
June 6, 2019
Question

Basis of Retirement Income

  • June 6, 2019
  • 1 reply
  • 0 views
For example I took out 5000 from my 401k early but have never made contributions to the plan myself. (It is 98% profit sharing and 2% rollover from another retirement amount from the company) Just trying to figure out basis based off of that

1 reply

D
dmertz
Level 15
June 6, 2019

Basis refers to after-tax money in your 401(k).  It appears that none of the amounts in your 401(k) have had taxes paid on them, so your basis is zero.

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