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lstrubel
New Member

How do i figure out my basis of retirement income

It is asking for the basis of the retirement income for my state farm.  I'm not sure where to find that for the State Tax.
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ToddL
New Member

How do i figure out my basis of retirement income

Unless you made non-deductible (i.e. after-tax) contributions to this retirement plan, your basis in the retirement plan is "0". 

In the vast majority of private retirement plans, contributions are made with "pre-tax" contributions - deducted from your pay before calculating your taxable income.

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1 Reply
ToddL
New Member

How do i figure out my basis of retirement income

Unless you made non-deductible (i.e. after-tax) contributions to this retirement plan, your basis in the retirement plan is "0". 

In the vast majority of private retirement plans, contributions are made with "pre-tax" contributions - deducted from your pay before calculating your taxable income.

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