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New Member
posted Jun 5, 2019 4:17:11 PM

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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1 Best answer
New Member
Jun 5, 2019 4:17:12 PM

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.

1 Replies
New Member
Jun 5, 2019 4:17:12 PM

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.