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Level 2
posted Jun 16, 2022 7:15:10 PM

I am 61 yrs, and have a basis amount in my traditional IRA. First, can I withdrawal the basis amount tax free? Second, how would this be documented on my taxes for 2022?

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1 Replies
Level 15
Jun 16, 2022 9:33:46 PM

@madrat45 

When you have  a basis amount in your IRA,

visit IRS.gov for Form 8606 which provides the calculation of the pro-rated fraction of that basis that is not taxed when you remove funds from your Traditional IRA.