I made IRA a total of $22582 in after tax contributions from 1987 to 2001. Form 8606 was filed for each of those years, but none since because no further non deductible contributions were made. What do I do in order to not pay tax on those contributions as they are withdrawn?
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When you receive Form 1099-R reporting your withdrawal, please be sure to not only enter the form into TurboTax exactly as it appears, but also answer follow up questions. The program will ask about your nondeductible contributions, which - once entered- will reduce your taxable amount on the distribution. No additional steps are needed.
When you receive Form 1099-R reporting your withdrawal, please be sure to not only enter the form into TurboTax exactly as it appears, but also answer follow up questions. The program will ask about your nondeductible contributions, which - once entered- will reduce your taxable amount on the distribution. No additional steps are needed.
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