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No. Once you combine deductible and non-deductible IRA (or 401k) contributions, they are commingled forever. Or, at least until you distribute the entire account. If that's not an option, be sure to continually keep track of:
1) Your previous non-deductible contributions, and
2) Your cost basis. If you never withdraw, your cost basis is the same as #1. As you withdraw pieces of the commingled IRA, a pro-rated amount is not taxed and the cost basis is adjusted down. TurboTax handles this pretty easily.
No. Once you combine deductible and non-deductible IRA (or 401k) contributions, they are commingled forever. Or, at least until you distribute the entire account. If that's not an option, be sure to continually keep track of:
1) Your previous non-deductible contributions, and
2) Your cost basis. If you never withdraw, your cost basis is the same as #1. As you withdraw pieces of the commingled IRA, a pro-rated amount is not taxed and the cost basis is adjusted down. TurboTax handles this pretty easily.
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