IRA Distribution with after tax contributions

Carol2022 · ‎February 22, 2020

How can I calculate the taxable portion of my IRA distribution?

KarenM90 · ‎February 22, 2020

You do not have to calculate that yourself but generally, as an example, if 40% was funded with pretax dollars, then generally 40% of the distribution should be taxable.

TurboTax will ask you questions about your non-deductible contributions, IRA basis, previous contributions, that will allow the program to calculate the taxable portion of your distribution(s).

When you have entered all of the Form 1099-Rs that you received, you will be on the “Your 1099-R Entries” summary screen. Be sure to click Continue to move forward and answer more questions. Continue all the way through the section.

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mlhagen · ‎March 17, 2020

Thanks. Almost exactly what I needed to know, and easy to follow. My only hiccup was remembering that the Form 8606 was part of my 2018 return. This year I plan to make an extra copy to file with the papers for next year's return.