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Is the 'basis of retirement' amount found on my 1099R?

I withdrew/closed out my 401k and have a 1099R form but am confused as to what the "basis of retirement" amount is when doing my state taxes. Is that amount found on my 1099R form? If not where or how do I figure that amount out?
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Accepted Solutions
GiseleD
Expert Alumni

Is the 'basis of retirement' amount found on my 1099R?

Basis reflects the amount of your cost. It will not be on your 1099-R. You may need to contact the plan administrator to help you determine this. This is important because some retirement plans allow for after-tax contributions to the plan. When distributions from a pension or annuity plan include money that represents after-tax contributions, it is a recovery of the cost basis in the plan. The cost basis portion relative to distributions from after-tax contributions is not taxable. TurboTax is asking these questions to help determine if any portion of your distributions should not be taxed. 

 

 

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1 Reply
GiseleD
Expert Alumni

Is the 'basis of retirement' amount found on my 1099R?

Basis reflects the amount of your cost. It will not be on your 1099-R. You may need to contact the plan administrator to help you determine this. This is important because some retirement plans allow for after-tax contributions to the plan. When distributions from a pension or annuity plan include money that represents after-tax contributions, it is a recovery of the cost basis in the plan. The cost basis portion relative to distributions from after-tax contributions is not taxable. TurboTax is asking these questions to help determine if any portion of your distributions should not be taxed. 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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