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Level 1

Is there something I do about after-tax contributions when figuring the retirement income? TurboTax asked if we have after-tax contributions.

 
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Level 1

Is there something I do about after-tax contributions when figuring the retirement income? TurboTax asked if we have after-tax contributions.

After-tax contributions are usually traditional IRA contributions that were not deductible when contributed.  This will affect how they are taxed when withdrawn.

If your retirement account is an employer-sponsored plan such as a pension, 401k, 403b, or TSP, then you can ignore these questions by clicking continue.

If it was a traditional IRA that was always deductible, skip over or click continue.

If you ever had non-deductible contributions to an IRA, you need to report that when asked.  This will benefit you tax-wise.

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Level 1

Is there something I do about after-tax contributions when figuring the retirement income? TurboTax asked if we have after-tax contributions.

After-tax contributions are usually traditional IRA contributions that were not deductible when contributed.  This will affect how they are taxed when withdrawn.

If your retirement account is an employer-sponsored plan such as a pension, 401k, 403b, or TSP, then you can ignore these questions by clicking continue.

If it was a traditional IRA that was always deductible, skip over or click continue.

If you ever had non-deductible contributions to an IRA, you need to report that when asked.  This will benefit you tax-wise.