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sharv1
New Member

On my PA Return, it is asking for basis in retirement plan. What does that mean and where do i get that number from?

I took a distribution from my 401(k) last year (2016) and upon the review of my PA return, turbo tax asked for basis in retirement plan.
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On my PA Return, it is asking for basis in retirement plan. What does that mean and where do i get that number from?

 If your 1099R , box 7 is coded a 1 or a 2, it may  be taxable on your PA tax return.  You should be asked what is the basis in your retirement account.  The idea is you get your already taxed contributions first.

You basis is the sum of all your contributions (do not count employer contributions/matching or earnings) into that particular retirement account less the sum of any distributions you took out in previous years.  Sometimes the information is on your most recent statement of the retirement account.  An some folks need to call the plan administrator for the information.

If you never contributed to the account, your basis is zero.

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