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Thumbs up to @dmertz but thumbs down to the IRS.
Stupid me thought I could apply my entire 2018 non-deductible cost basis to my 2021 normal distribution. But noooo, the sneaky b@st@rds spread it out to the last drop.
All members of Congress should be required to do their own taxes on paper using only publications - no third-party help or software.
The rules on Form 8606 have been around forever.
The only thing Congress has changed recently is raising the tax on IRAs by eliminating Stretch IRAs.
Right. Congress made the law requiring proportionate application of basis to IRA distributions. The IRS is just following the law in the way that they constructed Form 8606, so don't blame the IRS.
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