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Level 1
posted Feb 13, 2025 12:45:07 PM

question about basis for my traditional IRA -- I have two -- both have pretaxed deposits. what now?

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1 Best answer
Level 15
Feb 13, 2025 3:01:35 PM

For tax purposes, all of your traditional IRAs are treated as a single combined traditional IRA.  The number of traditional IRAs over which you have spread your investments is irrelevant.  Basis in nondeductible traditional IRA contributions belongs to you, not to any particular one of your traditional IRAs no matter where you made the deposit.

1 Replies
Level 15
Feb 13, 2025 3:01:35 PM

For tax purposes, all of your traditional IRAs are treated as a single combined traditional IRA.  The number of traditional IRAs over which you have spread your investments is irrelevant.  Basis in nondeductible traditional IRA contributions belongs to you, not to any particular one of your traditional IRAs no matter where you made the deposit.