Re: I am 61 yrs, and have a basis amount in my traditional IRA. First, can I withdrawal the basis amount tax free? Second, how would this be documented on my taxes for 2022?

I am 61 yrs, and have a basis amount in my traditional IRA. First, can I withdrawal the basis amount tax free? Second, how would this be documented on my taxes for 2022?

posted

@madrat45

When you have a basis amount in your IRA,

visit IRS.gov for Form 8606 which provides the calculation of the pro-rated fraction of that basis that is not taxed when you remove funds from your Traditional IRA.