Re: It's asking for my Basis in Retirement Plan not sure what they are asking

It's asking for my Basis in Retirement Plan not sure what they are asking

posted

If you made after tax contributions to an IRA (or other retirement plan) that would be your basis. Since it's already been taxed, that portion is not taxable when you withdraw it. If you didn't have any such after tax contributions then your basis would be zero.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Also, if you made any after-tax contributions to your company's pension plan or 401(k) plan, that would be your basis. Your employer would have that information.