Reporting Traditional IRA distributions

Forum|Forum|4 years ago
March 18, 2022
1 reply
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I received a 1099-R from a traditional ira showing a distribution of 15,000. How do I report that I contributed 14,000 in nondeductible contributions so reportable income is only $1,000 and not $15,000.

macuser_22

Alumni - Champ

@JRT4 wrote:

I received a 1099-R from a traditional ira showing a distribution of 15,000. How do I report that I contributed 14,000 in nondeductible contributions so reportable income is only $1,000 and not $15,000.

When did you make $14,000 non-deductible contributions? Each year a non-deductible contribution is made it must be reported on a 8606 form for that year and the total non-recovered non-deductible contribution would be on line 14.

When you enter a 1099-R for a distribution it asks if you had any non-deductible contributions - say yes and enter the last filed 8606 form line 14 amount and the year end value of all IRA accouts to offset some or most of the tax.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**