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For a Traditional IRA your cost basis is the amount that you invest into your IRA that was with "after tax" money. In other words if you ever had contributions that you were not allowed to deduct.
The Form 8606 will be completed in the years of distribution to calculate the tax free portion (cost basis) allowed for each year of withdrawal. You can NEVER withdraw ONLY the nondeductible part - it must be prorated over the entire value of ALL Traditional IRA accounts. (For tax purposed you only have ONE Traditional IRA which can be split between as many different accounts as you want, but for tax purposes they are all added together). As long as there is any money in the IRA, there will be some cost basis.
2. If you never had any contributions that you were not able to deduct (nondeductible), then you have no cost basis in the IRA. The full amount of all distributions will be taxable.
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