Total Value of IRAs on 12/31/2024

[MartinDLewis]

This question asks what retirement accounts we include in the Total Value on 12/31/2024. 

My wife and I each have Traditional IRA's to which we made after tax contributions many years ago.  2024 is the the first year we have taken distributions.  The 1099R identifies these accounts as IRA/SEP/SIMPLE.

In addition, my wife and I each have Thrift Savings Plans with the government.  She took a small distribution from that one, and the IRA/SEP/ SIMPLE box is NOT checked, so therefore do we include the value in total value calculation? Neither of us made after tax contributions to these accounts.

Lastly, my wife also has a TSA, Texas Savings Account which is identified as a 403B.  She has not taken any distributions from this account, and again, we are not sure to include it's value in the total calculation.  

[fanfare]

do you have a basis in IRAs?

enter the value of your IRA(s) along with your basis in IRAs Form 8606-T

enter the value of your spouse's IRA(s), along with the basis in her IRAs. Form 8606-S

The value of other tax-favored accounts don't go into this calculation.

@MartinDLewis 

[MartinDLewis]

fanfare....thanks!!!