Hi all,
My mom is 68 and has been making after-tax contribution to her Traditional IRA since 2011 received adjustment on her tax from 2011 to 2015. She doesn't receive adjustments from 2016 on words on her tax but has form 8606. Can she withdraw only the after-tax contribution from 2011 or from 2016 to date and if she withdraws only the after-tax contributions will she be taxed on the total XX amount?
I am similar situation but I'm 45, my guess I won't be able to withdraw the after-tax contributions unless I'm 59 1/2?
I don't want her taxes to get complicated with pre-tax and after-tax amounts when she actually starts to withdraw from her Traditional IRA. Please provide some guidance on what would be the best way to handle this. Thanks