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New Member
posted Jun 4, 2019 12:54:29 PM

What is the amount for "Basis of Retirement Income"?

My wife worked with a company providing food services to schools.  She has not been working with the company since 2015. .  The company has a retirement plan.  In 2016 the company sent a check to my wife for the total amount of the retirement plan saving ($459).  Is "Basis of Retirement Income" equal to $459?

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New Member
Jun 4, 2019 12:54:31 PM

Unless she made non-deductible (i.e. after-tax) contributions to this retirement plan, her basis in the retirement plan is "0". 

In the vast majority of private retirement plans, contributions are made with "pre-tax" contributions - deducted from pay before calculating your taxable income.