My contributions to the IRA were post-tax. My distribution was not in excess of my contribution. I just cashed out.
You'll need to sign in or create an account to connect with an expert.
What you did was make nondeductible contributions to a traditional IRA, not to a Roth IRA. If you did not previously report these nondeductible traditional IRA contributions, you'll need to amend the tax returns for the year's for which you made these contributions to report them as nondeductible traditional IRA contributions with a Form 8606 for each of those years. Begin with the first year since each year's (usually) line 14 transfers to line 2 of the subsequent year's Form 8606. On your 2016 tax return, your basis in nondeductible traditional IRA contributions will be applied to your 2016 distribution to minimize the amount subject to tax and penalty.
What you did was make nondeductible contributions to a traditional IRA, not to a Roth IRA. If you did not previously report these nondeductible traditional IRA contributions, you'll need to amend the tax returns for the year's for which you made these contributions to report them as nondeductible traditional IRA contributions with a Form 8606 for each of those years. Begin with the first year since each year's (usually) line 14 transfers to line 2 of the subsequent year's Form 8606. On your 2016 tax return, your basis in nondeductible traditional IRA contributions will be applied to your 2016 distribution to minimize the amount subject to tax and penalty.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
b-lewis711
New Member
vickidavis
New Member
joshuact2000-aol
New Member
sarahcoombs504-g
New Member
brightmanmatt516
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.