topic traditional IRA in Retirement tax questions

traditional IRA

Pistol71 — Tue, 08 Feb 2022 22:31:44 GMT

I need to take Required Minimum Deductions from my traditional IRA. I have only partial info on my past contributions from the late 1980s and 90s. I know what my AGI was for each tax year, the amount of my contributions, but I don't have what the cutoffs are for allowable deductions and what amount of my contributions are non-deductible and therefore eligible for non-deductible contributions. Specifically tax years 1989, 1991, 1993, 1994. I have some fm 8606s already for some other years, but incomplete info on the years listed. Can anyone help?

Re: traditional IRA

RobertB4444 — Wed, 09 Feb 2022 00:00:27 GMT

You've been paying someone to manage your IRA since the 1980's. Now that you have reached age 70 and a half it is time for them to step up and give you the calculations for your Required Minimum Distributions. When they issue you a 1099-R for the amount that has been distributed to you it should also show if there is a portion of the distribution that is non-taxable because of the original contributions that you made.

All of that is to say that you should contact the financial institution that manages your IRA and get the answers to your questions directly from them.

Re: traditional IRA

fanfare — Wed, 09 Feb 2022 00:09:35 GMT

Sorry Expert @RobertB4444

Your 1099-R from an IRA is not going to reflect any non-deductible contributions,

All that information is on your Form 8606.

@Pistol71

Form 8606 is cumulative, so you only need the most recently filed Form 8606 to know you prior years basis.

IRS requires you to keep all copies of Form 8606 forever.

IRS says:

"All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made."

Re: traditional IRA

RobertB4444 — Wed, 09 Feb 2022 00:28:05 GMT

The gross amount of distribution from your IRA is shown in box 1. Contributions that you have made which are not taxable are shown in box 5 and reflected in box 2a when the taxable amount of your distribution is less than the gross distribution.

Re: traditional IRA

fanfare — Wed, 09 Feb 2022 00:31:07 GMT

Not correct.

For a Traditional IRA, box 2b "Taxable amount not determined" is always checked.