Determining basis of IRA distribution

[akrichard]

Hello,

I took a distribution from my traditional IRA during 2024.  Over the years I made after tax contributions to this IRA.  When calculating the Total value of my 2023 IRAs (in order to determine the portion of the basis I can deduct in 2024), Turbotax says " Enter the total value all of your traditional IRAs, SEP and SIMPLE IRA accounts on December 31, 2024."

Do I include the value of my rollover IRAs as well or JUST the value of my traditional IRA?  

THANKS MUCH TO ALL for your help!!

[sherzlich · Accepted solution]

Yes - include the value of your rollover IRA too.  The "rollover" name just indicates that the funds were sourced from an employer retirement plan.  The tax treatment is the same as a traditional or Roth IRA, depending upon where it was rolled over from.

[AnnetteB6]

Yes, if the rollover IRA is a Traditional IRA (tax deferred money), then you need to include that total value as part of your total of all Traditional IRA accounts.

If the rollover IRA is a Roth IRA, then the total value is not included.  

@akrichard