traditional ira taxable amount versus total contributions

[wjm]

I am 70 1/2 years old and have a traditional IRA. I contributed $76,000 into it and now have $100,000 in it. I stopped contributing to it in 2018.  Based on my contributions of $76,000, what is considered my taxable amount as I plan to close the IRA this year?

[VolvoGirl]

When you made the contributions did you take the tax deduction for it each year?  Your taxable amount is anything over your basis, which is any contributions you did not take a deduction.   So in a Traditional IRA it is usually 100% taxable as regular income.   And will push you into a higher tax bracket.   You might want to spread out the distributions over a couple years.

[fanfare]

Contributions are ignored unless you elected to make them non-deductible and filed Form 8606 to keep  track.

Since you are asking the question, you must not have done that.

Most people don't do that so it is all taxable.