nun
Thinks s/he gets paid by the post
- Joined
- Feb 17, 2006
- Messages
- 4,872
I have an IRA worth $300k with $20k of after tax contributions, I've submitted an IRS 8606
to document the $20k taxed basis. My IRA provider has no way of tracking the taxed money so when I take a distribution the 1099-R will declare the entire distribution taxable. How do I calculate the taxable amount, is it simply 1/15 of the distribution, and how do I claim the tax back?
to document the $20k taxed basis. My IRA provider has no way of tracking the taxed money so when I take a distribution the 1099-R will declare the entire distribution taxable. How do I calculate the taxable amount, is it simply 1/15 of the distribution, and how do I claim the tax back?