0
How do you determine Federal taxes due upon taking a normal distribution from an indexed equity IRA that you funded with IRAs which you purchased with after tax dollars?
Dguerr
The same way as any other distributions from your IRA accounts using the information from the 1099-R Gross amount and taxable amount and the taxable amount is added to all of your gross income and taxed at your marginal tax rate.
When you have an IRA with after income tax dollars you are supposed to have a cost basis and also have the forms 8606 for each year that you made these after income contributions and that will be where you will have to get your information from to determine our cost basis that you would recover free of income tax over a period of years.
Form 8606
To designate contributions as nondeductible, you must file Form 8606.
Nondeductible Contributions
Failure to report nondeductible contributions
If you do not report nondeductible contributions, all of the contributions to your traditional IRA will be treated as deductible contributions when withdrawn. All distributions from your IRA will be taxed unless you can show, with satisfactory evidence, that nondeductible contributions were made.
Go to the IRS.gov web site and use the search box for Publication 17 (2009), Your Federal Income Tax go to chapter 17 Individual Retirement Arrangements (IRAs)
Click on the below Related Link
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Did the federal deficit has reached into the trillions of dollars?
The federal deficit is in the trillions of dollars and has been for awhile. As of April 2014, the deficit is at $17,555,437,713,940.
What is the federal budget for the fiscal year 2009?
Over 3 trillion dollars.
Did the federal reserve loan 2 trillion dollars to anyone?
No. There are only about 5 trillion dollars in existence. It's unlikely they could loan out 40% of all the US dollars in the world.
What could you buy for 3000 dollars in 1921?
If you had 3,000 dollars in 1921, you could have bought a small house or really nice car. More expensive houses cost around 7,000 dollars and many of the cars could be purchased as low as 400 dollars.
What does the Hanscom Federal Credit Union offer?
The Hanscon Federal Credit Union is a federal credit union for small buisnesses and vendors. They are federally insured up to at least two hundred and fifty thousand dollars.
What was purchased from the Indian's for 24 dollars?
Manhattan Island was purchased from the Indians for $24 dollars.
Where are most federal dollars spent?
The MOST federal dollars are spent in defense(:
For how many dollars was Alaska purchased?
It was 7.2 million dollars.
How many billion federal dollars were spent on transit in the year 2000?
Around 5 billion federal dollars was spent.
What is the money distribution in monopoly here and now edition?
dollars
Did the federal deficit has reached into the trillions of dollars?
The federal deficit is in the trillions of dollars and has been for awhile. As of April 2014, the deficit is at $17,555,437,713,940.
The Federal deficit has reached into the trillions of dollars.?
The federal deficit is in the trillions of dollars and has been for awhile. As of April 2014, the deficit is at $17,555,437,713,940.
How much was Hawaii purchased for?
1,500,000,000 million dollars
Does the NAACP get a billion dollars in federal funds?
No
What is the budget of Federal Railroad Administration?
The budget of Federal Railroad Administration is 1,561,000,000 dollars.
Sarah purchased 400 dollars worth of travelers checks If each check was worth either 20 dollars or 50 dollars what CANNOT be the number of 20 dollar checks purchased 18 2 15 10?
18
What is the hourly rate for O'Reilly's Distribution Center Supervisor?
45 dollars an hour
