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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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I have taken a rather substantial sum from my TIAA_CRef retirement

Customer Question

I have taken a rather substantial sum from my TIAA_CRef retirement account. How do I determine how much of it is taxable. I took this out after age 63
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.


Hi and welcome to Just Answer!
Unless you made not deductible contributions - the total distributed amount will be added to your other taxable income.
If you previously made not deductible contributions - this money may be distributed tax free.
I may help to you estimate your tax liability.
If you need that - please provide your other taxable income, and separately the amount of TIAA_CRef retirement account distribution, your filing status, dependents, other deductions or credits if any, etc.

JACUSTOMER-u3kz1283- :

What does non-Deductible Contributions mean? How do
I know or find out


If all contributions were made by your employer - these are tax deferred contributions.
If you made contribution by yourself or as wage reductions - and all or part were not deducted from your taxable income - these are non-deductible contributions.
The administrator of your account might help you based on the account history.
You also will be issued the reporting form 1099-R - in the box 1 will be the total amount of distribution and in the box 2a - taxable part of the distribution -
If you never had nondeductible contributions - these amounts will be equal - means total distribution is taxable.