Have a Tax Question? Ask a Tax Expert
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.
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 - http://www.irs.gov/pub/irs-pdf/f1099r.pdf. If you never had nondeductible contributions - these amounts will be equal - means total distribution is taxable.