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I inherited my husband's non-deductible IRA .Combined with…

I inherited my husband's...

I inherited my husband's non-deductible IRA .Combined with my ded. IRA How to I know what is tax-free?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Bank combined IRAs and my husband and I had already been taking RMD.

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Answered in 45 minutes by:
3/13/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,681
Experience: Taxes, Immigration, Labor Relations
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You will need to know your basis.

The basis is a sum of ALL nondeductible contributions made by your husband.
When you know that amount and know the value of your combined IRA - you will determine the percentage of your basis.

When you start taking distributions - you will use that percentage to calculate deductible and nondeductible portions.

Let me know if you need any help with calculations.

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Customer reply replied 1 month ago
I knew the basis BEFORE bank combined IRAs we ad been filing 8606...just don't know how to know how to handle what is left of his basis since Interest is now from combined IRAs.

Great!
So - you will add these amounts together - and that is your basis.

Then - you will need the total value of your IRS as of Dec 31 of the prior year - do you have that amount?

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Customer reply replied 1 month ago
bank always provides that.

Was you able to calculate the percentage?

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Customer reply replied 1 month ago
Hadn't done that yet, but I see now what has to be done. Thank you.

Let me know amounts - and I will help you with calculations.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,681
Experience: Taxes, Immigration, Labor Relations
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Lev and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
I think I can take it from here. Thanks for your help.
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Lev
Lev
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