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by PopAlongKid
1576 days ago
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You are correct, for 1099-R reporting where the issuer determines the taxable amount (such as pensions, annuities, etc). For IRAs, the taxpayer tracks the tax basis in the combined balance of all their Trad. IRAs, using tax Form 8606 from the IRS--the IRA trustee does not know or need to know that number. Then there is also that wonderful "taxable amount not determined" check box on the 1099-R. :) |
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