Financial Products

Financial Products

Questions about financial product options? Find discussions around a wide variety of financial service products here. Looking for your first debit card or a seasoned saver looking for tips to build your bank account, this is a great place to share and learn.

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Pioneer
Posts: 1
Registered: ‎04-15-2018

Traditional IRA Basis

My mother had an annuity. Some investment firm/insurance co rolled her annuity into a Traditional IRA. Now, she gets 1099-Rs for the annual distribution she gets. How do i figure out the taxable part of the distribution? HRBlock tax program does not address basis for a Traditional IRA, making me think i will have to enter it into the tax form itself. It only questions the Basis for a Roth IRA. What tax form do i need to figure out her taxable part? thank you!

Council Member
Posts: 516
Registered: ‎04-06-2016

Re: Traditional IRA Basis

See page 15 of Pub 590-B.  https://www.irs.gov/pub/irs-pdf/p590b.pdf

 

Karen