IRA Rules

Question: How do I determine taxable and non taxible IRA deposits, without proper records??

Like many people I didn’t keep good records. Some years I made non taxable deposits. Other years I had an employer plan and made only taxable deposits. The Gov changed the rules many times, are there records available? Does the Gov track deposits? I’m close to retirement and want to withdraw (taxed deposits) non-taxable amounts first.

Answer: Your IRA provider should have been keeping track. When you made the deposits you should have specified if they were pre or post tax. If you did not specify then you have the burden of proof that they were post tax. If you cannot prove this there is a good likelihood that you will have to pay tax. If you can prove it you should talk to your IRA provider about putting it into a Roth IRA.

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