How do you figure out your tax basis for an IRA?

Answer by  Chaneygirl (1755)

Your tax basis in an IRA is the amount you have already paid tax on. If you were not able to deduct your contribution, you have tax basis.

Answer by  BrianSJ (524)

You will need to compute the amount that you have contributed to your IRA in each year for your total basis.

Answer by  Att4372 (1704)

Tax basis is the sum of your NON-deducted contributions. For a traditional IRA, it's zero. For a non-deductible IRA (because you have a plan thru work) or for a Roth IRA, it's your total net contribution. If you take any withdrawals, they first come from contributions (FIFO - First In, First Out) and reduce basis.

Answer by  cgroverla (516)

If you have a traditional IRA and all contributions have been deducted, the basis is zero. The sum of all nondeductible contributions is the basis of your IRA.