IRA - Traditional IRA Basis Tracker Worksheet

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Use this tax worksheet to keep track of the basis of all the taxpayer’s traditional IRAs. Combine all traditional, SIMPLE and SEP IRAs.


  1. Taxable distributions may be subject to a 10% penalty (25% for first two years of SIMPLE-IRA) if taken before the taxpayer reaches age 59 1/2 unless taken for a qualified purpose. Qualified purposes include the taxpayer's death or disability; part of a series of substantially equal periodic payments; used to pay the taxpayer's deductible medical expenses in excess of 10% (7.5%) AGI; used to buy medical insurance for certain individuals receiving unemployment compensation; used by certain first-time home buyers; used to pay qualified higher education expenses; due to an IRS levy directly on the account; made to a qualified reservist; or made incident to divorce.
  2. This worksheet tracks basis for federal tax purposes. If the taxpayer's state has a different method of computing basis, a separate worksheet should be completed for that state.

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