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.

Footnotes

  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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