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Old 03-12-2009, 07:32 PM   #1 (permalink)
bizark
 
Status: Getting feet wet
Join Date: Mar 2008
Location: USA
Posts: 42
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Default IRA Distribution

I know someone who is using Turbo Tax Deluxe to file a tax return. He has withdrawn $50K from his traditional IRA at age 61. A part is non-deductible when he contributed (say 10K for his 100K account). How to enter 5K (= 10K * 50/100) as the return of principle that should not be taxed.

Is 8606 the right form?

Thanks!
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