I have eight traditional IRAs. Some were deductible when I invested, but I never added to them when the law was changed to make IRAs only deductible under certain gross incomes. They have sat for years, earning interest. Other traditional IRAs I have were non-deductible so were intitially and subsequently bought with post tax dollars, unlike the early ones. Then there is a Roth that is also all after tax dollars. Finally a 401 that the mutual fund just took money out and sent to me saying, it is the law that they do that even if I deduct from other IRAs.
Those last people said that I should consider ALL the different IRAs as one.
My questions: I must start taking distributions because I finally have reached that age. Must I pay tax on all the IRAs that I paid for with before tax dollars? Principal and interest? What about the ones with after tax dollars? And the Roth?
How do I prove that I already paid taxes on some of my IRAs? They were bought a long time ago.
2007-03-03
14:40:37
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2 answers
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asked by
Anonymous
in
United States