ROTH IRA taxable portion – Query

Having difficulty determining the taxable portion of my ROTH distribution for 2013. These distributions occurred when I was over 59 1/2 years old.

Here is the summary of facts for 2013:

1) I distributed from my “traditional” IRA account – $50,000 FMV at 12/31/2012 $1,000,000

2) I distributed from my ROTH IRA $300,000, FMV at 12/31/2012 $400,000

2a) I have original ROTH contributions for the periods of 2003 through 2006 totaling $14,000, (FMV at 12/31/2012 of $40,000 included in the $400,000 FMV, above)

2b) I had a IRA to ROTH conversion in 2010 for $200,000 which was taxed, (FMV at 12/31/2012 of $360,000 included in the $400,000 FMV, above)

I am thinking that the following is taxable,

1) The traditional IRA distribution at $50,000
2) My ROTH distribution would be tax-free, since my account was funded and open more than five years ago. My conversion being less than five years ago does not have any negative effect.

Am I correct?



Yes, correct. Your traditional IRA contribution would be less than fully taxable if you have any basis as indicated on Form 8606.



Thank you for your reply. 



Thank you for your reply. 



Thank you for your reply



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