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Report the entire amount as a taxable distribution

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Reference no: EM132765501

Question: A taxpayer who takes a distribution from a traditional IRA in which they previously made nondeductible contributions must:

- Report the entire amount as a taxable distribution on Form 1040.

- Use Form 8606, Nondeductible IRAs, to compute the taxable portion of their distribution.

- Use the general rule to compute the taxable portion of their distribution.

- Use the simplified method to compute the taxable portion of their distribution.

Reference no: EM132765501

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