Hi- I am very confused. I currently have a regular IRA account. This account has had the following contributions made to it over the years: tax deductible non-deduuctible (only 1k) rolled over a 401k account into it Is this going to cause major problems with calculating the taxes owed when I start to pull money out many years from now? I am about to contribute non-deductible contributions for 2000 and 2001. Should I not deposit these contributions into this account but instead open another traditional IRA and keep non-deductible contributions separate from deductible ones? If I have another 401k to roll over in the future should I not roll it into my current IRA? Will this merging of contributions cause headaches if I decide to convert to a Rooth IRA down the line? Thanks for your help!No problem. All the money is taxed the same when you take it out except for that $1000 non deductibel. You shoud now be filing form 8606 with your 1040 tax return.I would file this year and forget the past years. If you want to forget the whole thing you would pay say 28% tax on 1,000 over the life of your retirement.If you fill out the forms each year the 1000 will not be taxed because it was taxed before.
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