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Author: JeanDavid Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121599  
Subject: Re: Someone told me... Date: 4/5/2011 8:31 AM
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Of course, most NJ IRA participants fail to track their IRA contributions for NJ purposes and end up paying more tax than they have to since they can't establish their NJ IRA basis.

Whoo Boy! I have some clue as to my IRA basis, but is probably a mess anyway. Back before there were IRAs, starting in the late 1960s, I contributed to my company's savings plan for non union employees. (They had another for union employees.) For every dollar I put in, the company put in fifty cents up to 6% of my salary. I think this was before tax. Later they said we could put after tax money in there too, and I did. Somewhere along the line, 401(k)s became available and I do not know if the company changed this into a 401(k) or not. When I retired, I rolled this into an IRA, and the trustee put the untaxed money into the IRA and sent me a check for the taxed amount.

So I may know the amount of the rollover. I know the amount of the rollover was much (say 10 to 15x) more than what I put in. But I have no idea if the amount that went into that savings plan was taxed or not (the untaxed for Federal purposes) for New Jersey. I keep my records like that for 7 years, so they are long gone. Sigh.

Whatta can of worms.
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