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Sidestep a Tax Hit by Reconstructing IRA Basis
FinancialPlanning; free registration required 
Oct. 7, 2015 "Although Morles did not properly report his nondeductible IRA contribution, the court said he could prove that he had basis (after-tax funds) through other means. Furthermore, it indicated that there is nothing in the tax code that explicitly prevents an IRA owner from claiming basis that was not initially reported correctly. The court noted that Morles did not take a deduction for his IRA contribution at the time it was made. Accordingly, his $1,000 contribution for 2008 was a nondeductible IRA contribution that created basis." [Morles v. Comm., No. 2015-13, (T.C. Summary Opinion Feb. 23, 2015)] |
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