Tax Law (Questions About Taxes)/Over $200K


My wife and I combined income is over $200K.  While we do not qualify for a tax break for a traditional IRA, if we contribute after tax to a traditional IRA, wait until we're at the age to withdraw without a penalty, will we be taxed on what we withdraw, essentially, being double taxed?


Thanks for your question.

No, when you make a non-deductible contribution to your IRA, you should complete Form 8606 as a part of your return every year, whether a contribution is made or not.  

When you start making withdrawals, your account will have two components - 1. contributions made with non-deductible funds and  2. contributions that were deductible plus any earnings on the account.  You will be taxed based on the proportions of the two.

Hope this helps.

John Stancil, CPA

Tax Law (Questions About Taxes)

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John Stancil, CPA


I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at I also offer seminars and consultations to churches and clergy on their tax issues at Also visit my blog, I am listed on Tax Connections at Prepare and file your own taxes at


I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

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The CPA Journal, Florida CPA Today, Green Consumer, Green Business, Global Sustainability as a Business Imperative, Palmetto Review, NATP TaxPro Quarterly, Mustang Journal of Finance and Accounting.

DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill University

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