Yes, I can try to help explain it.
(1) "Total IRA/Keogh plan distributions, qualified charitable IRA distributions, and Roth IRA conversion distributions received after excluding non-taxable disaster related adjustments" (the box comes with $3,287 pre-filled),
- This is the current distribution. This will be combined with item (3) and compared to what you called the basis to determine when the basis is depleted.
(2) "Other contributions previously taxed by Massachusetts", and
- This is what you called your basis.
(3) "Total distributions received in previous years"
- This will reflect all of the previous distributions that were taken.
(4) My total IRA distributions was $3,287, but what is (2) Other contributions? My distributions previously taxed by Mass was $3,287, but is that what TurboTax is calling "contributions"?
- Item (2) is the sum of all of the "IRA" contributions that you made. The $3,287 will offset that amount, and not be taxable.
(5) And what about box (3), total prior year distributions? Is this total gross distributions, or total amount taxable by Mass? The bottom line is: what do I put in these three boxes so that my $3,287 2022 federal taxable IRA distributions are not taxable by Massachusetts?
- The $3,287 will become part of that number in 2023. It reflects the total of all distributions taken in past years.
(6) This page is too confusing/poorly labeled for me to really understand what the tax software is getting at.
- I hope this helped. If this does not completely answer your question, please contact us again and provide some additional details.
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