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Retirement tax questions
I have a similar question for filing my State return for Massachusetts. I received a full distribution from a life insurance policy, and it has gross distribution and a taxable amount. My MA return is looking to tax the taxable amount at 5% - is this correct? The taxable portion was also included in the Federal tax calculation of my adjusted gross income. I could not find a good answer to MA's treatment of insurance distributions. Thank yu!
‎February 15, 2021
7:10 PM