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Retirement tax questions
I never saw this section before when doing my MA returns: "Taxable IRA/Keogh Distributions". Or I don't remember it from previous TT years. Doing my 2021 return now. I'm one of those rare people who kept track of contributions to my IRA over the years that I already paid taxes on. I never remember MA asking for this info, as I'd assumed it would carry over the figures from my federal 8606 forms. In the MA form section "Other contributions previously taxed by MA" section I entered the amount from my 2021 8606 form (why didn't TT do this for me??). Then below, there is a field "Total Distributions Received in Previous Years".... What does this mean? The sum of TOTAL distributions from my IRA since I've been withdrawing the RMD each year? And what does this sum do? I notice my MA tax dropped almost 100 dollars when I entered the amount I previously paid taxes on.. However, when I entered the sum of total distributions from my IRA, it "took away" that 100 dollar "credit"... I do NOT understand what is going on with this at all... Anyone have any ideas? Thanks!