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Retirement tax questions
A 401K rollover into an IRA is not the same as a direct IRA contribution.
- You did get a deduction in Massachusetts for the original 401-K contribution.
- Therefore, this rule would not apply to the rollover.
- Massachusetts never taxed the 401-K, so when you rolled it over to an IRA it had never been taxed.
Yes, you should enter the contributions that you made directly to your traditional IRA. That portion will not be taxable.
Yes, TurboTax will keep track of it up to the point where you have withdrawn more than you contributed.
If you've made withdrawals in previous years from your traditional IRA (not the rollover), you should amend your state returns. This will not affect your Federal tax return.
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‎February 20, 2022
7:26 AM