Retirement tax questions

ScruffyCurmudgeon · ‎April 3, 2023

As to the "Attachment" see the image of a link below the text of the answer.

As to preventing paying taxes on already taxed contributions (made with post-tax monies - typical given MA treatment of IRAs), it is really important to keep a running record of the total amount. Luckily, TurboTax started doing this in the filing process a few years ago, so if you report the total pre-tax contributions and then year-by-year report the distributions, it does the job. However, as to prior to that, unfortunately you can either take a "Best" guess that is "Reasonable" or else forego that and pay on monies already taxed

If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67

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