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Paid a 4.5% Tax on an Inherited IRA, can I write this off when I take distributions
I know the IRD deduction only applies to federal estate taxes paid, but it seems like double taxation and that I should be able to deduct and lower the "taxable amount". If I paid a 4.5% tax to PA on the IRA and I take out $150,000 this year shouldn't I be able to adjust the amount in box 2 to $143,250 (as the value is that after the taxes I already paid on it)?
‎February 1, 2024
7:28 PM