If you have a traditional IRA that you contribute to, Massachusetts does NOT allow you to reduce your income like you can on the Federal Return.
- So, all of the CONTRIBUTIONS that you made over the years to a MA Traditional IRA are PREVIOPUSLY TAXED BY MASSACHUSETTS.
- As you withdraw money from the IRA you will get credit for the Pre-Taxed amount.
- All of your previous withdrawals (From those IRAs) will not be taxed in Massachusetts up to the PREVIOUSLY TAXED number.
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