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Massachusetts Non-Deductible IRA Basis for IRA distribution
I just looked at my 2024 Massachusetts State tax that I filed at the same time as my Federal and see that TurboTax did not adjust my IRA Distribution to account for my lifetime of making non-tax deductible contributions to my IRAs. Massachusetts fully taxes all contributions to a Traditional IRA so you are allowed to deduct those contributions when you begin taking IRA distributions. What, if anything, did I miss in the State tax EasyStep interview that missed this costly error? Thanks.
March 21, 2025
12:17 PM