Thanks for your reply and takin time to provide a response to my question.
I agree, there is a note on Maine Schedule 1S worksheet stating the following:
Note that a conversion of benefits from one account to another does
not qualify for the pension income deduction. For example, a deduction
may not be taken when a taxpayer converts a traditional IRA to a Roth
IRA. The taxpayer, in this case, does not receive a retirement or IRA
benefit at the time of conversion.
However, this note does not appear to be substantiated in Title 36 of the Maine tax code. All the other pension deduction exclusions appear in Title 36 of the Maine tax code. Can anyone show me where in Title 36 of the Maine tax code that states Roth Conversions need to be excluded from Maine pension income deduction?
Also, can anyone explain the last part of the note on Maine Schedule 1S worksheet stating "when a taxpayer converts a traditional IRA to a Roth IRA. The taxpayer, in this case, does not receive a retirement or IRA benefit at the time of conversion"?
Thanks
