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Retirement tax questions
@Scruffy_Curmudgeon
Scruffy_Curmudgeon,
Great info, and I believe I understand it.
My question is as follows:
I have a Traditional-IRA and know my MA previously-taxed Trad-IRA basis. I've never taken any distributions from this Trad-IRA.
I also have a RollOver-IRA which was created from a 401K rollover, so none of RO-IRA has ever been taxed by MA.
So, for a Roth-conversion from my RO-IRA account, I'm assuming that MA taxes the entire Roth-conversion amount, correct?
What confuses me is that the Schedule X Line 2 worksheet doesn't differentiate where the Roth-conversion comes from. And since the worksheet talks about "Total" contributions & distributions, should these totals be based on just the Trad-IRA, or the sum of my Trad-IRA & RO-IRA?
In a nutshell, if my Trad-IRA basis is $20K, and I do a Roth-conversion of $5K from my RO-IRA, and this is my first distribution from either account, does MA expect to tax the $5K Roth conversion or not?
Thank you for any help!
Scruffy_Curmudgeon,
Great info, and I believe I understand it.
My question is as follows:
I have a Traditional-IRA and know my MA previously-taxed Trad-IRA basis. I've never taken any distributions from this Trad-IRA.
I also have a RollOver-IRA which was created from a 401K rollover, so none of RO-IRA has ever been taxed by MA.
So, for a Roth-conversion from my RO-IRA account, I'm assuming that MA taxes the entire Roth-conversion amount, correct?
What confuses me is that the Schedule X Line 2 worksheet doesn't differentiate where the Roth-conversion comes from. And since the worksheet talks about "Total" contributions & distributions, should these totals be based on just the Trad-IRA, or the sum of my Trad-IRA & RO-IRA?
In a nutshell, if my Trad-IRA basis is $20K, and I do a Roth-conversion of $5K from my RO-IRA, and this is my first distribution from either account, does MA expect to tax the $5K Roth conversion or not?
Thank you for any help!
‎June 5, 2019
10:22 PM