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Retirement tax questions
@Scruffy_Curmudgeon - I'd appreciate your thoughts on this when you have the time.
Since I posted this question, I've been doing a lot of searching, and the little I've found leads me to believe that the MA Schedule X Line 2 Worksheet doesn't differentiate between Trad-IRAs and RO-IRAs, so the Total should be the total all Trad-IRAs and RO-IRAs. So, even though my Roth-conversion distribution came from my RO-IRA, it's not MA taxable because my Trad-IRA basis is larger than the distribution. Basically, distributions from Trad-IRA or RO-IRA are not MA taxable until my distributions have exceeded the basis, and after reaching the basis amount, all subsequent distributions are MA taxable.
This is my current thinking, and I'm curious for your thoughts...
Since I posted this question, I've been doing a lot of searching, and the little I've found leads me to believe that the MA Schedule X Line 2 Worksheet doesn't differentiate between Trad-IRAs and RO-IRAs, so the Total should be the total all Trad-IRAs and RO-IRAs. So, even though my Roth-conversion distribution came from my RO-IRA, it's not MA taxable because my Trad-IRA basis is larger than the distribution. Basically, distributions from Trad-IRA or RO-IRA are not MA taxable until my distributions have exceeded the basis, and after reaching the basis amount, all subsequent distributions are MA taxable.
This is my current thinking, and I'm curious for your thoughts...
‎June 5, 2019
10:22 PM