I rolled money over from the standard 401k to the Roth 401k. I understand this is taxable and reported as such while doing my federal taxes. This increased income amount didn't roll over to my state income. Do I not have to pay taxes on this in the state of GA or how do I report this? I wasn't able to find the proper way under the income section on the state tax portion.
You'll need to sign in or create an account to connect with an expert.
Yes, the conversion from pre-tax funds in a standard 401(k) to Roth 401(k) is generally taxable on both the federal and GA tax return. But GA has a Retirement Income Exclusion for taxpayers who are 62 or older, or permanently and totally disabled.
During the federal interview make sure to select "none of the above" on the "Where is your distribution from?" screen.
TurboTax will automatically carry over the taxable amount to your state return and ask a few retirement questions during the state return. Please review them carefully.
Unfortunately no. I have recorded the proper info/form. But my income figures are different between GA state and Fed. The item does appear in state but only option is to say it is a military which it is not. Still confused.
Where is your income different? Georgia starts with federal income so your taxable IRA conversion will be included in federal adjusted gross income, which is line 8 for the Georgia Form 500.
Georgia and the IRS have different deductions and credits so your taxable income will be different.
We’d be able to help you more if you tell us exactly what income tax lines are different.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
cnelsonuga
New Member
fpho16
New Member
neil0311
Level 2
keith-ramsey
New Member
tracyshepherdga
New Member