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Returning Member
posted Apr 16, 2024 8:38:30 PM

Error in N11 treatment of ROTH conversion

The amount rolled over to a ROTH IRA is exempt from Hawaii income tax.  However, turbo tax does not deduct it from Hawaii AGI.  

 

Please correct this error.

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1 Replies
Level 11
Apr 17, 2024 12:37:37 PM

@ab28   As this is a public forum we cannot see your return.  You would need to be specific on the type of conversion.  

Here is articles of 2024 being implemented https://www.hawaiiwealthmgmt.com/Coming-in-2024-New-529-Plan-to-Roth-IRA-Rollover-Option.c10117.htm

 

Or are you discussing that Hawaii allows conversions regardless of income? https://files.hawaii.gov/tax/news/announce/ann10-01.pdf

 

If you converted something that was not subject to income taxes originally to a Roth, you would still have tax liability though.  

 

Please give more details. Thank you.