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This question applies only to taxpayers who received in 1981-1986 IRA, Keogh, SEP, and Sub-S plan withdrawals on which they paid taxes in Georgia (when Georgia law taxed IRA distributions).
If you did not, then just continue.
If you did have withdrawals in that time frame on which you paid tax in Georgia, then the amount that you paid tax on is your basis - basis is the amount of after-tax dollars in a plan - in this case, it's IRA amounts that you previously paid Georgia tax on that you are now going to get a deduction on.
As the screen notes, do not enter more on the screen than you took in IRA distributions this year.
This question applies only to taxpayers who received in 1981-1986 IRA, Keogh, SEP, and Sub-S plan withdrawals on which they paid taxes in Georgia (when Georgia law taxed IRA distributions).
If you did not, then just continue.
If you did have withdrawals in that time frame on which you paid tax in Georgia, then the amount that you paid tax on is your basis - basis is the amount of after-tax dollars in a plan - in this case, it's IRA amounts that you previously paid Georgia tax on that you are now going to get a deduction on.
As the screen notes, do not enter more on the screen than you took in IRA distributions this year.
Does this adjustment pertain to military retirement. My military retirement was taxed in the early '80s but I received a rebate for five years (81-86 I believe) when Georgia settled a class action law suit for the military. Is this what the IRA Basis Adjustment is?
@SFsarge No, the IRA basis adjustment is not referring to military retirement income, TSP withdrawals or withdrawals from 401(k)'s
Thanks for the quick reply.
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