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Glad to provide some light on the subject\
Scruffy Curmudgeon--PFFM/ IAFF, retired Firefighter/Paramedic - Locals 718/30, Veteran
I believe I found that in a field linked to the state return. There is an entry about
IRA contributions that were taxed by Massachusetts, and then how much
of that contribution has been taken as a distribution.
That adjusts the taxable income on the state tax return.
Garry
As said, that field and the entries were documented in that earlier posting of
April 3, 2023 7:12 AM
So I'm still confused about how this works when there's also a QCD. Example: $39,500 contributed to IRA in MA (thus, basis). Year 1: Worksheet asks for total distribution -- account included both the original IRA contributions and rollover money from a workplace account, and the distribution was $25,000; additionally, had a QCD of 14000. On Schedule X worksheet, the 39500 wipes out the entire 25K, bringing line D down to 0. But then it asks for the QCD included in line 1 -- but Line 6 can't be reduced any further than 0. Now, Year 2: if I use the full $25 K for line3 -- "total contributions previously taxed," I will be deemed to have "used up" basis that included the amount of the QCD, which shouldn't;t have been taxed regardless. What am I missing here???
I like your use of the MIT lecture hall as the address of the taxpayer. It took me a few seconds ...
I am not sure if any of this is worth my time; the IRA basis is tiny compared to the total IRA amount and I filed only 1 8606 form of the 4 years, and that one is incorrect, so there is the $50/form to do that.
However good problems to have.
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