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New Member

For Georgia State tax, it is asking for IRA Distribution Previously taxed... and enter IRA Basis Adjustment for me and my wife. What are they looking for?

Both what are they looking for and where do I find this information?

4 Replies
Level 15

For Georgia State tax, it is asking for IRA Distribution Previously taxed... and enter IRA Basis Adjustment for me and my wife. What are they looking for?

Prior to 1981, Georgia had not adopted conformity to federal law regarding deductions for contributions to IRA's, Keogh's, SEP's and S Corporation retirement plans.

From 1981 to 1986, Georgia adopted federal law, as it existed on January 1, 1981, regarding those deductions. Therefore, a difference between federal and Georgia law existed when changes were made to federal law during 1981 through 1986.

Georgia allows a subtraction from your plan distributions income equal to the contributions made to the plans during 1981 through 1986 that were not deductible by Georgia.

The purpose of this adjustment to Georgia income is to allow a one-time deduction, as plan distributions are received, of previous nondeductible plan contributions.

The current year subtraction from income cannot exceed the current year taxable plan distributions received. The total subtractions from income cannot exceed the total plan contributions that were nondeductible for Georgia, but deductible on your federal return during 1981 through 1986.

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Returning Member

For Georgia State tax, it is asking for IRA Distribution Previously taxed... and enter IRA Basis Adjustment for me and my wife. What are they looking for?

how am I supposed to know what amount to put into the worksheet??  It won't let me leave it blank and it asks the same question for my wife.

 

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Returning Member

For Georgia State tax, it is asking for IRA Distribution Previously taxed... and enter IRA Basis Adjustment for me and my wife. What are they looking for?

I did not live in Georgia from 1981 thru 1986.  so this shouldn't apply to me.  However it won't let me file until I enter an amount..

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Level 15

For Georgia State tax, it is asking for IRA Distribution Previously taxed... and enter IRA Basis Adjustment for me and my wife. What are they looking for?

Were you a Georgia resident in 1981 thru 1986 and had an IRA, Keogh, SEP or S Corporation retirement plan? 

If not, then back out of that section since it does not apply to you.