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paris27
New Member

Taxable IRA distributions In massaschusetts

Two questions 1) When turbo tax asks for other contributions previously taxed in Massachusetts, what is it asking for???  All contributions I ever made?  Didn't mass have a deduction, like federal, for qualifying IRA contributions?  I never made any contribution over the deductible amount.  What the hell do I enter here?  The text in the program is completely unclear.

 

2) When it asks for distributions in prior years does that mean every distribution post 2019 as some "expert" in this community said?  That will not be so easy to figure out, as others in this community have pointed out.  But is that what I'm supposed to enter here???

 

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1 Reply

Taxable IRA distributions In massaschusetts

MA does not have a deduction for contributions.

you add up all your contributions and as they are distributed you subtract that amount.

Until you have used up those contributions, the state taxable amount of the distribution is  -0-.

when finaly used up, only the part of distribution in excess of that last bit of contribution is taxable.

 

As far as I know, tax software won't do this MA  book-keeping for you, I could be wrong.

 

Other states have different rules and the tax software  may support that state's rules.

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