Hey all ..
I moved from NC to VA and we had an IRA distribution withdrawal once we got to VA. It's my dad's retirement fund as he passed few years ago and we've been withdrawing various amounts of the past few years. We always ask for more to be withdrawn to cover taxes and this was done for both fed and state. On the 1099-R statement it says there was state tax withheld for the state of VA. In TT it is asking me what my portion of that taxable IRA distribution is earned/received while a resident of VA. I'm not sure if it should be the full amount of the distribution, the amount of the distribution minus the state tax withheld or 0. I doubt it was be 0 but I'm still a bit confused since the state received taxes on the distribution.
Anyhow, thanks in advance.
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If you are a Virginia resident, it would be the amount of the distribution (Box 2a or 1). Retirement income is taxed to your resident state when you received it.
If you are a Virginia resident, it would be the amount of the distribution (Box 2a or 1). Retirement income is taxed to your resident state when you received it.
Thanks for the quick response. So it would be the full amount even though there was an amount already withheld. That makes sense and not sure why I was hung-up on it. Maybe reading into something that's not there as opposed to the obvious.
Thanks again.
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