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Level 2
posted Mar 13, 2022 7:06:43 PM

PA basis of retirement income of inherited IRA

Inherited IRA from uncle and had to take his 2021 RMD in 2021. No other withdrawls made. In the PA form, it asks "enter X's basis of retirement income of $0 received from Vanguard. Basis of retirement income is ___". TT prefilled it with the amount of the gross distribution in box 1. Is that the correct answer?

0 1 273
1 Replies
Expert Alumni
Mar 13, 2022 7:48:07 PM

It looks like your PA taxable amount is $0 so the basis would also be $0.

 

Distributions from an IRA are not taxable in Pennsylvania if the payments are:

  1. Received, including lump sum distributions, on or after reaching the age of 59 1/2.
  2. Paid to the estate, or designated beneficiary, of the participant by reason of the participant’s death.

How do I determine if my IRA withdrawals are subject to PA income tax?