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Posted by Harlan Lunsford on March 10, 2007, 2:49 am
Please log in for more thread options joetaxpayer wrote:
> Rich Carreiro wrote:
>> [poster describes how MA does not allow a deduction
>> for IRA contributions, even when federally-deductible.
>> For completeness, I note that MA also disallows deductions
>> for contributions to sole proprietors' qualified plans (SEP,
>> Keogh, solo 401(k), etc).]
>>
>> You keep track, on your own spreadsheet/piece of paper/etc.
>> all the contributions you've made to an IRA/SEP/Keogh/etc.
>> while you've been a MA taxpayer.
>>> There is no form that tracked this over the years.
>> Correct. So roll your own.
> (Thanks for summarizing my post) So if a client comes in at
> 70, and has the 3 years returns that one saves (or even 7,
> no difference I guess), do you just go back and research the
> year IRAs started ($2,000 right?) and add up the assumed
> deposits, declaring that to be the MA 'basis'? If not that,
> what? I can't be the first to run into this. (you'd think
> the MA forms would track deposits) I understand your
> response, and suppose this would be a warning I'd give
> people just starting out, but it's the first this problem
> has come up for me.
You might get your client to come up with forms 5498 he's
gotten over the years from the IRA custodian. Or maybe the
brokerage house/bank end of year statements which would show
contributions. That's a start.
ChEAr$,
Harlan Lunsford, EA n LA
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