Massachusetts IRA distribution

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Subject Author Date Massachusetts IRA distribution joetaxpayer 03-06-2007  Re: Massachusetts IRA distribution Rich Carreiro 03-07-2007  Re: Massachusetts IRA distribution joetaxpayer 03-08-2007  Re: Massachusetts IRA distribution Harlan Lunsford 03-10-2007  Re: Massachusetts IRA distribution Bill B 03-10-2007  Re: Massachusetts IRA distribution news.verizon.net 03-17-2007  Re: Massachusetts IRA distribution joetaxpayer 03-19-2007  Re: Massachusetts IRA distribution news.verizon.net 03-26-2007  Re: Massachusetts IRA distribution Dan Lanciani 03-07-2007  Re: Massachusetts IRA distribution Seth Breidbart 03-10-2007  Re: Massachusetts IRA distribution Dan Lanciani 03-11-2007  Re: Massachusetts IRA distribution Mark Bole 03-07-2007  Re: Massachusetts IRA distribution Missy 03-11-2007  Re: Massachusetts IRA distribution Katie 03-27-2007
Posted by Dan Lanciani on March 11, 2007, 4:09 am Please log in for more thread options sethb@panix.com (Seth Breidbart) writes: >> After a few iterations I proposed that I should send another >> copy of my response return-receipt. He said that I >> absolutely shouldn't do that because it would confuse them. > Why are you supposed to consider that a bad thing? I suppose I was to assume that such confusion would work against me. I thought it was a rather odd thing to say (let alone to repeat) but then we didn't seem to be communicating too well. I actually included a cover letter indicating that all the attached material duplicated my previous submission. Just in case.                                 Dan Lanciani                                 ddl@danlan.*com << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Posted by Mark Bole on March 7, 2007, 4:49 am Please log in for more thread options joetaxpayer wrote: > I don't know how other states handle this, but MA does not > allow a deduction. Therefore, it exempts all distributions > that are the deposits to one's IRA (i.e. they will start > taxing only after all deposits are withdrawn). The form's > question is "total contributions previously taxed by > Massachusetts". > > So, unlike Non-deductable IRA deposits, which are tracked > via 8606, how would this be handled? There is no form that > tracked this over the years. Hoping a fellow bean-towner or > someone living in a similar state (in both senses) can set > me straight. In California, in the past there have been different deductible amounts for IRA's vs. federal (in other words, non-conformance). This sounds like your situation, only a difference in percent deduction disallowed (100% vs. a lesser percent). This is simply shown as an adjustment on schedule CA (540), California Adjustments. Suppose the IRA distribution for federal purposes was $10,000, but only $8,000 was previously tax-deductible for CA -- then you would simply show a "subtraction" adjustment of $2,000 on line 15 of the CA schedule. It could be tracked by a self-prepared worksheet, but no official form that I know of. -Mark Bole << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Posted by Missy on March 11, 2007, 12:23 pm Please log in for more thread options >> 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. > A lot of old timers here that I'm sure remember IRA's > started in 1974 as 1500.00 and changed to 2000.00 in 1981. > > I've always kept a list of IRA contributions for this > purpose and I always advise my clients to keep all tax > returns forever. Bill, are you calling me an old timer??? I just got on medicare, so I am not that old.... I remember it well... Missy Doyle Moderator: And I'm 17 - only my body aged. << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Posted by Katie on March 27, 2007, 1:02 am Please log in for more thread options >> If someone can post a good reference for this (the annual >> IRA limits) that would be much appreciated.... > The limits are available by googling: "Legislative History > of IRAs". The CBO site gives a complete set of limits. Hey, that's a great reference! Thanks! Katie in San Diego << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Similar Threads Posted Massachusetts tax question April 4, 2007, 2:39 pm Form 1 Massachusetts Under 18 February 22, 2009, 8:50 am Massachusetts efile letter November 24, 2006, 11:34 pm Massachusetts desk audit of EIC March 3, 2007, 5:26 am Solo 401(k) and Massachusetts income tax? 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