Level 5

Question

IRA Distribution

Forum|Forum|5 years ago
September 19, 2020
10 replies
32 views

This is a continuation of my previous messages regarding distributions from Traditional IRA (Taxpayer) and Roth IRA (Spouse).

With regard to the Traditional IRA, Taxpayer received a 2019 Form 1099-R for a distribution received. I recorded it and it was fully taxed on their federal tax return. It was a Total Distribution with a 1 in the Distribution Code Box. He is under 591/2 years old.

On the Massachusetts return it was not taxed at all as the amount of his contributions over the years (more than 5) was greater then the distribution.

A 10% Additional Tax was also reflected on his Form 5329. He does not qualify for any of the exceptions.

I appreciate your feedback on this.

I will provide information on the Spouse's Roth IRA Distribution in a separate post.

ProSeries Basic

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

You should really keep everything together in a single post, creating multiples posts on the same situation is too hard for people to keep track of.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

qbteachmt

Level 15

You've got this running three times, now. That's how you confuse the peer users that volunteer to be helpful.

Previously, you stated "his" was Roth:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/roth-ira-distribution/01/100250#M54223

Now you indicate Traditional?

And why start yet another topic for the Spouse; you already included the spouse here:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/re-massachusetts-ira-and-roth-ira-distributions/01/100735#M54434

Don't yell at us; we're volunteers

W

wethepeopleAuthor

Level 5

You may be confused as previous posts were for 2018.

I was trying to be helpful by separating Spouse situation from Taxpayer for 2019.

Can I conclude that the treatment of the Taxpayer's Distribution is correct...taxable on the federal return and not taxable on Massachusetts return?

qbteachmt

Level 15

"Can I conclude that the treatment of the Taxpayer's Distribution is correct."

For each condition (taxpayer or spouse, year, account type, basis at the time of the distribution, the amount of the distribution) you need to work through the details. I previously provided a link to the MA listing for all types of retirement plans and accounts and for how they treat the various types and taking into consideration the type of distribution:

https://www.mass.gov/service-details/view-non-government-pensions

No one except for you has all the required info.

Don't yell at us; we're volunteers

qbteachmt

Level 15

"I appreciate your feedback on this."

What more do you need on this subject? There seems to be nothing wrong with the software.

Don't yell at us; we're volunteers

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