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    • Created with Sketch. See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
    Created with Sketch. See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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    KPERS

    Cristy n taxes
    Level 1
    ‎04-15-2020 05:06 PM

    If a client rolls over KPERS retirement into a traditional IRA, are the earnings tax free on the Kansas return just like Kpers or are the earnings after the direct rollover taxable?

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    2 Comments 2
    qbteachmt
    Level 15
    ‎04-15-2020 05:59 PM

    Earnings in a Traditional IRA are taxable. All distributions from a Traditional IRA are computed for taxability against Basis, and earnings are never part of Basis. They are New Value.

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    IRonMaN
    Level 15
    ‎04-15-2020 08:07 PM

    If the client already did it, they just shot themself in the foot.   If they haven’t done it yet, take their bullets away before they get hurt.


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