re Massacuhusetts IRA

From: "Dill, Mary" <mdill@jhancock.com>
Subject: re Massacuhusetts IRA
Date: Tue, 28 Apr 1998 17:06:30 -0400

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> >
> >(Editor's Comment - Massachusetts currently doesn't recognize
> dividing the
> >transfer of income from a regular IRA to a Roth IRA over 4 years in
> 1998.
> >In other words, the entire rollover is considered taxable income in
> 1998.
> >This has other sinister effects, such as raising the AGI limit for
> >miscellaneous deductions because the rollover amount is included as
> >income.  There are other AGI phaseouts of deductions - you have to
> run the
> >nmbers, or have your accountant do it. -IK)
> 
> Isn't your MA basis higher than your federal basis?   a Mass taxpayer
> always paid into an IRA with after tax dollars (received no income
> reduction for an IRA donation even when a federal reduction was
> considered pre-tax).
> 
> 
> 

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