Go to Jeff Salisbury LWGate Home Page.From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Roth IRA's in Massachusetts
Date: Wed, 20 May 1998 18:49:55 -0400
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>A while back, some of you clarified that Massachusetts hasn't come around to >the ways of the Fed Gov't regarding Roth IRAs: > >-You can't deduct your $2000, Well, given that you can't deduct the $2000 federally, MA *is* conforming on that account :-) >-EARNINGS AREN'T TAX-FREE, >-and you can't spread gains over 4 years upon conversion in 1998. This is somewhat of a moot point because MA treats IRA distributions quite a bit differently than the feds do. Unlike the feds, you are are deemed to be pulling your basis out first in MA. So until the amount you convert exceeds IRA contributions you made while an MA resident, there will be no MA tax on the conversion. >That said, what are folks doing in Mass? I am a Mass resident living out of There are separate tax cut plans in the MA House and Senate. Though very different in many ways, they would both bring MA into conformity with federal treatment of Roths. >state, so don't keep up on all the news. I've spent 8 years arguing with >people that Mass taxes aren't any worse than most states, I don't know how you can say that about a state that has a 12% tax on unearned income. >legislation to bring taxachusetts in line with democratic states? That's part of the problem. MA is a Democratic state... Rich Carreiro rlcarr@animato.pn.com P5-100/RedHat Linux 4.1 - -
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