Mass treatment of Roth Conversion

From: "Dill, Mary" <mdill@jhancock.com>
Subject: Mass treatment of Roth Conversion
Date: Thu, 18 Jun 1998 15:31:46 -0400

Next Article (by Subject): MCI Robb Warren
Previous Article (by Subject): Good Free/Low-cost Mailing List Discussion Group Software/Provider? "David W. Vaughan"
Articles sorted by: [Date] [Author] [Subject]

I am finally digging out after the CFA exam and remember seeing the
comment below:   

<I don't know how you can say that about a state that has a 12% tax on
unearned income.>  

My understanding is in Mass an IRA distributions is considered 5.95%
income not 12% income.  In 1997 it would have been reported on Line 9
and Form X.   Unfortunately, no 4 year averaging is allowed, the
distribution reduces Cost Basis first, and the Cost Basis includes all
IRA contributions, whether deductiable or not on Federal Return.  Mass
DOR URL on this is:
www.magnet.state.ma.us/dor/rul_reg/tir/98/TIR98_2.HTML, but it does not
say much.


Mary

		



- -

Go to Jeff Salisbury LWGate Home Page.