UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next
Author: pcunix Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Re: IRA withdrawal tax confusion Date: 3/4/2010 11:44 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
You quoted the section having to do with NON-Roth IRA's. If you follow the links from that page to the section that covers Roths, it says:

* Income earned on the contributions while in the Roth IRA account is excluded from gross income;

* Distributions made to the individual from the Roth IRA account are excluded from gross income to the extent they are excluded from federal gross income. A qualified distribution is excludable if the IRA is held for a five year period and one of the following conditions is met:

o at the time of the distribution, the recipient is at least 59 1/2 years old;
o the distribution must be made to a beneficiary or the individual's estate on or after the date of death;
o the recipient is disabled; or
o the distribution, up to a maximum of $10,000, is being used to pay for a qualified first time home buyer expense.

( http://www.mass.gov/?pageID=dorterminal&L=6&L0=Home&... )
So I think TurboTax is wrong.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
TMFDeej's CAPS Blog

Activist Investors Unlocking Value at LSB Industries?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement