The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Stoopid Ohio state tax law Date:  4/10/2002  4:06 PM
Author:  Charlie48K Number:  60166 of 131270

DH and I got a call from the CPA last night who'd finished our taxes. We had two complex inheritances last year, so we figured a pro should handle it this year. Anyway, we were told that because we both have Roths, we are unable to file separately in the state of Ohio, even though this would save us 20% in federal taxes.

The rule is that you have to file your state return with the same status as you have on the federal return. You probably have to file jointly on your federal return to make the Roth contribution. You can decide not to make the Roth and see what the combined state and federal effect is each way, ie. both returns jointly or both separately.
That's assuming you haven't already filed your federal return.

Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us