Start For Free

Fast, Secure, and Always Accurate!

Back to List

Massachusetts Taxable IRA/Keogh Plan worksheet (Example)

Taxable IRA/Keogh Plan, Qualified Charitable IRA deductions and Roth IRA Conversion Distributions

Complete the Schedule X, line 2 worksheet to calculate the taxable portion of any amount you received from an IRA, Keogh, qualified charitable IRA distribution or Roth IRA conversion distribution. Since Massachusetts does not allow a deduction for amounts originally contributed to an IRA or Keogh, the distributions are not taxable until the full amount of your contributions which were previously subject to Massachusetts taxes are recovered. Contributions made to Keogh accounts prior to 1975 were deductible when made. Therefore, no deduction may be taken from a Keogh distribution for amounts contributed before 1975. Massachusetts generally adopts the federal conversion rules for partial or complete rollovers from existing IRAs to Roth IRAs. Generally, the rollover amount is treated as a distribution and included in federal gross income to the extent it is attributable to investment growth or previously deducted contributions. See TIR 98-8, Massachusetts 1998 Reducing Income Taxes Act, for further details.

Line 1. Total IRA/Keogh plan distributions, qualified charitable IRA
deductions, Roth IRA conversion distributions in 2013 . . . . . . . . . . . . . ____________________

NOTE- Enter the amount of Roth IRA conversions occurring in 2013 only if you made a federal election to include the applicable conversion amount in gross income in 2013. See TIR 10-8 for more information.

Line 2. Total IRA/Keogh plan contributions previously taxed by
Massachusetts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . __________________

Line 3. Total distributions received in previous years . . . . . . . . . . . . . . . ____________________

Line 4. Subtract line 3 from line 2. If line 3 is larger than line 2,
enter “0” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ________________________

5. Subtract line 4 from line 1 and enter the result here.
Not less than “0” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ___________________

6. Total qualified charitable IRA distributions in 2013
included in line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ________________________

7. Taxable IRA/Keogh distributions or Roth IRA conversion distributions.
Subtract line 6 from line 5 and enter result here and in Schedule X, line 2.
Not less than “0”. . . . . . . . . . . . . . . . . . . . ..................................... . . ____________________

Note: You must complete separate worksheets if married filing a joint return and both you and your spouse received IRA/Keogh Plan, qualified charitable IRA distributions, and/or Roth IRA conversion distributions.

For more information, click here.

For federal purposes: Since all contributions were previously deducted, the distribution, or portion thereof, would be subject to tax each year.