View Full Version : State and Federal Taxation
taylwha66
Feb 7, 2014, 07:28 AM
Please advise if I am subject to taxation on the RMD from my IRA's in the State of Georgia as well from the Federal Government that I will have to start receiving this year (2014) ?
Thank you for your cooperation and continued support.
H. Taylor
ebaines
Feb 7, 2014, 08:01 AM
Depends on the type of IRA that you have. If it's a Roth, then no taxes are due. If it's a traditional IRA then federal income tax is due on the portion of withdrawals that is attributable to either return of tax-deductible contributions or earnings in the account. The portion of withdrawals that are attributable to return of any non-deductible contributions are tax free. There are strict rules around how much of each withdrawal falls into these two groups. As for state income tax - there is no tax on IRA withdrawals in GA.
AtlantaTaxExpert
Feb 7, 2014, 12:59 PM
Ebaines again has all the answers!
Beginning to feel superfluous on this forum. ;-)
smearcase
Feb 7, 2014, 01:04 PM
No "superfluousness" at all.
Always good to have consensus of opinions.
AtlantaTaxExpert
Feb 7, 2014, 02:04 PM
I agree. We have several very knowledgeable tax experts who monitor this forum, and that is a GOOD thing.