Ask Experts Questions for FREE Help !
Ask
    taylwha66's Avatar
    taylwha66 Posts: 10, Reputation: 1
    New Member
    		  
    #1

    Feb 7, 2014, 07:28 AM
    State and Federal Taxation
    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's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 7, 2014, 12:59 PM
    Ebaines again has all the answers!

    Beginning to feel superfluous on this forum. ;-)
    smearcase's Avatar
    smearcase Posts: 2,392, Reputation: 316
    Ultra Member
    		  
    #4

    Feb 7, 2014, 01:04 PM
    No "superfluousness" at all.
    Always good to have consensus of opinions.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

2008 NJ state & federal income taxes mailed on 4/17/12 - feds paid, state won't! [ 6 Answers ]

Hi... HELP! Just got off the phone with the State of NJ Division of Taxation about my income tax refund for 2008 which I filed late. I knew I had 3 years. Everything I read said I had until 4/17/12 to have returns postmarked this year. I worked HOURS! Got them both in on 4/17/12 and sent...

Can the state of Iowa keep your FEDERAL return for unpaid STATE fines? [ 1 Answers ]

Can the state of Iowa take your FEDERAL return for unpaid STATE fines?

Different state employees filing married jointly for federal but separate state tax? [ 1 Answers ]

We got married in Dec 06 month. We want to file federal tax 2007 married jointly. She lives in Alabama and I live in Wisconsin. I am a resident alien and she is not. For federal, I can apply 1040 R, jointly married. My question is whether we have to file state tax married jointly? If I file...

Taxation: local, state, federal [ 1 Answers ]

Is the tax levied on the producers or consumers?

Advanced Federal Taxation [ 1 Answers ]

A1 Corporation has 1,000 shares of common stock outstanding as follows: Greg 500 shares and Heidi (an unrelated party) 500 shares. Greg and Heidi each paid $100 per share for the A1stock 10 years ago. A1 distributes land held as an investment (fair market value $80,000, adjusted basis of $30,000)...

View more questions Search