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#3
12-19-2003, 01:02 PM
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 Re: Are Roth withdrawals subject to some taxation? "JAMES C. BURROWS" <jcburrows[at]webtv.net> wrote: - quote - > Does Wisconsin tax Roth withdrawals and another question?
Roth withdrawals, unless taxable, are not included in the> In counting non taxable income along with other income to > see if you go over the $32,000 amount to see if Social > Security dollars are taxed, does this include Roth > withdrawals.? I was always told that Roth IRA's would > never be taxed. computation of income for social security taxation. Barry Picker, CPA/PFS, CFP << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
12-19-2003, 12:43 PM
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| Re: Are Roth withdrawals subject to some taxation? jcburrows[at]webtv.net (JAMES C. BURROWS) wrote: - quote - > Does Wisconsin tax Roth withdrawals and another question?
"Qualified distributions" are received TAX FREE. While they> In counting non taxable income along with other income to > see if you go over the $32,000 amount to see if Social > Security dollars are taxed, does this include Roth > withdrawals.? I was always told that Roth IRA's would > never be taxed. are reported on Line 15a, Line 15b is -0-, and does NOT affect Social Security taxation. On the other hand, TAX EXEMPT INTEREST is not taxed either, but IT DOES affect your SS benefit taxation. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
12-19-2003, 12:24 PM
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| Re: Are Roth withdrawals subject to some taxation? JAMES C. BURROWS wrote: - quote - > Does Wisconsin tax Roth withdrawals and another question?
WI conforms to the federal rules and does not tax qualifiedRoth distributions. - quote - > In counting non taxable income along with other income to
The only Roth IRA distribution that would be included is one> see if you go over the $32,000 amount to see if Social > Security dollars are taxed, does this include Roth > withdrawals.? I was always told that Roth IRA's would > never be taxed. that was taxable because it was not a qualified distribution. Tax-free withdrawals from Roth IRAs are excluded from the social security benefits tax calculation. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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12-19-2003, 12:05 PM
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| Re: Are Roth withdrawals subject to some taxation? James Burrows asked: - quote - > Does Wisconsin tax Roth withdrawals and
So long as you meet the requirements --> another question? In counting non taxable > income along with other income to see if you > go over the $32,000 amount to see if Social > Security dollars are taxed, does this include > Roth withdrawals.? =A0 I was always told that > Roth IRA's would never be taxed. 1. Distribution is taken after the 5 year period beginning with the first taxable year for which a Roth contribution was made. 2. Payment or distribution is: a) made on or after date you reach age 59 1/2 b) made because you are disabled c) made to beneficiary or your estate after death, or d) to pay certain qualified first-time homebuyer amounts as described in Pub 590 You do not include distribuions from a Roth IRA in your gross income. Now, this applies to federal taxes as of now. For WI, I have no information. [There are never any guarantees for the future.] Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
12-18-2003, 12:31 PM
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| Are Roth withdrawals subject to some taxation? Does Wisconsin tax Roth withdrawals and another question? In counting non taxable income along with other income to see if you go over the $32,000 amount to see if Social Security dollars are taxed, does this include Roth withdrawals.? I was always told that Roth IRA's would never be taxed. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| roth, subject, taxation, withdrawals |
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