Katie <katiej_1958[at]yahoo.com> wrote in
news:efdae632-ba6a-44fb-9b77-7178789d53b6[at]d10g2000pra.googlegroups.com:

- quote -

Now I have to wait until Citi Smith Barney effect my instructions and
then sit down with my TaxAct to estimate the taxes due.

--
Best regards
Han
email address is invalid

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Nov 1, 6:14*am, Han <nob...[at]nospam.not> wrote:
- quote -


Mark and Dick are right on this. There is a federal statute (4 USC
Sec. 114) that prohibits states from taxing certain retirement income
of nonresidents on a source basis. Income from tax-qualified
retirement plans such as traditional IRAs, including lump-sum
distributions, can be taxed only by the taxpayer's state of residence
at the time of the distribution.

Katie in San diego

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Mark Bole <makbo[at]pacbell.net> wrote in
news:MYYOk.4903$as4.1312[at]nlpi069.nbdc.sbc.com:

- quote -


--
Best regards
Han
email address is invalid

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Nov 1, 9:14*am, Han <nob...[at]nospam.not> wrote:
- quote -

A long time ago I found comments like that "nigh unbelievable." Now I
find them all too easy to believe.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Han wrote:
- quote -

I don't. While I'm not an expert on NY tax law, a distribution of
deferred compensation, such as a Traditional IRA, is generally
considered source income of the state where you are a resident at the
time of distribution, and therefore only taxable by that state.

Did New Jersey have different rules in past years that might affect the
basis in your Trad. IRA at the state level, for example different
maximum deductible amounts? If so, New Jersey might want you to
re-state your basis as if you had been a resident all along, but again
I'm not an expert in NJ tax law either.

-Mark Bole

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I am finally close to completing my traditional to Roth IRA conversion. It
is nigh unbelievable how many mistakes and misdirections Citi Smith Barney
personnel have laid in my way.

Since I originally started the account when I lived on Long Island, the
advising to this account is at an office in Garden City. But 10 years ago
I moved to NJ. I am planning to pay taxes due to the Feds and to NJ. I
hope that the location of the advisor in NY won't lead me into trouble with
Andy Cuomo, the NY AG, if I don't pay NY taxes on this conversion.

Does anyone see any problems with this?

--
Best regards
Han
email address is invalid

========================================= MODERATOR'S COMMENT:
The location of the broker doesn't impact you at all. You live,
work, pay taxes in NJ.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >