Missouri state income tax on traditional IRA
Missouri state income tax on traditional IRA
Does anyone know if Missouri taxes traditional IRA withdrawals as ordinary income?
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Re: Missouri state income tax on traditional IRA
A review of Missouri individual tax form instructions shows Missouri treats IRA withdrawals the same as federal.Mikle wrote:Does anyone know if Missouri taxes traditional IRA withdrawals as ordinary income?
Re: Missouri state income tax on traditional IRA
Thanks true blue, I was afraid that would be the case. I understand some states do not tax IRA withdraws.
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Re: Missouri state income tax on traditional IRA
If you were living in MO when the contributions were made you received a deduction at that time.
Re: Missouri state income tax on traditional IRA
Placeholder, Yes I recall getting the deductions. I have a brother who lives in Illinois who is not state taxed on his IRA withdraws. Seems very generous !
Re: Missouri state income tax on traditional IRA
9 states have no state income tax.
Chaz |
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Re: Missouri state income tax on traditional IRA
Check to see if your state (MO) gives a "credit". In Ohio IRA (Traditional) withdrawals (not previously taxed) are treated as TAXABLE Income but the give up to a credit that covers about $8K of withdrawals - beyond that it is all State Taxable Income.
OAG=Old Army Guy. Retired CW4 USA (US Army) in 1979 21 years of service @ 38.