Missouri state income tax on traditional IRA

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
User avatar
Topic Author
Mikle
Posts: 118
Joined: Mon Sep 17, 2007 9:05 pm

Missouri state income tax on traditional IRA

Post by Mikle »

Does anyone know if Missouri taxes traditional IRA withdrawals as ordinary income?
trueblueky
Posts: 2365
Joined: Tue May 27, 2014 3:50 pm

Re: Missouri state income tax on traditional IRA

Post by trueblueky »

Mikle wrote:Does anyone know if Missouri taxes traditional IRA withdrawals as ordinary income?
A review of Missouri individual tax form instructions shows Missouri treats IRA withdrawals the same as federal.
User avatar
Topic Author
Mikle
Posts: 118
Joined: Mon Sep 17, 2007 9:05 pm

Re: Missouri state income tax on traditional IRA

Post by Mikle »

Thanks true blue, I was afraid that would be the case. I understand some states do not tax IRA withdraws.
placeholder
Posts: 8421
Joined: Tue Aug 06, 2013 12:43 pm

Re: Missouri state income tax on traditional IRA

Post by placeholder »

If you were living in MO when the contributions were made you received a deduction at that time.
User avatar
Topic Author
Mikle
Posts: 118
Joined: Mon Sep 17, 2007 9:05 pm

Re: Missouri state income tax on traditional IRA

Post by Mikle »

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 !
chaz
Posts: 13604
Joined: Tue Feb 27, 2007 1:44 pm

Re: Missouri state income tax on traditional IRA

Post by chaz »

9 states have no state income tax.
Chaz | | “Money is better than poverty, if only for financial reasons." Woody Allen | | http://www.bogleheads.org/wiki/index.php/Main_Page
User avatar
OAG
Posts: 1202
Joined: Sat Mar 03, 2007 10:54 am
Location: Currently Central Ohio, USA

Re: Missouri state income tax on traditional IRA

Post by OAG »

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.
Post Reply