Hello,
Sr. Citizen now, so please bear with me a bit. Would like to do this correctly. Two questions, please:
Have a Traditional IRA.
Am now receiving, automatically, the "Required Yearly Minimum Distribution" from it.
a. Where on the 1040 does it go ?
b. And, for my State Taxes (Mass.), is this distribution taxable ?
(I imagine it's the same for all States; taxable or not taxable, but maybe not ?)
Thanks, appreciate the help, Bob
You should receive a 1099-R and it goes under pensions.
No. It goes under IRA distributions, line 15 a/b of Form 1040. MA rules are complex. You need to complete the worksheets for Schedule X to determine how much of your distribution is taxable to MA. Since MA does not allow for deductions when the original contributions were made to the IRA, you can recover your contributions tax-free. Ultimately the taxable amount flows to line 4 of Form 1.
Ira Smilovitz
I stand corrected. As a user of H&R Block software which treats IRA and pension under a single category (with additional input for IRA) I made a hasty reply.
JB
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