What are the state tax implications when doing a Roth conversion? Particularly California.
- posted
14 years ago
Roth Conversions
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- posted
14 years ago
The converted amount minus the proportion of non-deductible contributions is added to your federal and CA AGI. If all of your IRA's only have non-deductible contributions, then there is no effect on your federal or CA AGI.
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- posted
14 years ago
One twist is, in the past 30-some years, California has not always conformed to federal deduction limits for IRA's, so CA basis in IRA may be different from federal, requiring some adjustments on Schedule CA(540).
-Mark Bole
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- posted
14 years ago
That assumes that the IRAs have had no earnings!