jc7032
Jul 9 2000, 12:59 AM
Hi,
This past April 15th I paid a whopping big tax bill to the IRS and California state for a 1999 conversion of my traditional IRA to a Roth. Am I correct in assuming that when next April 15th comes around that I can take the state taxes paid for the conversion as a deduction when I itemize on Schedule A?
Thanks for any help
- JC
Art E
Jul 10 2000, 08:39 PM
jc
There is nothing in the Instructions for Schedule A that indicates the State income tax paid on distributions from an IRA for a Roth conversion are treated any differently than taxes paid on earned income for example.
So it appears the State taxes paid on an IRA withdrawal converted to a Roth can be a deduction to your Federal taxes - assuming you meet all of the other requirments for claiming deductions in general.