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Cristy n taxes
Level 1
April 15, 2020

KPERS

  • April 15, 2020
  • 2 replies
  • 8 views

If a client rolls over KPERS retirement into a traditional IRA, are the earnings tax free on the Kansas return just like Kpers or are the earnings after the direct rollover taxable?

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    2 replies

    qbteachmt
    qbteachmt
    Level 15
    April 15, 2020

    Earnings in a Traditional IRA are taxable. All distributions from a Traditional IRA are computed for taxability against Basis, and earnings are never part of Basis. They are New Value.

    Don't yell at us; we're volunteers
      IRonMaN
      IRonMaN
      Level 15
      April 16, 2020

      If the client already did it, they just shot themself in the foot.   If they haven’t done it yet, take their bullets away before they get hurt.

      Slava Ukraini!
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