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NY State IRA Deduction? |
While filing NY State tax returns, it allows me to deduct IRA investment attributable to NY source income to compute my taxable income. If I make a premature withdrawal in a subsequent year, is this income treated as NY source income, even if I have no other income from NY in that year and am not a resident of NY. Do I need to file NY state returns in that year, and pay taxes on the early withdrawal from IRA. If you are not a NY resident at the time of withdrawal, NY can no longer tax it. This is now true for all states. However, it is taxable in resident state at the time of withdrawal. This is also now true for all states (although some states have no income tax). You will probably also have to pay an early withdrawal penalty to the resident state. |
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