I took a distribution from my IRA Rollover (previously funded from a Pension by prior employer). What is my Basis of Retirement Income for this distribution in PA state?
I took a distribution from my IRA Rollover (previously funded from a Pension by prior employer). What is my Basis of Retirement Income for this distribution in PA state?
In Pennsylvania, IRA rollover distributions aren't taxable if taken after age 59½. If taken before, they are taxable unless part of a periodic retirement plan
Your basis is the portion of after-tax contributions from your prior employer's plan. If all contributions were pre-tax, your basis is zero, meaning the full amount is taxable
Check your Form 1099-R boxes 5–13 for distribution details