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Lev
Lev, Tax Advisor
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Are IRA roth conversions taxable in the state of ohio Ill

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Are IRA roth conversions taxable in the state of ohio? Illinos?

LEV :

Hi and welcome to Just Answer!

LEV :

Ohio


http://tax.ohio.gov/documents/forms/ohio_individual/individual/2010/PIT_IT1040_2010_SFI.pdf


on the line 1 we take Federal adjusted gross income from 1040 line 37 that includes taxable Roth IRA conversion.


The Ohio return provides a limited credit for retirement and pension income – see line 48 on the schedule B.


Illinois


http://www.revenue.state.il.us/taxforms/IncmCurrentYear/Individual/IL-1040.pdf


similar to Ohio – on the line 1 we take Federal adjusted gross income from your U.S. 1040, Line 37


However, certain types of retirement income may be subtracted from the Illinois income on the line 5 – including amounts rolled over to a Roth IRA.


 


So Roth IRA conversions are taxable in Ohio, but tax liability may be partly reduced by a credit.


In Illinois Roth IRA conversions are NOT taxable.

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