ROTH Distributions
Assume all of my income is from ROTH distributions.
My State allows a deduction on a portion of property taxes.
Am I correct in that I cannot take such a deduction because there is no taxable income?
Assume all of my income is from ROTH distributions.
My State allows a deduction on a portion of property taxes.
Am I correct in that I cannot take such a deduction because there is no taxable income?
Permalink Submitted by Alan - IRA critic on Wed, 2023-09-06 23:01
Correct. However, if the Roth is not yet qualified and earnings are distributed they will be taxable. In addition, for both federal and state taxes, you generally cannot take property tax deductions unless you can itemize, but a few states might provide some form tax credit if you cannot itemize.