Massachusetts 2011: IRA to Roth Conversion
In 2010, taxpayers could convert funds from a traditional IRA to a Roth IRA and elect to defer paying the tax on that money until 2011 and 2012.
Certain customers, who made this election, may have an incorrect 2011 Massachusetts tax return.
TurboTax has fixed this issue.
How to tell if you have be impacted
You may be affected if ALL of the following are true:
• You filed a 2011 Massachusetts Income Tax Return AND
• Your 2011 federal tax return included a nondeductible IRA contribution AND
• You converted funds from a traditional IRA distribution to a Roth IRA in 2011 AND
• In 2010, you converted funds from a traditional IRA to a Roth IRA AND
• Elected to pay the tax on that conversion in 2011 and 2012 AND
• On your 2011 federal tax return, there is an amount on Form 1040, line 15b (IRA distributions, taxable amount) AND
• That amount is not the amount on your 2010 Massachusetts tax return, Schedule X and Y, line 2 (taxable IRA and Roth IRA conversion distributions.)
If you are affected, you may have overpaid or underpaid your state tax. You will need to amend your Massachusetts tax return.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about Massachusetts 2011: IRA Conversion.
You can make the corrections yourself
• To do it yourself, please follow these step-by-step instructions.
• After you make the changes to your tax return, you will need to mail a copy of your amended state return.
• Your printed return will include instructions on how and where to mail it.
• If you need assistance, call us at the phone number in the email.
Or let us do the work for you
1. Please download and print this Authorization Form.
2. Complete the form and fax it to us at the number printed at the top of the form.
3. A TurboTax representative will contact you (within 15 days) when your corrected return is ready to be securely emailed back to you.
4. You can print, sign, and mail the corrected return to the state taxing authority.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Massachusetts 2011: IRA Conversion
