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code 4 inohio ...guidance on what you can be deducted on theohio state return. if the deceased had retired and taking own distributions and then at death the IRA or 401 transfers to a spouse or child is it deductible? I say "no"....as the deceased was already taking IRA or 401K. many deduct on OHIO if code 4 but I read regs to say that if the deceased was already taking the IRA OR 401k distributions its taxable to Ohio. Thoughts? Amy distinction to anyone between 401k versus IRA. REGS on 401k say no deduction as continuation of benefits. IRA same treatment and not deductible? Thanks for thoughts.

Thank you all. I finally Found the basis and it was box 5 non covered. I think the code X made me think this was a transaction that may not be reportable different etc. But it really is noncovered basis not reported to IRS. I AGREE that the X may not be a "code" but my 1099b says "check code x on 8949". Others say "check code A, D, B E. Ones we all know. I wasn't familiar with X. Still a bit different the way it's labeled. But I found Basis and I'm coding it long term Basis not reported to IRS. AS no code x. Thanks all.

I understand. Appreciate it. He passed away Friday. Wife wants me to file. Long story. Think I will put zero basis. Just trying to see if someone very familiar with selling stock to pay taxes in "other options granted" and code X. ive never encountered code x. Ever. I will likely be conservative and amend as I get more info. Thanks all. Just a bit frantic. It is NON QUALIFIED. I was trying to see if code X was familiar to anyone.

Anyone know how to tax a noncovered security that sold shares to pay taxes for options granted? 1099 b shows no basis but not sure there would be a basis?? It says to code X on 8949 I've researched and can't find anything but I know its for shares he sold to pay taxes on options granted .

Meant it says on 1099 to label code x on 8949

The 1099b says Labor code X on 8459 13,000 and proceeds no cost basis no acquired date. I know it was sales of shares to cover taxes for options granted Any help?

I would appreciate anyone's help on code X on the 1099b it says that on Form 8949 and I should check code x. It's labeled box 5 noncovered securities It appears this client sold shares of stock to cover the taxes on options granted can anyone tell me how I should handle this is it short-term long-term gain and zero cost basis

This is exactly how I see it. We are having a debate among CPAS. The instructions say pension, retirement and profit sharing. Why carve out "retirement" in law. Thanks for your opinion.

Re: Ohio retirement credit. Do you give credit only on annuities pension and 401ks only or are IRAS included? Some folks tell me "retirement" does not include IRAS for purposes of the credit on Ohio. Anyone encounter this?

Totally makes sense now!!! Really appreciate it.

Thanks. Very helpful! Understand now. So managent fees in a brokerage account ok as after tax. Got it.

Some list on brokerage stmt "Advisory fees" some "management fees" Trying to understand if there's distinction between IRAs and regular brokerage accounts or if the distinction is if they don't pay for it separately there's no deduction

Because Ira manage my fees not billed separately or because management fees shouldn't be deducted? Thanks for quick response. How about management fees in a brokerage account?

Fees for advisement advice are deductible but if someone is billed for "management fees" for an IRA but paid with funds inside the IRA (not billed directly) would you take as a deductio subject to 2% of AGI I know custodial fees if paid with funds outside of IRA ARE DEDUCTIBLE But not custodial fees with funds inside IRA BUT many clients have "management fees". Paid inside IRA. WOULD YOU DEDUCT? Rule says expenses to collect income "manage" income etc but is this only if fee billed separately outside IRA Thanks in advance.

Thanks just wanted to be sure. Makes sense. The code L prevented my software from automatically calculating the penalty. So thought perhaps this was different since not a code 1