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Retirement tax questions

Conversions from Traditional IRA to Roth - in 2023 TurboTax conversions now taxed just over 50%

Hello, I retired at 55 and a few years ago started doing conversions from my traditional IRA to Roth. I stopped doing large ones since now the IRMAA impact can be significant for both my wife and I (she is Medicare next year).Last year I harvested so... read more

What would make a pension "Not eligible for exclusion for those over age 59-1/2?

I am filing in New York State and the pension is not from a state or city government.

Back Door Roth: Rolling Between 401K and IRA

My income exceeds the contribution threshold for IRA. I am trying to do back door Roth. A few years ago, I rolled traditional IRA into my prev employer's 401k plan. However, the problem with this approach is I'm limited to trade funds and stock offer... read more

Do I add my social security income when I file my taxes?

I'm having problem with 1095-a, review. there's a box on the screen that says check this entry. the box is next to monthly advance tax credit it says delete I won't.

Excess roth 401k contribution with filing extension

I am working on my 2023 taxes and noticed that I over contributed above the roth 401k limit. I was missing a tax form and couldn't file by the deadline, so I submitted an extension. Because I submitted an extension that gives me until October 15th to... read more

Is there a way to figure what our additional tax would be if we took a payment from an annuity account and decided not to pay it back but keep it as additional income?

IRA Contributions Worksheet Error?

In TT 2023, the information from our TT 2022 IRA Contributions Worksheet did not get tranferred fully. In the taxpayer column, my "Traditional IRA Basis Detail" is blank, while it was populated in TT 2022. On the TT 2023 worksheet, it is blank. The s... read more

Excess Roth IRA contribution 2023

We had an excessive Roth IRA contribution for 2023. We didn't discover this until filing taxes. Our investment firm removed the excess before filling date. The excess contributions were $15,000 (7500 each, MFJ). The earnings were roughly $2300 and ch... read more

The tax payment scheduled via TurboTax did not come out of my bank (no attempt was made). The automatic withdrawal is clearly stated in the instructions.

How do you fix a mistaken deposit into an individual 401K that I am not qualified for.

I mistakenly deposited funds into an individual 401K that I am not qualified for on December 30, 2022. When I discovered this, I had the funds (along with the earnings) withdrawn (around February 2023) before the filing of the 2022 tax return. For ta... read more

RMD waiver in 2020

I inherited an IRA from my father in early 2020 and it falls under the 10 year rule. He was already taking RMDs before he passed away. The IRS waived the RMD requirement for 2020 and I didn't make an RMD that year. Does the RMD waiver in 2020 expand ... read more

Will any TurboTax service help me refile my taxes from two years ago? I made a Roth IRA contribution that I was ineligible for and then withdrew it.

This is my first time using TurboTax for my 2023 tax returns. I used to go to an accountant, but he screwed up my 2021 returns by okaying a Roth IRA contribution when I shouldn't have contributed. It was more than a year after the contribution, so I ... read more

I need to add my basis for my IRA Roth conversion for tax year 2022 (I forgot)? TT only asks for basis up to end of 2021, is this an error? Shouldnt 2022 be included?

I have full records of my Traditional IRA basis (although I empty the account with rollovers to Roth IRA each year. The 2022 tax year form only asks for basis up to end of 2021, is this a mistake?

I have a traditional IRA and Roth IRA in Fidelity for backdoor Roth purposes. I plan to rollover my old Roth IRA from Betterment to Fidelity. Will this cause tax issues?

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Featured Topics

Conversions from Traditional IRA to Roth - in 2023 TurboTax conversions now taxed just over 50%

What would make a pension "Not eligible for exclusion for those over age 59-1/2?

Back Door Roth: Rolling Between 401K and IRA

Do I add my social security income when I file my taxes?

I'm having problem with 1095-a, review. there's a box on the screen that says check this entry. the box is next to monthly advance tax credit it says delete I won't.

Excess roth 401k contribution with filing extension

Is there a way to figure what our additional tax would be if we took a payment from an annuity account and decided not to pay it back but keep it as additional income?

IRA Contributions Worksheet Error?

Excess Roth IRA contribution 2023

The tax payment scheduled via TurboTax did not come out of my bank (no attempt was made). The automatic withdrawal is clearly stated in the instructions.

How do you fix a mistaken deposit into an individual 401K that I am not qualified for.

RMD waiver in 2020

Will any TurboTax service help me refile my taxes from two years ago? I made a Roth IRA contribution that I was ineligible for and then withdrew it.

I need to add my basis for my IRA Roth conversion for tax year 2022 (I forgot)? TT only asks for basis up to end of 2021, is this an error? Shouldnt 2022 be included?

I have a traditional IRA and Roth IRA in Fidelity for backdoor Roth purposes. I plan to rollover my old Roth IRA from Betterment to Fidelity. Will this cause tax issues?

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