All Posts

Thank you AmyC,  when you state taxable would that be only the excess amount or total amount received? The 1099-R form shows total amount as taxable. I'm confused about life insurance is not taxed.  I follow if life insurance policy is not cashed at time of death and accurse interest.  The interest acquired from date of death is taxable but not the total sum.  The way the 1099-R is reporting total amount would be added to annual income and be taxed.....    Then life insurance 100% taxed?????   I'm sure that I'm missing something here....   

if you have no rental real estate activities with active participation you don't get the special allowance. you need to keep copies of the return for the last year it was a rental so when you go to sell, you'll have the necessary information =  asset costs, accumulated depreciation, PAL carryover. 

if it's accepted you can 1) try calling the IRS 800-829-1040 2) however, if you can't reach the IRS or it has posted you'll have to wait for a check in the mail. This will take longer than normal because first the IRS will try for a direct deposit. when that fails the deposit is sent back to the IRS to issue a paper check which may take some time for it to be processed.  

Turbotax does not e-mail returns. if you want a copy, it's a good idea because the return and all data will be deleted in 7 years and in 4 years you won't be able to open the 2025 tax file. you can save it as a PDF on your computer or if you have a compatible printer - print it out. This is a public forum with no access to your return. 

Not knowing all the details of your situation it's difficult to give you advice. Nobody knows the future or what your situation will be in 15-20 years from now or what it will be in retirement. In my opinion the Roth IRA will be the better investment in your retirement than the traditional IRA because though you pay taxes on the initial investment it will grow tax-free and when you take distributions they will also be tax-free.  In your case I would consider moving both of your traditional IRA's to ROTH-s. But not all at once. Each year move a percentage of one IRA so as not to impact your taxes. I would start with the one outside the TSP.  When one IRA has been completed do the same with the other one. Any new contributions should be to the Roth, if possible. The above is just my opinion and may or may not be the best for you. I'm currently retired and wish I had done this when I was working. 20-20 hindsight.

@ sbsvwa  The option to get that Verification of Non-Filing letter has likely been in your Online IRS account for weeks.  It's not dated until you view it.  Whenever you click to view, it places the current date in the letter.  So if you click on it on April 15, the letter will say April 15.   AFAIK, everyone starts off with a "Verification of Non-Filing Letter" available for download in their online IRS account transcript section, until/unless one files a return.  i.e., it's the default.  It shows up there initially for convenience of someone who hasn't filed.   My account also showed that "Non-Filing" letter option for weeks until I actually did file, and the IRS began to process it.   When they start processing, the transcript initializes, and they allow some of the basic 2024 transcript data to show up, then all the info.   As @fanfare explained, they probably have just not started processing it and thus haven't initialized the transcript yet.   After I got my acceptance notice, the transcript didn't show up immediately.  It took only a few days (maybe 4-5) for the 2024 transcript to update in my online IRS account and replace the "Non-Filing Letter" with an actual link for my 2024 transcript.   The amount of time likely varies from person to person.   I don't know if the IRS does it according to its cycle schedule or what.  In any case, if you just efiled on April 15, I wouldn't worry about it.   Check again every 2-3 days, if you wish, and you will probably suddenly find that's there's been a change.