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My question has to do with tax on SS, so will ask here...   So if I'm understanding the bill that was passed, there is no tax on Social Security? Or is that only for certain incomes? Also, will "no tax" be retroactive to the beginning of 2025 or when does that start? I am currently having taxes taken out of my SS, but wondering if I can cancel this...   Thanks

When it comes to inheritance, inherited funds are not considered taxable income on your federal tax return. However, some individual states impose inheritance taxes, so it’s important to check the specific tax laws in your state. For more information about inheritance taxes and estate planning at the state level, you can refer to this link: What Is the Inheritance Tax?. After inheriting funds, if you decide to invest them, any earnings generated from those investments (such as interest, dividends, or capital gains) may be taxable. However, there are ways to minimize or avoid taxation on investment earnings by utilizing tax-advantaged options such as: Municipal Bonds: Interest income is typically tax-free at the federal level, and may also be tax-free at the state level. Roth IRAs: Earnings grow tax-free and withdrawals during retirement are tax-free, provided you meet the requirements for qualified withdrawals. 529 Plans: Earnings grow tax-free and withdrawals are tax-free when used for qualified education expenses. For additional details on different types of investments and their tax consequences, visit: Do You Pay Taxes on Investments?.   @lkroseto  Thanks for the question! **Say “Thanks” by clicking the thumb icon in the post **Mark the post that answers your questions by clicking on “Mark as Best Answer”

I understand the deadline to convert. Is converting treated different different than withdrawal from a traditional IRA. You have 60 days to repay without being taxed. Is that not the same on a conversion withdrawal? You do or do not have 60 days? 

Turbotax can't help with this.   For ETFs, CEFs etc you can normally find tax information on the fund website which would show the % of the income which is qualified   Generally individual stocks are qualified (provided certain holding period requirements are met) - key exceptions are REITs, Limited Partnerships, BDCs etc.   See following for some guidance on holding periods.  There are probably other websites that provide more information https://www.fidelity.com/tax-information/tax-topics/qualified-dividends   This similar question on reddit may be helpful; someone suggests checking payout history on dividend.com which shows whether it's qualified or not, if you can make it thru the ads. https://www.reddit.com/r/dividends/comments/12brgzm/is_there_any_easy_way_to_figure_out_if_a_stock/  

You should still file a joint return.   If you file married filing separately, ALL of her SS will be taxable.     If you are legally married at the end of 2025 your filing choices are married filing jointly or married filing separately when you prepare your 2025 return next year.   Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $31,500 (+ $1600 for each spouse 65 or older)  for 2025. You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit.    If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return.    Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states:  AZ, CA, ID, LA, NV, NM, TX, WA, WI)    If  you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice since with online, you get one return per fee.     https://turbotax.intuit.com/tax-tips/marriage/should-you-and-your-spouse-file-taxes-jointly-or-separately/L7gyjnqyM?srsltid=AfmBOopGqCNexowW0pYgvsf7ycIkrx4VjO_63UXv6vSnfu3UEGQiKQTh   https://ttlc.intuit.com/turbotax-support/en-us/help-article/income/getting-married-mean-taxes/L2RgmagpE_US_en_US?uid=m69on7t0  

@Engineer101  Namaste  Engineer ji   Thankyou for responding to my questions. Since your spouse is on a non-dependent visa ( F-1) and assuming that she has not yet completed the five year ( usual)  exempt status, she is NRA.  Thus when you  jointly ask for her to be treated as a resident ( for the benefit of being able to use MFJ standard deduction ), her world income becomes taxable to the US.  This probably is no burden since her income is probably only from OPT/EAD. Generally  earnings  during student  training (/ inclu. residency for med. grads) etc. is immune from FICA . Her deciding/ requesting to be treated as a  tax resident does not change her "training" / student status.  However, if she gives up her F visa and changes to a dependent visa like H-2/4 etc. she will be no longer immune  from FICA contribution.   My ref is -->  Student FICA exception | Internal Revenue Service   Does this make sense ?   Is there more I can do for you? Namaste ji