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The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from  most retirement accounts each year. If you turned 73 in 2024 or earlier, understanding these rules and accurately reporting the income on your 2025 tax return is critical to avoiding IRS penalties.   RMD Rules and Deadlines for Tax Year 2025 Generally, RMD requirements apply to traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k) plans, and 403(b) plans. RMDs are not required from Roth IRAs during the original owner’s lifetime. If you were born after 1950, you typically start taking RMDs for the year you turn age 73. For the 2025 filing season, two key deadlines may apply, especially if you turned 73 in 2024:   First RMD (2024 tax year): If you reached age 73 in 2024 and delayed your first distribution, you must take it by April 1, 2025. Second RMD (2025 tax year): Your second RMD must be taken by December 31, 2025. Taking the first distribution in 2025 means you report two RMD incomes on your 2025 return. Failing to take a sufficient distribution can result in a 25% excise tax on the amount not withdrawn, though this penalty may be reduced to 10% if corrected within two years.    Entering Your RMD Income (Form 1099-R) All distributions received from retirement accounts are reported to you by your plan administrator or custodian on Form 1099-R and your RMD amount is found in box 12b of Form 5498, IRA Contribution Information.   Learn how to easily report your RMD on your tax return with our TurboTax video tutorial, "How to enter a Required Minimum Distribution."     Upcoming RMD Tax Law Changes  Congress continues to modify retirement rules under the SECURE Act 2.0. While the RMD age is currently 73, it is scheduled to increase again to age 75 in 2033.   Additional Resources: What are required minimum distributions (RMD)? Why don't I have an RMD listed on my 1099-R? Tax Tips for Retirement What Is IRS Form 5498: IRA Contributions Information? Retirement Plans: Taxing Distributions!   Need more help? Our TurboTax Community is here for you! Post your question in one of our dedicated tax forums.

Attention taxpayers, if you purchased an electric vehicle (EV) before the September 30, 2025, deadline, you may be eligible to claim the Federal Clean Vehicle Tax Credit. This credit offers a dollar-for-dollar reduction of the taxes you owe. However, the legislation known as the One Big Beautiful Bill Act (OBBBA) has ended this incentive.   The Critical September 30, 2025, Deadline For qualifying vehicles, the credit is only applicable if purchased before September 30, 2025. To meet this EV credit deadline, you must have signed a contract and made a down payment or trade-in by this date.   For new vehicles purchased during this window (through September 30, 2025), you may claim up to $7,500. For used electric vehicles, the credit is up to the lesser of $4,000 or 30% of the purchase price. Used vehicles must also have a sale price of $25,000 or less and be purchased from a dealer.   Key Eligibility Requirements for 2025 To claim the credit using IRS Form 8936, you must meet strict requirements, which include income limitations, specific vehicle component sourcing, and North American final assembly. Income Limits: Eligibility is based on your modified adjusted gross income (AGI) from the year of purchase or the preceding year, whichever is lower. New EVs: Can't exceed $300,000 for married couples filing jointly, $225,000 for heads of households, or $150,000 for all other filers. Used EVs: Can't exceed $150,000 Married Filing Jointly, $112,500 for heads of households, or $75,000 for all other filers. Vehicle Assembly and Components: The vehicle must receive final assembly in North America. Vehicles purchased on or after April 18, 2023, must also meet critical mineral and battery component requirements.   Remember that this is a nonrefundable credit. While you can reduce your taxes owed dollar-for-dollar, you can't receive more than your total tax liability. Taxpayers purchasing an EV in 2025 may also have the option to transfer the credit to the dealer to be applied as a discount at the point of sale.   Continued Tax Savings While the primary EV purchase credit is ending, the EV charging equipment credit remains available for purchases made up to June 30, 2026, and equals 30% of the cost of the qualifying property up to a maximum credit of $1,000 per item.   Ready to learn how to enter your EV into TurboTax? Watch our brief tutorial, “How to enter the Clean Vehicle Credit” now.    Additional Resources Understanding the New Clean Vehicle Credit Filing Tax Form 8936: Qualified Plug-in Electric Drive Motor Vehicle Credit Tax Credits for Hybrid Cars and Electric Vehicles: Maximize Your Savings What Is Form 8911: Alternative Fuel Vehicle Refueling Property Credit Need more help? Our TurboTax Community is here for you! Post your question in one of our dedicated tax forums.

Tax filing status impacts several key areas of your federal tax return: whether you are required to file, the size of your Standard Deduction, your tax rate, your eligibility for specific tax credits, and ultimately, the amount of tax you owe (or the refund you receive). Your status is typically based on whether you are considered married or unmarried as of December 31st of the tax year. The IRS recognizes five statuses: Single, Married Filing Jointly (MFJ), Married Filing Separately (MFS), Head of Household (HoH), and Qualifying Surviving Spouse (QSS). If multiple statuses apply to your situation, TurboTax is designed to help you select the one that results in the biggest tax break. Status Highlights: What You Need to Know Single: Unmarried, divorced, or legally separated taxpayers who don't qualify for Head of Household status file Single. For 2025, the Standard Deduction for Single is $15,750. Head of Household (HoH): This status is available if you maintain more than half of the expenses of your home and claim a qualifying dependent. It provides a larger Standard Deduction and more favorable tax brackets compared to filing as Single. For 2025, the HoH Standard Deduction is $23,625. Married Filing Jointly (MFJ): Generally considered the most favorable status for married couples, MFJ offers the largest Standard Deduction, which is $31,500 for 2025, and wider tax brackets, often leading to a lower tax bill. Married Filing Separately (MFS): This is often referred to as a "penalty status" because it usually results in fewer tax benefits and higher overall tax compared to MFJ. MFS filers receive the same Standard Deduction as Single filers ($15,750 for 2025).  Qualifying Surviving Spouse (QSS): This status is available to taxpayers whose spouse died in one of the two prior tax years and who have a qualifying dependent, provided they have not remarried. QSS is beneficial, because it allows the taxpayer to use the generous Standard Deduction and favorable tax rates that apply to those filing MFJ. New Senior Bonus Deduction for 2025: Does filing status matter? Your filing status matters if you’re married and age 65 or older, by the end of the year. The One Big Beautiful Bill Act (OBBBA) introduced a new bonus deduction for seniors, but if you are married, then you must use MFJ as your filing status to qualify. Additionally, the new senior bonus deduction is available if you take the Standard Deduction or itemize. It phases out once your modified adjusted gross income exceeds $150,000 for joint filers ($75,000 for Single).   Ready to ditch the confusion? Watch our quick video, "How Does My Filing Status Affect My Return?" to see how TurboTax will help guide you to pick the best filing status for your situation.    Additional Resources The 5 Filing Statuses - Get it Right! Married Filing Jointly vs Separately: How Should You and Your Spouse File Taxes? Guide to Filing Taxes as Head of Household Taxes 2025-2026: One Big Beautiful Bill Tax Law Changes and How That Impacts You Need more help? Our TurboTax Community is here for you! Post your question in one of our dedicated tax forums.