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  Rolling over part of an IRA to a Roth IRA does not count for RMD.  You must take your RMD first from your traditional IRA before you can convert funds to a Roth IRA.  Converting to a Roth IRA eliminates future RMD's for the converted amount, because a Roth IRA does not have an RMD requirement for the original owner.  Keep in mind that any funds you're converting to Roth are taxed in the year of conversion.  For more info: Retirement plans FAQs regarding IRAs

If you are claiming your mother as a dependent your filing status could be Head of Household, so that would make your standard deduction $23, 625 (+ $2000 for age 65 or older).       Am I Head of Household?   https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-filing-status/qualify-head-household-2021/L0NxUtVc2_US_en_US?uid=m5x19jkx What is a "qualifying person" for Head of Household?   If you qualify as Head of Household, when you enter your marital status (single or married filing separately) into MyInfo, and then enter your qualifying dependent, TurboTax will offer HOH as your filing status.  

While we are not able to provide estimated tax results here, I can provide you with a link to our Tax Calculator. It is still pointed to the 2024 tax year; it should switch to 2025 by mid-November.    You mentioned taking a large $50k sum out to help your son buy his first house. That's wonderful! What I would suggest is that you and your wife consider splitting up the $50k gift into two tax years. You are each allowed to give up to $19k per year to your son, and avoid any gift taxes. Your son would also not have to pay any taxes on that gift. So if you both give him $19k in 2025, that would be $38k total. You could also give him $12k early in 2026, for a total of $50k. If you do it all in 2025, then you'll have to report the gift to the IRS via a Form 709. While you won't have to pay a tax at that point, it's still a pain to have to complete the tax return. That amount will also be subtracted from your lifetime gift and estate tax exemption, which is $13.99 million for 2025.   In terms of minimizing your taxes, I'd try and keep your income below $150k so you can take advantage of the full senior tax deduction of $6k each, but it looks like you'll be able to do that just fine. There's not much else I can think of for you, but for your son, he may qualify for a Mortgage Credit Certificate (MCC), which is a phenomenal program for first time home-buyers. I was able to get one, and it's saved me thousands of dollars over the years. The way it works is that you get a tax credit for your mortgage interest paid every year, up to a certain percentage. My percentage is 30%. With mortgage interest rates being so high, the credit can be significant, especially in the earlier years of ownership. There are rules though, and your son would have to apply for it up front; some lenders don't offer it. But have him check out his state's rules! MCC's make home ownership a lot easier.   I hope this helps!

Your understanding of the Social Security (SS) taxation formula is correct. The amount of Social Security included in your Medicare MAGI calculation is only the portion that is already taxable. The Medicare MAGI calculation begins with your Adjusted Gross Income (AGI) from your tax return (Form 1040, Line 11). Your AGI already includes the taxable portion of your Social Security benefits. Add back the Tax-exempt interest (e.g., municipal bond interest).   https://secure.ssa.gov/poms.nsf/lnx/0601101010    Medicare uses a two-year lookback to determine IRMAA. Your 2023 MAGI determine your 2025 Medicare premiums.   Let’s say in 2023 you had: $40,000 in IRA distributions $20,000 in taxable Social Security benefits $5,000 in tax-exempt interest Your MAGI for IRMAA = $40,000 + $20,000 + $5,000 = $65,000 If you're filing jointly, you're well below the 2025 IRMAA threshold of $212,000, so you'd pay standard Medicare premiums.   @user17609888305 Thanks for the question!!    

$6000 is only taxable if you withdraw. If that $6,000 was pre tax contribution, then it will be taxable in the year you withdraw along with bank interest. Taxable does not necessarily mean you will pay taxes. For example, your total taxable income (taxable retirement, taxable interest and any other taxable income) is $20,000 and you have itemized deduction of $20,000 or more, you taxable income will be zero since deduction will wipe out all that income and you will not pay any taxes. But let's say your total income is $30,000 instead of $20,000 and itemized deduction is still $20,000, you will only pay taxes on remaining $10,000.   Yes, you are correct, any charitable donations, miles driven will go on Schedule A.    Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful! **Please cheer or say thanks by clicking the thumb icon in a post **Mark the post that answers your question by clicking on "Mark as Best Answer" Regards, TurboTax Expert

If you take money out of your IRA you will receive a 1099R from the financial institution that handles your account.   You must enter that 1099R into your tax return.   Sometimes they mail them, but often you need to go on the account website or you might be able to import the 1099R into the tax software.   Financial institutions usually have 1099R's ready for import by late February.     To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.     If your bank or financial institution is not on the drop down list, click the words “I’ll type it in myself” and key in your information by hand.     See if your financial institution is on the Partner List - If not, you will have to enter the information manually.      

Did you take a IRA Distribution or RMD?  You should get a 1099R form from the IRA account to report it on your personal tax return.  It goes on 1040 line 4a and 4b.  You don't file it separately.  Have you filed your tax return yet?   If you already filed for 2024 you need to amend your return to add a 1099R.  Or are you asking about taking a distribution this year in 2025?     Do you need to enter it? Enter a 1099R under Federal Taxes Wages & Income Then scroll way down to Retirement Plans and Social Security Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start If you are adding another 1099R there might be a Add button at the bottom of the list.

It is a smart move and great financial planning tool to slowing move your traditional nontaxed IRA funds into Roth IRA, especially during years when your income is lower.  By taking this action, you're reducing your future tax liabilities.   Also, if you happen to leave your Roth IRA to your beneficiary, it will be tax-free to your beneficiary.  

Nothing about Social Security has changed. It can still be taxable. There is a new Enhanced Deduction for Seniors of $6,000 for each spouse 65 or older if you qualify. The income limit is 75,000 (150,000 Joint). That is listed separately on your return and is in addition to the Standard Deduction or your Itemized Deductions and is after any Social Security taxable amount on line 6b. The deduction for seniors will be allowed for 4 years, from 2025 through 2028. For Single the Deduction phases out at 175,000 For Joint the Deductions phases out at 250,000 See draft of 1040 Schedule 1-A page 2 part V https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf Sch 1-A line 31 starts with your MAGI from line 3, which is the AGI on 1040 line 11b plus any income from form 2555 lines 45 & 50 plus form 4563 line 11.

Well if you only get SS it is not taxable.  I assume you are Single?  Your Standard Deduction would be 17,750.  So any income over 17,750 will be taxable.  If you take out more than  $9,500 from the 401K it may make some of your SS taxable.