Retirement tax questions

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can we both  contribute to an ira?

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I understand that you can repay your 401K Cares Act withdrawal over the course of three years and recoup the taxes paid.  My question is does that money need to go into the same 401K that it was withdrew from? I have since my withdrawal rolled over that account into another 401K and no longer have the account I originally withdrew the money from. Second, do continued regular paycheck contributions to my current 401k count as repayment of the cares act hardship withdrawal? Even though I took money out of the account I never stopped contributing.  Example...took a hardship cares act withdrawal of 5K in March 2020 and since that time for the remainder of 2020 I continued paycheck contributions to my 401k of around 3K in total. Thankyou!

I receive a  portion of my ex husband's military retirement and he has never given me a 1099 -R.  What do I do?  He deducts it as alimony and it is not.  My alimony stopped several years ago.

The forms allow for Simple Plan information to be included in the Deluxe 2017 version on the Keogh, SEP and SIMPLE Contribution Worksheet -- you input both employee contributions (lines 5a/b/c) and employer matching contributions (line 5d), but only the employer contributions (line 5d) are supposed to be carried over to Line 28 of the Form 1040. This worksheet form is not working correctly as my total of employee and employer contributions is at the bottom of the page (Part V Line 2) as the amount to transfer over to the Form 1040 Line 28.This is also affecting Form 8880 line 2 as the amount carried over is double the amount of the employee contribution throwing off the calculation and causing the Credit for Qualified Retirement Savings Contributions to be wrong.

I have consulted with the IRS website and with IRS certified tax preparers about this question.  Code 1M is a qualified plan loan offset and is not taxable.  Code 1L is taxable but 1M is not.

Hi there, I currently am in the 12 percent tax bracket and I make approximately 40000 on an annual basis. I need to take the COVID 19 distribution from my ROTH 401k, which will be 5000.00. I understand that this can be spread out into 3 years. I am on the brink of the 22 percent bracket, so my question is do I have to pay taxes on the ROTH when I get this 5000 distribution from this new CARES act or is it exempt since I already paid taxes on this since it's a ROTH 401k

It's not a 401k plan

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I am filing out my 8949 entries via the easy question and I can not get the explanation code to match my 1099-B.  Worse the codes appear to be adding on each other.  How can I remove the old codes?  How can I enter them to match the 1099-B?

For several years we have been doing back door Roth conversions of our non-deductible traditional IRA contributions.  The tax effect is pretty close to zero.  All of our IRAs have been fully converted to Roths for several years, and at the end of each year, the balance in all of our Traditional IRAs is 0.Until this year - when we did a direct rollover of my spouse's 401 to a Traditional IRA with a balance of ~100K.Now as I work through the personal income section in TurboTax, it shows correctly on the 1099R and in Turbo Tax that the money from this was not taxable.  As I complete the 1099R area this year, it asks if either of us made and tracked non-deductible contributions to our Traditional IRAs. I say we do, but enter 0 for the basis since in the past there was no balance in our Traditional IRAs (all were converted to Roths by the end of each year). And now for the question(s): In the past as I completed this activity, we had NO balance in Traditional IRAs and th

I think I got the lines mixed up.  My question is why $2,367 and $2,365 are both added to my AGI.  I feel like I've answered a question in TurboTax incorrectly. Both numbers represent one rollover.  $2,367 from the withdrawal 1099R and $2,365 from the receiving bank 1009R.  The funds came from a traditional 401K and went to a Roth IRA.  The check was made directly to the receiving bank.

The rules and phase outs for Roth IRAs are based on a modified AGIs and specifically reference FEIE excluded income. The rules for 401(k)s seem to be based only on "compensation", and I can't find anything that requires income excluded using the FEIE to be excluded from "compensation" for contributing to a Roth 401(k). For that matter, I can't find anything that distinguishes between traditional 401(k)s and Roth 401(k)s as far as eligibility requirements or allowable compensation rules go.

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I bought a house in September and everyone I ask either has their taxes done by an actual Tax person or lives in another state so they've never seen this question.

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I am retired.  My Mother passed away and left me money in a Trust.  Will I be Taxed on that Money?

Turbotax 2020, standard version: On Québec Solidarity Tax Credit calculation: the software does not accept  input for cadastral designation. It keeps displaying the error message: "You enter information as you are Owner, both information must be filled: Roll number or cadastral designation and Number of owners living in your dwelling"

(It is a payout of compensation deferred while working. Federal, State and local taxes were withheld but no SSA or Medicare was withheld.  (Retired at end of 2015, have been getting deferred comp since then)

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