Retirement Tax Tips and Answers | TurboTax® Support

Retirement tax questions

1099 taxes

Why Turbo does not report the tax credit for the IRS payments received

1099-r and estimated tax results in penalty

I took a distribution from my retirement savings, had Schwab withhold an amount equal to my estimated tax, and skipped making the estimate payment for that quarter. This resulted in a penalty for underpayment even though the 1099-r plus estimated pay... read more

Mom has dementia, just got to oregon

Had no idea she was ill going threw her papers she has filed everyyear she gets social security and pension from my dad who has passed.taxes for this year has not been filed and its passed the 15th it is now the 26th what do i do does she still need ... read more

Tax Credits for US Citizen Residing in Japan

I'm a US citizen, but I'm a permanent resident of Japan. As such, I must report my worldwide income to BOTH countries for taxation. I have tried and tried to find clear, simple written explanations of which country I should pay income tax to first fo... read more

For a 1099-B assigned to the wrong family member tax IDN, how do I input the explanatory information into TurboTax on why it was added to one and removed from the other?

An investment firm's transition of investment account platforms resulted in an incorrect assignment of tax IDN for one account.

I am getting an error for "Excess withdrawn after the end of the year" under HSA. I have entered a zero as I had none, and no over contributions either. Can anyone help?

401k/403b Over contribution - no W2C

So I over contributed to my 401k/403b by a little under $200. The 401k admin has since cut me a check on the amount plus earnings. There were NO taxes withheld.My employer said they will NOT cut a w2c. How should I report this on this years taxes via... read more

What is the formula Turbotax uses to calculate the Effective tax rate shown on the cover sheet?

Missed RMD prior to death / Form 5329

Quick question about missed RMD's Elderly parent passed away Jan 2024, having taken RMD's since 2019 but not having taken RMD's for 2023 (illness) or 2024 (death). I understand that the RMD for 2024 should be taken by me, the non-eligible designated ... read more

Does the Virginia program take into account the reduction of taxable income due to military retirement?

Excess contribution or not?

So I switch jobs during the year 2024. Let's say this is a break down of my contribution by end of year 2024: Company 1:Pre-tax 401k: 3,000Company match: 1,000After-tax: 40,000 Company 2:Pre-tax 401k: 20,000Company match: 10,000After-tax: 0 The limit... read more

Newly retired..my pension took out taxes first year automatic like I thought would always happen then the next year no taxes came out sent us a w-4p after the fact ?

We didn't think to check if taxes were coming out of pension

I'm a US citizen, but I live in Japan. I have an after-tax retirement annuity in the US. When I receive annuity money, which country gets to tax it?

Which article(s) of the tax treaty provide the explanation?

Amending previous returns for overcontribution to roth IRA

Hi, I just found out that I've been overcontributing to my roth ira for 2018, 2019 and 2020. My wife also has the same issue for 2020. We have filed as married filing jointly for all 3 years. Am I able to amend my 2019 and 2020 returns via turbotax a... read more