Retirement Tax Tips and Answers | TurboTax® Support

Retirement tax questions

Retirement Plans: Taxing Distributions!

Is it time to retire? You’ve worked your whole life - setting aside some of your hard-earned dollars to ensure a comfortable retirement. Now it’s time to reap the benefits of your savings! Know your options and gather the knowledge to reduce taxes, e... read more

Retirement Plans: Tax Savings Galore!

The best place to begin your retirement tax savings is with expert knowledge! You’ll find that in the The Golden Years Guide to Tax-Free Retirement, which is filled with great tips from financial experts in-the-know. Most people are familiar with a 4... read more

What are the correct steps to amend my return to properly account for backdooring a traditional to roth IRA? Box 4(b) is still showing the full amount after revisiting.

As the questions says we made a mistake on our 2023 returns regarding our Traditional to Roth IRA backdoor, so I went to file an amended return and revisited the 1099-R steps - I completed them the same as our 2024 1099-R section, but the Amended Ret... read more

Is it useful to be able to enter IRS Form 5498 IRA Contribution Information into TurboTax each year so that the program can keep track of it?

It would be convenient to have this information digitized in the data files for the relevant years instead of trying to preserve crumbling paper over a 50+ year period. I suppose the alternative is to scan it and include a pdf in the folder with the ... read more

Can you return IRA money not needed

Withdrew money for a auto but changed my mind and want to but it back

TurboTax Software Error – Incorrect Default Setting Caused Miscalculation of Taxable Social Security

I am writing to report a critical issue I encountered while filing my 2024 tax return using TurboTax.My adjusted gross income was $48,000, and a portion of my income came from Social Security. However, TurboTax failed to correctly calculate that 85% ... read more

Do I need to amend returns if 1099-SA was received after filing

I already filed my return and the return has been processed. I received my 1099-SA after the return was filed. I have used the money from the HSA account only for qualified medical expenses. The W2 already had the information about the contributions ... read more

if I take money from a 403b account and put it into a roth account is that a contribution? or maybe it is a conversion.

Inherited IRA Distribution NIIT

Hello, I've tried to find a clear answer on this one but I keep getting conflicting responses. An IRA was inherited by a non-spouse and not subject to RMD. I know distributions themselves are federal and state taxable and the amount counts towards MA... read more

Maine Pension Income Deduction and Roth Conversions

61-year-old Maine resident, taking 30K withdrawal from IRA and putting it into Roth account (Roth Conversion). 1099 form has Box 7 coded as Normal distribution. Not taking Social Security. TurboTax software allows the Roth Conversion, full 30K as Mai... read more

Relinquishing Citizenship

I relinquished my citizenship last week. I have not been in the U.S. any day this year. I am a noncovered expatriate on form 8854. My question relates to my 1040NR. Everything I have read from the IRS states 'covered' expatriates must file a split ye... read more

How do I report excess contributions to a Roth IRA in the TurboTax web portal?

I've started an amended return but I can't find any way to report excess contributions in the web portal. Can someone point me to it? Thank you.

Which line on tax form, can I view the income that was actually taxed?

Why my IRA Roth contribution $4200 is excess while I am filing jointly and my spouse does not work and all my annual income is foreign income between 125K > but < 150K?

This answer has been verified for accuracy by an Intuit expert employee Does the 5 year rule on roth earnings reset if I do a roth conversion this year and another next year? I am 67 and have a 6 year old roth now.

My humble opion thinks I need a new roth account each year I do an additional ira to roth conversion so I can track the 5 year rule on roth earnings seperately.