Retirement Tax Tips and Answers | TurboTax® Support

Retirement tax questions

Video Guide on Entering Qualified Charitable Distributions (QCDs) for the 2025 Tax Year

If you are aged 70 1/2 or older, a Qualified Charitable Distribution (QCD) offers a powerful way to reduce your taxable income while supporting your favorite charities. A QCD is a transfer of funds made directly from your IRA (excluding active SEP or... read more

Retirement Video Guide 2025: Entering Your Required Minimum Distribution (RMD)

The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from most retirement accounts each year.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... read more

Traditional IRA vs. ROTH IRA: Which is better?

Which is better depends on your financial goals, income, and tax situation. While nobody can predict future tax laws, we have a fairly good understanding that more income usually means higher tax rates. For tax planning you should consider your curre... read more

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

Under Wages and Income/Retirement Distributions (1099-R)/Where is your distribution from? - there is no Circle to select next to "New York State and City Education"

That is the circle I have been selecting in years prior. What happened to it?

description of Other Income not showing up on schedule 1.

Line z on Schedule 1 requiring type and amount of Other Income, does not show up on the finished form. It does show up on that line in Turbo Tax, just not the printed form. The amount is there, but now the explanation of type. This has always showed ... read more

Arkansas state tax return not computing the $ 6,000 exemption from pension income on Line 18A

The Arkansas state tax return is not subtracting the $ 6,000 exemption that we receive from pension or IRA income. This should be on Line 18A of the Arkansas return. We have had this for many years and it has always worked before. It has nothing to d... read more

What does this error message mean : Invalid method of payment value for TBM feature: Refund: Traditional Check

Roth IRA Excess Contribution

I made an excess Roth IRA contribution in 2023 and did not realize until 2024. I withdrew the 2023 contribution in February of 2024. I contributed $ 7500 and when I withdrew it in 2024 the taxable earnings were $ 2510. My total withdrawal was $7500 +... read more

Annuity information

I have a question regarding this section, Annuity info - For the years you received these distributions, was the total amount shown in the form the amount you paid tax on? I just started to receive this pension plan on 1/2025. The 1099-R has 2a blank... read more