Retirement Tax Tips and Answers | TurboTax® Support

Retirement tax questions

K-1 plus W2 for compensation for SEP IRA?

If 100% owner of an s-corp with $100k net income after expenses (including $50k salary to self), does that mean compensation is then $150k and that max SEP IRA contribution is 25% of that amount (so then $37,500)? Thank you.

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How to pay taxes on early withdrawal from a profit sharing plan?

Hello, I'm having trouble finding a clear answer. I've weighed my options and decided to take withdrawal my profit share account from my previous employer. I understand I must pay taxes and penalties for both state and federal. The paper work provide... read more

Reporting excess contribution to the Roth IRA without having received a 1099-R

While filing taxes for the year 2018, I realized that my entire contribution to Roth IRA was in excess due to MAGI limit.I filed for an extension with the IRS and thereby extended my deadline to Oct 2019.I sold all of the holdings in my Roth IRA and ... read more

How do I report a nominee on a 1099-R form from cashing out an insurance policy? The insurance co reported the entire taxable amount under my social

I am asking the insurance co to split the proceeds and send 2 1099-R forms showing the actual taxable amount for both of us, but if they can't how do I do this if it's all reported under my social, when I do my taxes next year? I would like to verify... read more

I removed excess contributions from my Roth IRA and amended my 2017 tax return, however my IRA Information worksheet still shows my basis incorrectly. How do I adjust?

Existing rollover IRA/Backdoor Roth IRA question

I am planning to make a backdoor Roth IRA contribution for this year. I currently have a very small rollover IRA with a balance of $2300. My understanding is that I can make a $6000 contribution to this IRA, and then convert the entire balance of $83... read more

Why is the Federal 1040 computng total taxes of $5,262 on Taxable Income of $67,667?

Taxable Income of $68,667? My phone # is xxx-xxx-xxxx

How do I file a 1099R for disability income from the state of Tennessee? Turbotax keeps asking for a bank name?

1099-R box 7 code is J but the distribution is from contribution not earning

I did not file my 1099-R 2017 (from Fidelity) last year as the distribution is from my contribution, but not any earnings. However today I received a mail from IRS saying that I my 1099-R has such distribution and I owe the tax. I checked my 1099-R a... read more

Tax bracket change for Roth Conversion

I have about 700k in a tax deferred account (IRA). I am considering moving some of it to my Roth IRA. My wife has no retirement accounts. My wife and I will file taxes "married filing jointly". If the Roth conversion is not done we will be near the h... read more

How was excess social security withheld reported on a married/filed joint 2015 tax return if I input the W2 information separately? I received a tax bill today

Why do I get the question "Did Joe Repay Any 2016 Hurricane Distribution in 2018?" when I answer NO to the question "Did Joe take a 2016 Qualified Disaster Distribution?.

How come I still get the question "Did John Repay Any 2016 Hurricane Distribution in 2018?" when I answer NO to the prior question "Did John take a 2016 Qualified Disaster Distribution?".

Is my us government pension exempt from $ 30,000 at age 65 in maryland taxes?

My interest entry doesn't add up to the sum per TurboTax

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