Retirement Tax Tips and Answers | TurboTax® Support

Retirement tax questions

We have been paying est taxes to cover our planned income for 2021, but am now considering a late year roth ira conversion. How do I avoid penalties for underwitholding?

I just efiled and realized I forgot to report an early IRA distribution withdrawal. Now what? Also, do I get taxed all at once on the full withdrawal?

RMD while employed but $0 contribution to 401k

My husband turned 72 this year. He's a part-time teacher and gets paid when he teaches. Due to the pandemic, his classes were canceled. The school keeps his status as "active/employed" so he can teach as classes resume. His 2021 earnings so far is $0... read more

Is a settlement for a discrimination case taxable income?

Can I take 403b 9 distributions as nontaxable for housing? I am 63 and served as a pastor for 25 years. I no longer hold ministerial credentials.

The IRS is saying I owe them money from my 2019 tax return, from a withdrawl from my IRA. I was 59 1/2 when I withdrew -do I owe that tax?

Why am I being asked to activate Turbo Tax after I have already completed my return and received my refund? I no longer have the code. Need help unlocking MY copy of TT.

Roth IRA limits based on earned income

Last year I put $5000 in my Roth IRA.TurboTax says i have excess contribution of $1500 - because not enough 'earned income'.My income came from: a W2 for $3500, and a K-1 for $58,000 from my S-Corp (I do not take a salary).If I materially participate... read more

There is a programming bug in NH State Tax Form DP-10 Line 4. User entries are populated erroneously in random order onto the sheet. Is anyone else experiencing this?

Roth IRA contribution limit

Does a taxable lawsuit settlement count as earned income for the purposes of the Roth IRA contribution limits? Say a taxable lawsuit settlement put you over the income limit - can you still contribute to a Roth IRA since Medicare and social security ... read more

How do I designate on form 5329 that a 529 distribution was for reimbursement from a scholarship and not apply 10% penalty for non-qualified distribution?

What does the NJ state return mean when it asks if this is the first withdrawal from this IRA, and then for the Value of all IRA's on 12/31/2020?

My wife is forced to take a Required Minimum Distribution (RMD) from an IRA she inherited from her great grandmother (?). Why does NJ care what the value of "all IRA's" are? What does this even mean, exactly? The value of all IRAs in my wife's name? ... read more

How to claim contribution to Traditional IRA account is non-taxable?

Hello everyone: I listed information below for reference purpose:Residental state: TexasYear 2020 Tax Filing status: Married file jointlyYear 2020 AGI: $139,428Turbox Tax showed effective tax rate as: 10.10%My contribution to Traditional IRA Account ... read more

What is the proper way to adjust the cost basis for the SLV / GLD ETFs that are structured as trusts, and have monthly expenses that show up on your 1099-B?

These monthly expenses show up on the 1099-B as Undetermined Term Transactions, with no acquired date or Cost Basis.The Acquired Date must be retrieved from your records, and there is already a publicly available calculator to determine your cost bas... read more