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The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from most retirement accounts each year.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

difference between RMD and what was taken out is $0 but TT still asks me about correction window. how can i get out of this loop?

Why must I enter 5498 data if it is not applicable

Other Form 1099-Q information

Please can you help clarify the Turbo Tax wording as it's confusing. There is a statement 'Box 6: Is the recipient of the distribution the designated beneficiary' and underneath this it says 'Recipient is not the designated beneficiary'. There then a... read more

1099R for Surrendered Life Insurance Policy in Pennsylvania

I surrendered a life insurance policy that I had through my employer, premiums paid with after-tax money. The surrender value is less than the premiums paid. In Turbotax, if I enter the PA distribution category as life insurance, Turbotax calculates ... 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

How do you clear/remove the Miscellaneous Income, 1099-A, 1099-C fields. Info was mistakenly entered and shows up on summary page.

I revisit and no edit type options are available.

If it’s saying I filed form 8959 but didn’t, how can I fix this? Requiring me to purchase deluxe but I feel that’s unnecessary.

I went to finalize my filing and it popped up saying it can’t file because I don’t have a simple return and filed form 8959, which I wasn’t aware of… really strange. When I looked up what it is, it showed income limits way over mine, filing Medicare ... read more

What kind of plan is OPM CSA Federal retirement, 403(b) of other? Is the General Rule or the Simplified Method be used to figure out the taxable amount of this annuity?

Having trouble figuring out how the taxable annuity was figured.

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?

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