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The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from most retirement accounts each year.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

For RMDs and Roth conversions does sequential order matter?

For 2025 I have completed all my RMDs and also a Roth conversion.The only thing is I did the Roth conversion early in the year and the RMDs late in the year.Some say that makes the Roth conversion invalid, is considered an excess contribution, and it... read more

Royalty income and retirement ....

I'm a retired NBA contract photographer and still receive royalties from the licensing of photos I made during that time. The NBA owns the copyrights. Under the circumstances do I need to continue to file a schedule C? If I'm only getting royalty pay... read more

If I withdraw all funds from my traditional IRA before 59-1/2 years old, how do I calculate the federal income tax and 10% penalty I need to account for?

I have $31,009.48 in my IRA. I live in Illinois, so I wont be charged state income tax. I earn between $80,000-$95,000 a year, file as single, and have 1 dependant.

Do I use 1040-ES to pay tax on my 2025 IRA withdrawal? Is my deadline to pay on Jan 15, 2026?

VA aide and attendance

I receive VA aide and attendance to help pay for a caregiver. Do I need to issue a w2 to caregiver?

I draw my retirement do i add that in also my medicare

TurboTax Admin or anyone know when is TT2025 allow to enter IRA section?

TurboTax Admin or anyone know when is TT2025 allow to enter IRA withdrawal section?

Tax Decision I have to Make- $1 value sell-out for failing asset verses continuing K1

I have a failing real estate private partnership investment that looks like I will lose everything on. The general partner has been providing K1s for the last 7 years. I have an opportunity to sell out to the general partner for a $1 value. I do not ... read more

Backdoor Roth- Suggestion on Dividend accrued in Traditional IRA for 2024 conversion

Greetings, Happy Holidays. I did back door Roth contribution (non-working spouse) through Fidelity in Nov 2024. Deposited funds held in Trad IRA before available to transfer to Roth IRA. Based on order history, I converted Full available (7000.85: CO... read more