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The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from most retirement accounts each year.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

How do I get my retirement earnings

How do i get my retirement earnings form for NC?

Form 8938 vs FBAR? I have on my FBAR 1 Pension plan from a Canadian entity (no contribution received yet), two RRSP and one LIRA. Do both documents must match?

Social Security $6,000 deduction

How do I access NJ state worksheet for adjusting 403(b) distribution to reflect my previously state taxed contributions in the second and following years

A previous post addressed the question for the first year but did not address for subsequent years after you have not been taxed on a part of the distribution in the previous year. The General rule calculations appears to be different than Work Sheet... read more

Inherited pension plan put into inherited IRA

I inherited a pension plan from my sister. This was divided between 3 people. I put my share into an inherited IRA in 2026. I am less than 10 years younger than her, however she did start taking payments from her pension plan. Being as I am 10 years ... read more

Is anyone else having problems entering their SSA-1099 Social Security Income?

The software is not allowing me to enter anything under the "Edit" button. From there it takes me in a loop and back to the Edit button.

Excess Contributions to Roth

I've searched endlessly for a clear, concise answer. I also called my financial firm, and the IRS (twice). I'm still unclear on the total penalty, and on my next steps to file appropriate paperwork. Here's my pickle: In early April, 2025, I contribut... read more

Can I file Form 5329 with my return using Turbo Tax Deluxe? I believe I need to file it because I missed taking an RMD for 2023 in connection with an inherited IRA.

If possible I'd like the penalty to be waived due for good cause.

Excess Roth IRA contributions since inception

I discovered that my wife had set up a Roth IRA account in 2021 and has been making contributions for the last 4 years (2021, 2022, 2023 and 2024). Unfortunately, she failed to realize that due to the MAGI limit she did not qualify to make a Roth IRA... read more

TT Generated form 5329 for excess RMD by doubling our withdrawal in error check by mistake

In doing error check, I answered an RMD question and filled in the amount, but it mis took it as having withdrawn double the amount, generating form 5329, last section which is to report excess RMD. In the last section, it is showing double the RMB w... read more