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The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from most retirement accounts each year.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

PA Local Tax on Federal Law Enforcement Retiree under age 59 1/2

A 52-year-old retired federal law enforcement officer has met all the requirements for early retirement. It appears that Pennsylvania does not tax this pension, nor does it tax distributions from the Thrift Savings Plan (TSP). However, when submittin... read more

Where is the retirement plan at work option found in the IRA deduction section? I cannot find it.

Been through that section multiple times. Spouse and I are both retired and not covered by retirement plans at work.

RMD from an inherited Roth IRA. Original owner opened it over 5 years before death (born 1950). TurboTax is treating this RMD as taxable—how do I fix this?

I took the total RMD. When I enter this number in my worksheet, TT treats as taxable income.

What is the IRS requirement for reporting FRV of parsonage-like housing for a minister if the housing is not actually provided by his church but by another 501c3?

Does a minister need to include the FRV of his housing, for SECA, even if his housing is not provided by the church at which he ministers, but instead by a separate nonprofit that is supporting the church by helping out with the minister's housing?

How do you adjust taxable amount of soc sec benefits? According to IRS pub 915, U.S. citizens residing abroad benefits are exempt from U.S. tax tax on their benefits.

Pub 915 extract: U.S. citizens residing abroad. U.S. citizens who areresidents of the following countries are exempt from U.S.tax on their benefits.

How to enter SEP-IRA and IRA contributions?

I contributed to both an IRA and a SEP-IRA.Under 'Self employed retirement plans' I see a 'Traditional SEP' option, but which is it meant to be? I haven't seen any type of IRA plan with that name.And whichever it is, where do I put the other one? Or ... read more

Backdoor Roth Conversion Problems with nonzero Traditional IRA

Hi there, I'm trying to report a backdoor Roth conversion, but am having some issues and have followed many of the steps on other threads. Like many others I am getting flagged as making "excess contributions" and receiving a 6% penalty for making th... read more

I need to amend my 2024 tax return to include the Traditional IRA contribution for my backdoor ROTH. When I click amend on the website, there is no 1040-x generated

I over paid taxes in 2024 and when I make my updates it drops my owed amount from $5000 down to $3000, but it still says I owe $3000 rather than getting a reimbursement for over paying by $2000. I also do not see that a 1040-x is being generated.

The IRS returned my 2024 return asking to substantiate the amount on line 25 D. Can't find a 1099 with that amt. How can I find out the name of 1099 that it came from?

Is there a way that I can access the source of the entry on line 25B through Turbo Tax. Line 25d sums only one entry on 25 B.

if box 2a on my OPM Form 1099R says UNKNOWN, what should I enter in box 2a? The same no. as in box 1?

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Featured Topics

Video Guide on Entering Qualified Charitable Distributions (QCDs) for the 2025 Tax Year

Retirement Video Guide 2025: Entering Your Required Minimum Distribution (RMD)

Traditional IRA vs. ROTH IRA: Which is better?

Retirement Plans: Taxing Distributions!

Retirement Plans: Tax Savings Galore!

PA Local Tax on Federal Law Enforcement Retiree under age 59 1/2

Where is the retirement plan at work option found in the IRA deduction section? I cannot find it.

RMD from an inherited Roth IRA. Original owner opened it over 5 years before death (born 1950). TurboTax is treating this RMD as taxable—how do I fix this?

What is the IRS requirement for reporting FRV of parsonage-like housing for a minister if the housing is not actually provided by his church but by another 501c3?

How do you adjust taxable amount of soc sec benefits? According to IRS pub 915, U.S. citizens residing abroad benefits are exempt from U.S. tax tax on their benefits.

How to enter SEP-IRA and IRA contributions?

Backdoor Roth Conversion Problems with nonzero Traditional IRA

I need to amend my 2024 tax return to include the Traditional IRA contribution for my backdoor ROTH. When I click amend on the website, there is no 1040-x generated

The IRS returned my 2024 return asking to substantiate the amount on line 25 D. Can't find a 1099 with that amt. How can I find out the name of 1099 that it came from?

if box 2a on my OPM Form 1099R says UNKNOWN, what should I enter in box 2a? The same no. as in box 1?

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