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The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from most retirement accounts each year.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

I normally receive one 1099 from social security disability but this year in 2025 I received two. Why?

when will the 2025 ira, 401K, etc. section be available, impossible to plan without this, and only 2 days left in the year?

where to enter retirement pension

what category posts retirement pension

Can you fix my situation and get my my 2025 return. Through a verification, I was told I wrote wrong number down. I was labeled id theft and that was it, no return.

They asked for number on line 21. I correctly write it down. Three times I was rejected and accused of stealing my own identity. It was so late in the year I couldn't get a hold of TurboTax, I never got the issue resolved because I could never get a ... read more

where do I report the $20,000 pension deduction?

NY Sate law allows a $20,000 t0 be deducted from a foreign source e pension. How should this be reported?

How to file in TT Desktop form 5329 for RMDs from an inherited IRA for past filed years from 2021-2024? Do I need to file amended returns?

ChatGPT is advising I add the following to 5329 which is inconsistent with the Form view questions in TT. PART IX — Additional Tax on Excess Accumulation in Qualified Retirement Plans Line 52: Missed Required Minimum Distribution: $____ (QUESTION - S... read more

What is the under payment penalty for social security tax withholdings

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

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