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The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from most retirement accounts each year.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

1099-R box 12 term EXEMPT. Amount exempt from New York taxes. TurboTax Deluxe lists this amount on NYS form IT-201 (line 10) as taxable income. How can this be corrected?

Form 1099-R shows term EXEMPT in box 12. Amount on this form is dispersal of New York State Retirement pension and is exempt from New York State income tax. Software lists full amount on New York State form IT-201 (line 10) as taxable state income. H... read more

This answer has been verified for accuracy by an Intuit expert employee Reporting W2 Earnings Non-qualified Pension Plan

TurboTax 2022 is reporting my W2 non-qualified pension distribution as Other Income, line 8, on my 1040 instead of, line 1, Wages as in all previous years. The amount is the same in all years & all the reporting information is the same. Each year I h... read more

When will update be available to allow the QTP to Roth IRA transfer?

Social Security Benefits Paid in 2025 for 2024

This year I received a SSA-1099 addressed to me on the account of my husband who died in 2024. The lump sum was the amount of one month of his benefits. As I complete the questions for a lump sum Social Security payment I am asked "Amount in box 5 of... read more

Where can I enter my SEP IRA contribution? it was very obvious in prior year versions, but is missing this year

I entered my self employment income and have no problem entering the amount for the 401K, but the SEP IRA is just not there this year

How do I reduce the taxable amount of gross distribution of pension funds by the actual cost of housing. (Turbotax questionnaire format doesn't give a place to do this)?

I am Clergy.

I mistakenly made an excess contribution to my IRA in 2024. The funds were distributed back to me via 1099-R. TTax sees it as taxable. Can I fix this?

The 1099-R form says 'amount taxable = 0" in box 2. But TTax is still adding it as income.

While working on my 1099-R State Retirement System income, I reported the box 2a amount as the "Taxable" amount, but Turbo Tax "correct it as "0." Can this be correct?

TT changes the Taxable amount of my SC Retirement system from the box 2a amount to ZERO. Can this be correct?

This answer has been verified for accuracy by an Intuit expert employee Why must RMD be completed before doing ROTH conversion

Can IRA to ROTH conversion be done before completing RMD withdrawal

keeps asking for canadian pension info don't have any

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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!

1099-R box 12 term EXEMPT. Amount exempt from New York taxes. TurboTax Deluxe lists this amount on NYS form IT-201 (line 10) as taxable income. How can this be corrected?

This answer has been verified for accuracy by an Intuit expert employee Reporting W2 Earnings Non-qualified Pension Plan

When will update be available to allow the QTP to Roth IRA transfer?

Social Security Benefits Paid in 2025 for 2024

Where can I enter my SEP IRA contribution? it was very obvious in prior year versions, but is missing this year

How do I reduce the taxable amount of gross distribution of pension funds by the actual cost of housing. (Turbotax questionnaire format doesn't give a place to do this)?

I mistakenly made an excess contribution to my IRA in 2024. The funds were distributed back to me via 1099-R. TTax sees it as taxable. Can I fix this?

While working on my 1099-R State Retirement System income, I reported the box 2a amount as the "Taxable" amount, but Turbo Tax "correct it as "0." Can this be correct?

This answer has been verified for accuracy by an Intuit expert employee Why must RMD be completed before doing ROTH conversion

keeps asking for canadian pension info don't have any

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This answer has been verified for accuracy by an Intuit expert employee Reporting W2 Earnings Non-qualified Pension Plan

This answer has been verified for accuracy by an Intuit expert employee Why must RMD be completed before doing ROTH conversion

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