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The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from most retirement accounts each year.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

Form 8606 line 10 has an x is this a bug?

Form 8606 line 10 has an x is this a bug? When I print my tax return I noticed there is an x in line 10 in form 8606. I have no distribution or IRA conversion. Just nondeductible contribution in 2025 and 8606 is completed for new basis calculation. W... read more

My distribution code is K7. Form won't let me put in 2 entries. Only a K or a 7. What to do?

Assistance with Reporting Nondeductible IRA Contributions for 2025 Tax Year

Hi TurboTax Support, I need assistance with properly reporting a nondeductible IRA contribution I made in early 2026 for the 2025 tax year. Here’s a summary of the steps I took:1. Traditional IRA Contribution: I opened a Traditional IRA account with ... read more

Would I qualify for the the 10% tax exception if I was terminated from my job at age 54?

Turbo tax online keeps asking for a value in W-2 box 18 but it is blank on my W-2 statement for NJ. How can I fix this?

On the Federal Return Turbo Tax requires a value in the W-2 box 18 (local wages, tips, etc.) but it is blank on my W-2 as it should be as my Wages are entered in box 16 under State wages, tips, etc.