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The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from most retirement accounts each year.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

The 1099-R for my IRA includes both normal distributions and a 60-day rollover. How do I show this on my return?

When inputting my 1099-R in Turbo Tax, do I put "7" in Box 7 - Distribution code, then check "I have more than one value in Box 7", and put "G" in the second Distribution code Box 7 that is provided?

Recharacterization did not show as deduction on 2024 return but it does today.

Reviewing my 2024 return. I did a $4000 recharacterization from Roth to Traditional IRA. Today, I see the $4000 on line 10 of my 1040 and on Schedule 1 line 20 and a much higher refund. However, on my original return neither of these shows up. The 10... read more

inherited IRA

When my mother died in 1995, I rolled over her pretax pension monies into an annuity. For 30 years (the max at that time) I received a payout and recorded the taxable monies on my tax return. No problem. This year for the first time Turbo Tax asked w... read more

Where do I enter my QCD from my IRA so it subtracts from my taxable income? I never get the question to pop up re: any QCD?

OPM doesn't give a taxable amount in box 2a for disability retirement annuitant? I don't know how much to enter

I reached my minimum retirement age over this past year. My 1099-R doesn't tell me the amount of my annuity that was taxable, it says "unknown" in box 2a. But my understanding is that the taxable amount would now be somewhat less than the total annui... read more

My husband died Nov. 30, 2024. His IRA was transferred to me January 2025. His RMD for 2024 was met. I am only 70, so is there any RMD due for 2025?

Reporting Canadian RRSP Withdrawl on US Taxes

I am a US citizen and last year I had a withdraw from my Canadian RRSP. When I go to enter it under Wages and income I am not sure what the difference is between Total Distribution and Taxable Part of Distribution. For an example if my total withdraw... read more

DO I GET TO DEDUCT THE $185.00 THEY TOOK OUT FOR MEDICARE PART B PREMIUM

I wasn't aware that I could withdraw from my IRA penalty free if I used it for a downpayment. I've needed to withdraw from my IRA this year. Can it be retroactive?

I used cash to pay the down payment in 2024, then had several very expensive unexpected things to fix on the house due to being lied to by omission by the realtor, seller and inspector. In 2025 I had to pull from my IRA to pay basic expenses. Is ther... read more