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The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from most retirement accounts each year.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

How can I report Traditional IRA in TurboTax if I recharacterize my Roth IRA contribution to be a traditional IRA contribution before 4/15/2026?

For a 1099-R for a pension in the PA return, the dropdown choices for the question "What kind of retirement income do you have from PA?" don't show "Pension". Any help?

Since "Pension" is not a choice, what should be selected?

Form 8606, line 7. Can I report $0 if I did not withraw from my Trad IRA account, but met the RMD requirement from my Rollover IRA account?

Line 7 says to report distributions from Trad IRAs but not Rollovers. I have both a Trad IRA (with a post-tax, nondeductible basis) and a Rollover IRA (with no post-tax, nondeductible basis). Fidelity allows me to simplify the RMD withdrawals by sche... read more

My husband got a lump sum from Social Security disability in the past. What if I do not know the year and the exact amount?

Should I have converted traditional to Roth IRA this year?

I submitted 1040-SR this year. I took advantage of the Senior deduction introduced in the OBBBA last year. Some experts suggested that I should have converted some traditional IRA to Roth this year, thereby offsetting the tax obligation of the conver... read more

I need to enter a substitute 1099-R for overcontribution to IRA. I haven't received the 1099-R form yet. I don't see an option called substitute 1099-R

Difficulty e-filing because of foreign pension fund

Hi, I have several foreign pensions. I enter them in TT using a TIN of 99-999999 for the 1099-r substitute. It worked, but when TT does the final checks it rejects the TIN values and prevents me to e-file. Is there any work around this issue?Thanks, ... read more

Form 8606, line 6. Does this amount include all self + spouse non-Roth IRA totals, even though only self has a Trad IRA basis for line 2?

I have a "Trad" IRA (with nondeductible basis) + Rollover IRA. Spouse also has a Rollover IRA. (Neither of the Rollover IRAs has a nondeductible basis, the applicable post-tax funds were moved into Roth IRAs.) If married filing jointly, do I include ... read more

Turbotax will not accept more than seven digits for an ACH checking account number. My Chase account has nine. Is this a bug? If so, is there a workaround?

This is for the desktop product. If this is a bug, shame on TT! It's not like Chase is some tiny, fly-by-night bank....

transfer from a QTP to a Roth IRA is still getting taxed at Federal level (Apr 13)

I see this question multiple times: When I enter a qualified transfer from a QTP to a Roth IRA, TurboTax is adding inappropriate taxes. In my case it is adding Federal Tax but not State Tax (California). The 2 answers I've read are:(1) Just delete th... read more

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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!

How can I report Traditional IRA in TurboTax if I recharacterize my Roth IRA contribution to be a traditional IRA contribution before 4/15/2026?

For a 1099-R for a pension in the PA return, the dropdown choices for the question "What kind of retirement income do you have from PA?" don't show "Pension". Any help?

Form 8606, line 7. Can I report $0 if I did not withraw from my Trad IRA account, but met the RMD requirement from my Rollover IRA account?

My husband got a lump sum from Social Security disability in the past. What if I do not know the year and the exact amount?

Should I have converted traditional to Roth IRA this year?

I need to enter a substitute 1099-R for overcontribution to IRA. I haven't received the 1099-R form yet. I don't see an option called substitute 1099-R

Difficulty e-filing because of foreign pension fund

Form 8606, line 6. Does this amount include all self + spouse non-Roth IRA totals, even though only self has a Trad IRA basis for line 2?

Turbotax will not accept more than seven digits for an ACH checking account number. My Chase account has nine. Is this a bug? If so, is there a workaround?

transfer from a QTP to a Roth IRA is still getting taxed at Federal level (Apr 13)

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