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The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from most retirement accounts each year.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

Can't enter Social Security Income Form SSA-1099

I'm using Turbo Tax Deluxe (Desktop). When I go to enter my Social Security Income (Form SSA-1099) for both me and my wife, it asks me if we lived abroad and I answered No for both me and my wife. When I continue, I get a Canadian Retirement Summary ... read more

I took out some money from 401(K) saving plan and i paid the tax was part of the hardship withdrawal for my primary home downpayment , does it qualify for no 10%penalty

can someone guide me if i really need to pay the 10% penalty of some amount can be considered penalty free

Why is Pension Exclusion for New Jersey incorrect?

2025 desktop New Jersey is applying exclusion on "pension (ira) income" using outdated tiers although the law changed in 2018. Now, the law says there is only a single limit at $150,000. Will Turbotax ever fix?

Box 5 of SSA-1099 - what to enter for previous year in Lump Sum Payment

I was approved for SSDI in late 2025. The SSA-1099 shows the lump sum payment along with a breakdown of the amounts that were included for 2024 and 2023. When I go through the steps on TurboTax for completing information for 2024, it tells me to "ent... read more

I took out some money from 401(K) saving plan and i paid the tax was part of the hardship withdrawal for my primary home downpayment , does it qualify for no 10%penalty

can someone guide me if i really need to pay the 10% penalty of some amount can be considered penalty free

NYS 1099-G TurboTax Payment Type

There are four choices for "payment type" for the NYS 1099-G inflation refund check received in 2025. None are applicable for type of government payment: (1) business or farm tax refund (2) agricultural program payment (3) federal disaster payment (4... read more