Retirement Tax Tips and Answers | TurboTax® Support

Retirement tax questions

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

Short term transaction for which basis is missing & not reported to IRS

Working on my 2024 taxes, I have a 1099-B for iShares gold ETF with 1c completed but no 1b or 1e info. The 12 transactions total $50 but TT won't let me input zero or dash signs in those boxes. The broker says to contact a tax expert, for $50 income?... read more

were do i list my employer sep contribution

Company closing its doors

My company is closing its doors. How wld I go about cashing out my 401 to invest in my own business?

IRA Cost Basis

Hi,I took my first 401K and IRA distributions in 2024. The IRA has non-deducible contributions tracked on Form 8606 (last used in 2005). The 401K had after tax contributions. The IRA RMD was distributed to me in 2024. The 401K RMD was fully met by an... read more

Error: TT will not allow you to eFile if a 1099-R does not have "Total Distribution" box checked and Percent field filled in

This might sound like an error, but is not. The firm that had an inherited annuity provided me a 1099R. The annuity was to be distributed to me and my sister, equally split 50%/50%. The company was able to send the funds to me in 2024, but had diffic... read more

I have been paying taxes on my military pension for the past 3 years. I recently found out that I my pension is tax exempt. How do I file a 1040-X to get my money back?

I retired from the Army in 2020. I was then awarded 100% disability from the VA. According to IRS Publication 525, certain military pensions are tax exempt if you were later found to be disabled. I applied for exemption through the Defense Finance an... read more

If 1099-R shows an amount in box 2a but it is not the correct taxable distribution amount, and box 2b is checked, can I adjust Box 2a or will I be flagged by the IRS?

Part of what is showing in Box 2a as taxable amount was previously taxed.

I can't find the Payer's TIN on a 1099-R.

Calculating max 401K contribution across W2 employer and Solo 401k

I am trying to determine the maximum employer contribution that I can make to my solo 401k plan, and am hoping someone can help me identify where to calculate this in TurboTax. From my W2 employer, I already contributed $7,186 to my pre-tax 401K for ... read more

where do I put my employer contributionn at and where do i put my employee contribution at on our sep ira?

Capital Gains

For 2025 tax filings. TurboTax cited the following but others cite higher limits (i.e., for the 15% $600,001 as the upper limit). My question(s) are:Does anyone know the upper limit on the 15% threshold (is it $500,000 or $600,000) and if I was fortu... read more

Help with Overcontribution for 2023 made in 2024

In 2024, I went to my bank that I have my RothIRA set up and contributed the full $6,500 for the past year, 2023. When doing my taxes on turbotax in April, it popped up that I had overcontributed by $2537. I informed my bank of this and asked them to... read more