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The Required Minimum Distribution (RMD) is the mandatory amount that must be withdrawn from most retirement accounts each year.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

Social Security tax calculation

The tax calculation for my social security tax is not calculating correctly

Distributions in my CDN RRSP [reinvested]

Hello, I am a Canadian citizen, currently a non-resident and have distributions [being reinvested] within my RRSP account. The bank does not issue a slip for this distribution amount. It is simply a statement.Please note: I do not have any employment... read more

2024 and 2025 Form 8606 line 2-Nondeductible contributions basis is $0

I contributed $7000 nondeducitble after-tax money in the 2024 Tax year to the Roth IRA.Contributed $7,000 nondeductible after-tax money in 2025 to Roth IRA and recharacterized to Traditional IRA (not eligible for Roth contribution) Contributed $7,500... read more

How do I determine the taxable portion of an RMD gross distribution amount using the general rule? Is it better to use downloaded version of Turbotax for this?

General rule for RMD?

Final review of our return said we qualify for the State Retirement Income Credit and prompted I return to return & reprocess that credit but it didn't give the credit?

We had $24,626.76 in pension income and $51,552 in Social Security income.

where does your software permit the texarkansas arkansa retirement deduction?

Texarkana, Arkansas, is a border city, and the software indicated a retirement fund exclusion. Yet, your software is stating that state taxes are due. Help.

For the STAR credit, I am not completely sure if what I entered is correct? Should I enter it anyway?

What if the amount I entered for STAR credit is incorrect?

In 2025 I recharacterized excess Roth IRS contribution. How do I enter the recharacterized amountt so I am not taxed for the excess again on Form 5329?

reversal of 2024 and 2025 ROTH IRA contributions & making a 2025 ROTH IRA contribution by converting a Traditional IRA contribution

I’m hoping someone can help me out….and I apologize in advance if I am not using the correct tax terms. In summer 2025, I found out I was not eligible (income too high) to make ROTH IRA contributions in 2024 and 2025. I was told I could make “back do... read more