Retirement Tax Tips and Answers | TurboTax® Support

Retirement tax questions

For a 1099-B assigned to the wrong family member tax IDN, how do I input the explanatory information into TurboTax on why it was added to one and removed from the other?

An investment firm's transition of investment account platforms resulted in an incorrect assignment of tax IDN for one account.

I am getting an error for "Excess withdrawn after the end of the year" under HSA. I have entered a zero as I had none, and no over contributions either. Can anyone help?

401k/403b Over contribution - no W2C

So I over contributed to my 401k/403b by a little under $200. The 401k admin has since cut me a check on the amount plus earnings. There were NO taxes withheld.My employer said they will NOT cut a w2c. How should I report this on this years taxes via... read more

What is the formula Turbotax uses to calculate the Effective tax rate shown on the cover sheet?

Missed RMD prior to death / Form 5329

Quick question about missed RMD's Elderly parent passed away Jan 2024, having taken RMD's since 2019 but not having taken RMD's for 2023 (illness) or 2024 (death). I understand that the RMD for 2024 should be taken by me, the non-eligible designated ... read more

Does the Virginia program take into account the reduction of taxable income due to military retirement?

Excess contribution or not?

So I switch jobs during the year 2024. Let's say this is a break down of my contribution by end of year 2024: Company 1:Pre-tax 401k: 3,000Company match: 1,000After-tax: 40,000 Company 2:Pre-tax 401k: 20,000Company match: 10,000After-tax: 0 The limit... read more

Newly retired..my pension took out taxes first year automatic like I thought would always happen then the next year no taxes came out sent us a w-4p after the fact ?

We didn't think to check if taxes were coming out of pension

I'm a US citizen, but I live in Japan. I have an after-tax retirement annuity in the US. When I receive annuity money, which country gets to tax it?

Which article(s) of the tax treaty provide the explanation?

Amending previous returns for overcontribution to roth IRA

Hi, I just found out that I've been overcontributing to my roth ira for 2018, 2019 and 2020. My wife also has the same issue for 2020. We have filed as married filing jointly for all 3 years. Am I able to amend my 2019 and 2020 returns via turbotax a... read more

I have small business . TT let me contribute to 401K solo and SEP IRA. Why it did not allow me to contribute to ROTH IRA saying I do not have earned income.?

I do not have any other employees. I'm the only employer and employee.

I received an EQIP grant that qualifies for exclusion under I.R.C. 126 rules, how do I exclude this income reported on a 1099-G?

I received a Schedule K-1 for an investment in an IRA account. Should a Schedule K-1 been issued for an investment in an IRA account?

It seems to me that this will end as taxable income and should not be since it remains in my IRA account.

Recovering from wrong amount in attempted Timely Withdrawal of Excess Roth Contribution

I made excess Roth contributions for 2021 and 2022 (early in the next calendar year, $7000 each year), and discovered this in 2023 before filing for 2022. Before the filing deadline (as extended for California), I withdrew enough to cover both the 20... read more

State Income tax assessment - money grab.

I lived in Maryland for Tax year 2022 and left the state at the end of August. Since I was there over 183 days, I filed a Resident income tax return. I previously lived and filed there 2017-2021. Ok, I reported my FULL income for the entire tax year.... read more

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For a 1099-B assigned to the wrong family member tax IDN, how do I input the explanatory information into TurboTax on why it was added to one and removed from the other?

I am getting an error for "Excess withdrawn after the end of the year" under HSA. I have entered a zero as I had none, and no over contributions either. Can anyone help?

401k/403b Over contribution - no W2C

What is the formula Turbotax uses to calculate the Effective tax rate shown on the cover sheet?

Missed RMD prior to death / Form 5329

Does the Virginia program take into account the reduction of taxable income due to military retirement?

Excess contribution or not?

Newly retired..my pension took out taxes first year automatic like I thought would always happen then the next year no taxes came out sent us a w-4p after the fact ?

I'm a US citizen, but I live in Japan. I have an after-tax retirement annuity in the US. When I receive annuity money, which country gets to tax it?

Amending previous returns for overcontribution to roth IRA

I have small business . TT let me contribute to 401K solo and SEP IRA. Why it did not allow me to contribute to ROTH IRA saying I do not have earned income.?

I received an EQIP grant that qualifies for exclusion under I.R.C. 126 rules, how do I exclude this income reported on a 1099-G?

I received a Schedule K-1 for an investment in an IRA account. Should a Schedule K-1 been issued for an investment in an IRA account?

Recovering from wrong amount in attempted Timely Withdrawal of Excess Roth Contribution

State Income tax assessment - money grab.

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