Retirement Tax Tips and Answers | TurboTax® Support

Retirement tax questions

Divorce lump sum payout

Im receiving a lump sum payout from divorce, not designated as spousal support or alimony; just a lump sum payment to settle. What forms do I need to claim on my taxes?

How do I get Turbo Tax to correctly calculate my New York State Pension and Annuity income exclusion?

I turned 59 1/2 during 2023. Turbo Tax says that it will take care of this but does not

My MIL has a W2 for non-taxable Medicaid Waiver payments. Box 1 is $50K. Boxes 3/5 are $5K. Is the 5K of this taxable? How do I put this in the software?

I would think that normally the W2 would have a blank box 1 and I am not sure why on a non-taxable benefit, SS and medicare taxes would be taken out (based on $5K and not the entire $50K) unless this portion of the payments was considered taxable. No... read more

Inherited IRA - 10 yrs or lifetime?

I'm 65, retired, and inherited a traditional IRA. I'm an "eligible designated beneficiary," and so can take distributions within a 10-year period, or over my expected lifetime. I am inclined to take the distributions over my expected lifetime, but po... read more

Does Form 1116 Line 18 calculate correctly? The IRS instructions allow adjustments to be made for qualified dividends yet the system does not appear to do this. Thoughts?

Excess HSA Contribution Problems Due to Medicare Enrollment-6 Month Rule

Hello, In April 2024 my wife filed an application for Social security benefits (she will be 70), which she supposed to receive in July 2024. Because of this, she was automatically and retroactively enrolled in Medicare part A. She is still working an... read more

TurboTax did not add Form 5329 for my 401(k) early withdrawal.

I made an early withdrawal on my 401(k) in 2023 which produced a 1099-R. I uploaded this to TurboTax and answered all of the questions. I know that I am subject to the 10% tax penalty for an early distribution and I do not qualify for any exceptions,... read more

Can i contribute tax refund money in ROTH IRA ?

I received an email regarding owed money for paying the fee when I know I put it down for it coming out of my taxes. So is that a spam?

CSA1099R

I was given a CSA 1099R - age over 65:1. $10,9862a. unknown5. $14077. 3 disability9b $3905 What should be placed in 2a for taxable amount

I took an IRA withdrawal to be place back in the IRA within 60 days to avoid a taxable event. Does IRA qualified funds to beplaced in the same IRA or just an IRA product?

I contributed to IRA after filing return for 2023.Do i need to file 1040-X along with 8606 to report the IRA contribution as non-deductible ? Or only 8606 form is enough?

Penalty for early IRA withdrawal

I need to take money out of my IRA but because I'm younger than 59.5 it will have the 10% penalty on it. The withdrawal calculator asks how much you would like to receive in your account and then has areas where you can fill in the tax percentages fo... read more

Fix overcontribution to Roth IRA via recharacterization after filing

I made a last-minute contribution to my Roth IRA on April 15 this year after discovering that I was eligible for a match. I had already filed my federal return months prior. Cut to today: I realized I was over the income limit to contribute directly ... read more