Retirement Tax Tips and Answers | TurboTax® Support

Retirement tax questions

My siblings and I inherited a traditional IRA account from our deceased brother. He funded the IRA with after-tax money in 2008. Unfortunately, the executor shredded all but the last 3 years of my brother's tax returns, so we do not have any forms 86... read more

I over contributed to my roth IRA for the past 3 years. I’m correcting that this year before it goes over. What tax form do I need to complete to pay the 6%

Payroll deduction

I earned a bonus in 2021 payable over 3 years. I retired in 2022. My recent bonus payout calculated the Social Security deduction at 12.4%. The bonus was earned while I was employed and paid while I am retired. Should I pay the 6.2% employee deductio... read more

Principal Financial provided me with a 1099r for my 401k with drawl but they failed to file it with the IRS and refuse to. What do I do?

My return was accepted on 1/29 and the IRS transferred me to the tax advocate who keeps hanging up. Principals only solution was a records release to share my tax information to the IRS, which is not very helpful.

I received a 1099-R for a 401k rollover. Do I need to report this still? Are they counting it as income?

Is military retirement portion for an ex spouse, taxable income

I am the ex spouse. Our divorce decree commands a portion of my ex wife's retirement be allotted to me. She has paid me by personal check for the past 20 years and I was told by a bankruptcy account after furnishing her with the military retirement i... read more

Inherited IRA Distribution and cost basis

I took a distribution from an inherited IRA. Is my entire distribution taxable? Or do I need to know what the cost basis of each of the stocks I sold to take the distribution and record the difference between the two as income?

Can I take a contribution or deduction for a laptop to do my churches finances and pay bills?

PSO Deduction

I am having a dilemma with the PSO insurance premiums. The pension administrator paid for my medical health insurance. I also pay for additional medical insurance (cancer and heart policies) plus long-term care insurance. For example, I received a le... read more

Inherited IRA Distribution and cost basis

What do I do if I didn't report my overcontribution to my 401k before april 15?

Insurance Premiums for Retired Public Safety Officers. IRS instructions say enter reduced amount on Line 5b and write "PSO" next to that. How can I do that in Turbotax?

IRS says total pension entered on Line 5a. Deduct the health insurance premiums and enter into Line 5b. Is there any way to write or denote "PSO" next to 5b as IRS instructs?

401k Withdrawal

Hi I'm thinking about taking money out of my 401k to start paying off my mortgage. I'm 62 yrs and I want to know what would be the tax consequences, In turbo tax, I calculate my tax liability for $100K would be 25K, Are there any other taxes and or p... read more