https://ttlc.intuit.com/community/retirement/discussion/02/209 All Retirement tax questions posts Mon, 14 Sep 2020 06:09:31 GMT 209 2020-09-14T06:09:31Z https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719954#M111735 <P>Both TurboTax Desktop and TaxACT support the "explanation statement for Line 4b" delivered with your e-Filed tax return.</P> Mon, 14 Sep 2020 01:55:49 GMT https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719954#M111735 fanfare 2020-09-14T01:55:49Z https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719950#M111734 <P>OK&nbsp;<EM>Comptroller</EM><SPAN>&nbsp; is an alternate spelling of&nbsp;<EM>Controller</EM>&nbsp; and they're both pronounced the same.</SPAN></P> Mon, 14 Sep 2020 01:49:45 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719950#M111734 fanfare 2020-09-14T01:49:45Z https://ttlc.intuit.com/community/retirement/discussion/re-individual-retirement-annuity-rider/01/1719949#M111733 <P>No it is not and no you cannot.&nbsp; &nbsp;IRA stands for Individual Retirement ACCOUNT not annuity.&nbsp;</P> Mon, 14 Sep 2020 01:43:53 GMT https://ttlc.intuit.com/community/retirement/discussion/re-individual-retirement-annuity-rider/01/1719949#M111733 Critter-3 2020-09-14T01:43:53Z https://ttlc.intuit.com/community/retirement/discussion/individual-retirement-annuity-rider/01/1719939#M111732 <P>Hello&nbsp;</P><P>I own an annuity that has an individual retirement annuity rider on it. It says that "It amends such annuity so that it may be issued as an Individual Retirement Annuity under Section 408 (b) of the IRS Cof of 1986....."&nbsp; My question is does this sound like it is an IRA and I can write my payments as a deduction on my taxes?</P> Mon, 14 Sep 2020 01:07:29 GMT https://ttlc.intuit.com/community/retirement/discussion/individual-retirement-annuity-rider/01/1719939#M111732 gbinckley 2020-09-14T01:07:29Z https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719937#M111731 <P>I believe that the Internal Revenue Manual indicates that an automatically detected mismatch flags the Form 1099-R reporting on the tax return for examination by a human.&nbsp; The examiner should then look at the tax return, and, if an appropriate explanation statement was included, it should be present in the IRS-scanned copy for the examiner to take into account.&nbsp; There is a good chance that the examiner will then make the correct determination that there is, in fact, no underreporting of income and will mark the flagged Form 1099-R as having been reported correctly, but examiners are human and humans can make mistakes.</P> Mon, 14 Sep 2020 01:04:46 GMT https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719937#M111731 dmertz 2020-09-14T01:04:46Z https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719881#M111730 <P>Just to note:&nbsp; An attached statement means that the tax return cannot be e-filed but must be mailed.&nbsp;&nbsp; Because mailed tax returns are still electronically processed after a data entry clerk manually (or scans) the mailed tax return into the processing system.&nbsp; While the IRS processing system has a place for attached information&nbsp; to be entered, sometimes (often?) it is missed and just stapled to the paper return which is stored.</P> <P>&nbsp;</P> <P>Also, the check between the 1099-R, your tax return and the 5498 is usually done by an IRS computer that generated a computer generated letter showing the mismatch.&nbsp;&nbsp;&nbsp; Unless a human intervenes and reads the statement then you might still get a letter since most such letters are never seen by a human until you receive it and mail back your response.</P> <P>&nbsp;</P> <P>If you&nbsp; choose to mail the return and the statement then keep a copy in case the IRS computer still send you a letter in a year or two that there is a mismatch on the 5498 form.&nbsp; If you do, just respond to the letter with the copy.</P> Sun, 13 Sep 2020 22:51:42 GMT https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719881#M111730 macuser_22 2020-09-13T22:51:42Z https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719871#M111729 <P>I've made several edits to my previous post, please reread it.&nbsp; In particular, in one place I had mistakenly typed "Form 1099-R" when I meant to type "Form 5498."</P> Sun, 13 Sep 2020 22:30:12 GMT https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719871#M111729 dmertz 2020-09-13T22:30:12Z https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719866#M111728 <P>The custodian is&nbsp;<U>required</U> to report in box 2 of the Form 5498 the value of the rolled-over shares as of the date of the rollover contribution, which may (or in this case, is) different for the value on the date of the distribution.&nbsp; This is why I suggest including an statement with your tax return to explain why the value on in box 2 of the Form 5498 shows a different amount than the amount actually rolled over (the value on the date of distribution; if there is a rollover of only part of the distribution, the dollar value that you must indicate to TurboTax as the amount rolled over is the dollar value on the date of distribution).&nbsp; It's likely that the IRS's automated system implemented in recent years will flag the discrepancy and require an examiner to determine whether or not to treat it as an underreporting of income.&nbsp; The explanation statement that you include with your mailed tax return will generally be sufficient to satisfy the examiner.&nbsp; If the examiner needs additional supporting documentation, they will ask for it.</P><P>&nbsp;</P><P>CFR 1.401-1(b)(1) indicates that the distribution is not taxable if the entire amount of cash and property distribution (only property in this case) is rolled over.&nbsp; To effect reporting of a nontaxable rollover, you indicate to TurboTax that the entire distribution was rolled over (assuming that there will not have been any other distributions from this IRA that were not rolled over).&nbsp; What is reported on your tax return is the net taxable value, $0 in this case, <U>not</U> the dollar value at the time of the rollover.&nbsp; It's the IRS's automated system that compares the amount of the distribution, the amount reported as taxable and the amount reported by the receiving custodian in box 2 of Form 5498 to determine if there is any discrepancy.&nbsp; It this case there&nbsp;<U>will</U> be a discrepancy that your explanation statement will address.</P> Sun, 13 Sep 2020 22:28:40 GMT https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719866#M111728 dmertz 2020-09-13T22:28:40Z https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719859#M111727 <P>I've been watching this discussion, and I don't see what the problem is. I think you are worrying unnecessarily.</P> <P><BR />dmertz said that the value on the date of the rollover is what the brokerage is required to report on the Form 5498. It sounds like they are doing it correctly.</P> <P><BR />Why is this a "roadblock"? The distribution and the rollover took place in 2020. You don't have to do anything about it until you file your 2020 tax return next year. You don't need to know right now what the brokerage will put on the Form 5498. You'll find out when you get the 5498 in January. And even then it doesn't really matter. dmertz and macuser_22 told you that your 2020 tax return will use the distribution amount from the 1099-R, no matter what the brokerage puts on the 5498.</P> <P><BR />If you do need "proof" for the IRS, what you will need is the confirmations or statements from the brokerage showing that the distribution and the rollover were in-kind shares of stock, and that the shares were the same. Just save all your records related to the distribution and rollover.</P> <P>&nbsp;</P> Sun, 13 Sep 2020 22:02:26 GMT https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719859#M111727 rjs 2020-09-13T22:02:26Z https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719849#M111726 <P>My response to your reply slightly late. Have been giving serious thought to your statement to place the the value of the distribution as the amount of rollover on the 1009R. Am concerned the the IRS will question and then what do I show as proof? The only proof would be a copy of the brokerage statement page with the distribution amount. The brokerage firm offers no assist or advice hiding behind the statement<STRONG> "we do&nbsp;not give tax advice".</STRONG>&nbsp;They caused the problem in the first place.</P><P>&nbsp;</P><P>Thanks for your thoughts.</P> Sun, 13 Sep 2020 21:43:00 GMT https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719849#M111726 musiuloco 2020-09-13T21:43:00Z https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719843#M111725 <P>Many thanks &amp; I agree that IRS will probably question the value &nbsp;amount of rollover. My present problem is pinning down the brokerage firm as to what number they will place on form 5498. Presently the rollover amount shown on the monthly statement is not the value of the distribution but the value of the shares on date of rollover.</P><P>&nbsp;</P><P>Thanks for your explicit answer. I continually request brokerage &nbsp;to specify what amount will be shown on form 5498 without success. Cannot find a way around this roadblock yet.</P><P>&nbsp;</P><P>Thanks again</P> Sun, 13 Sep 2020 21:31:10 GMT https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719843#M111725 musiuloco 2020-09-13T21:31:10Z https://ttlc.intuit.com/community/retirement/discussion/re-i-forgot-to-add-1099-b-info-on-my-turbotax-return-now-the-irs-needs-the-information-i-want-a-copy/01/1719841#M111724 <P>Use the amendment process option to add the missing information and to populate the form that needs to be sent.&nbsp;&nbsp;</P> Sun, 13 Sep 2020 21:25:03 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-forgot-to-add-1099-b-info-on-my-turbotax-return-now-the-irs-needs-the-information-i-want-a-copy/01/1719841#M111724 Critter-3 2020-09-13T21:25:03Z https://ttlc.intuit.com/community/retirement/discussion/i-forgot-to-add-1099-b-info-on-my-turbotax-return-now-the-irs-needs-the-information-i-want-a-copy-of/01/1719838#M111723 This is from my 2918 return Sun, 13 Sep 2020 21:16:19 GMT https://ttlc.intuit.com/community/retirement/discussion/i-forgot-to-add-1099-b-info-on-my-turbotax-return-now-the-irs-needs-the-information-i-want-a-copy-of/01/1719838#M111723 mimalizem 2020-09-13T21:16:19Z https://ttlc.intuit.com/community/retirement/discussion/re-how-can-i-over-ride-turbo-tax-from-a-standard-deduction-to-an-itemized-so-that-i-can-make-a-roth/01/1719771#M111722 <P>And by the way, a ROTH IRA is not deductible if you are thinking you need to Itemize to deduct it. &nbsp;You can't.</P> Sun, 13 Sep 2020 18:06:29 GMT https://ttlc.intuit.com/community/retirement/discussion/re-how-can-i-over-ride-turbo-tax-from-a-standard-deduction-to-an-itemized-so-that-i-can-make-a-roth/01/1719771#M111722 VolvoGirl 2020-09-13T18:06:29Z https://ttlc.intuit.com/community/retirement/discussion/re-i-double-entered-the-tax-withheld-on-an-annuity-withdrawal-how-do-i-remove-the-second-entry/01/1719767#M111721 <P>If you entered the Form 1099-R for the annuity withdrawal twice, delete the second 1099-R that was entered.</P> <P>&nbsp;</P> <P>Enter <STRONG>1099-r</STRONG> in the <U>Search</U> box located in the upper right of the program screen. Click on <STRONG>Jump to 1099-R</STRONG></P> Sun, 13 Sep 2020 17:42:56 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-double-entered-the-tax-withheld-on-an-annuity-withdrawal-how-do-i-remove-the-second-entry/01/1719767#M111721 DoninGA 2020-09-13T17:42:56Z https://ttlc.intuit.com/community/retirement/discussion/re-how-can-i-over-ride-turbo-tax-from-a-standard-deduction-to-an-itemized-so-that-i-can-make-a-roth/01/1719766#M111720 <P>The standard or itemized deduction has nothing to do with being able contribute to a Roth and if your income is low then why can't you contribute to a Roth?</P> <P>&nbsp;</P> <P>You must have at least as much taxable compensation as the contribution.</P> <P>&nbsp;</P> <P>The most you can contribute to all of your traditional and Roth IRAs is the smaller of:<BR /><BR />For 2019, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or<BR />your taxable compensation for the year.<BR /><BR />(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax, but can include commissions, certain alimony and separate maintenance, and nontaxable combat pay ). <BR /><BR />See IRS Pub 590A "What is compensation" for details:<BR /><A href="https://www.irs.gov/publications/p590a#en_US_2018_publink1000230355" target="_blank">https://www.irs.gov/publications/p590a#en_US_2018_publink1000230355</A><BR /><BR />See this IRS article for Roth contribution limits:<BR /><BR /><A href="https://www.irs.gov/retirement-plans/roth-iras" target="_blank">https://www.irs.gov/retirement-plans/roth-iras</A></P> Sun, 13 Sep 2020 17:37:56 GMT https://ttlc.intuit.com/community/retirement/discussion/re-how-can-i-over-ride-turbo-tax-from-a-standard-deduction-to-an-itemized-so-that-i-can-make-a-roth/01/1719766#M111720 macuser_22 2020-09-13T17:37:56Z https://ttlc.intuit.com/community/retirement/discussion/how-can-i-over-ride-turbo-tax-from-a-standard-deduction-to-an-itemized-so-that-i-can-make-a-roth/01/1719758#M111719 Sun, 13 Sep 2020 17:26:01 GMT https://ttlc.intuit.com/community/retirement/discussion/how-can-i-over-ride-turbo-tax-from-a-standard-deduction-to-an-itemized-so-that-i-can-make-a-roth/01/1719758#M111719 nat12101988 2020-09-13T17:26:01Z https://ttlc.intuit.com/community/retirement/discussion/i-double-entered-the-tax-withheld-on-an-annuity-withdrawal-how-do-i-remove-the-second-entry/01/1719756#M111718 I entered $10,908.49 as the withheld amount. I can't find how to delete the second entry. Sun, 13 Sep 2020 17:22:06 GMT https://ttlc.intuit.com/community/retirement/discussion/i-double-entered-the-tax-withheld-on-an-annuity-withdrawal-how-do-i-remove-the-second-entry/01/1719756#M111718 Ltull 2020-09-13T17:22:06Z https://ttlc.intuit.com/community/retirement/discussion/re-i-received-my-rmd-before-move-made-in-2019-how-do-i-change-recipient-address-in-review-of-1099-r/01/1719727#M111717 <P>When you enter a 1099-R into the system&nbsp; YOUR address and your EMPLOYER's address is immaterial ... don't bother trying to change it.&nbsp;&nbsp;</P> Sun, 13 Sep 2020 16:26:58 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-received-my-rmd-before-move-made-in-2019-how-do-i-change-recipient-address-in-review-of-1099-r/01/1719727#M111717 Critter-3 2020-09-13T16:26:58Z https://ttlc.intuit.com/community/retirement/discussion/i-received-my-rmd-before-move-made-in-2019-how-do-i-change-recipient-address-in-review-of-1099-r/01/1719715#M111716 Sun, 13 Sep 2020 16:02:41 GMT https://ttlc.intuit.com/community/retirement/discussion/i-received-my-rmd-before-move-made-in-2019-how-do-i-change-recipient-address-in-review-of-1099-r/01/1719715#M111716 eddinstom 2020-09-13T16:02:41Z https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719651#M111715 <P>There is a Texas <EM>Comptroller</EM> of Public Accounts but no&nbsp;Texas <EM>Controller</EM> of Public Accounts.&nbsp; They have a phone directory on their web site which will list the division for which the particular employee works.</P><P>&nbsp;</P><P><A href="https://comptroller.texas.gov/about/agency-directory/" target="_blank" rel="noopener">https://comptroller.texas.gov/about/agency-directory/</A></P> Sun, 13 Sep 2020 12:25:56 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719651#M111715 dmertz 2020-09-13T12:25:56Z https://ttlc.intuit.com/community/retirement/discussion/re-how-long-has-the-roth-401k-been-open/01/1719617#M111714 <P>21 years</P> Sun, 13 Sep 2020 04:18:49 GMT https://ttlc.intuit.com/community/retirement/discussion/re-how-long-has-the-roth-401k-been-open/01/1719617#M111714 sassyreyes07 2020-09-13T04:18:49Z https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719571#M111713 <P>Since TX has no state income tax, we cannot guess.&nbsp; It sounds like it may be a scam.</P> Sun, 13 Sep 2020 00:28:47 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719571#M111713 xmasbaby0 2020-09-13T00:28:47Z https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719569#M111712 <P>Most likely&nbsp; FRAUD&nbsp; ...&nbsp;<A href="https://comptroller.texas.gov/" target="_blank" rel="noopener">https://comptroller.texas.gov/</A></P><H2><A href="https://comptroller.texas.gov/fraud-alert/" target="_blank" rel="noopener">Scam Alert</A></H2><P>Some taxpayers have received fraudulent statements purporting to be from the Comptroller’s office. If you suspect any correspondence from our agency is fraudulent, please notify us by emailing<SPAN>&nbsp;</SPAN><A href="mailto:stop.spoofing@cpa.texas.gov" target="_blank" rel="noopener">stop.spoofing@cpa.texas.gov</A>.<SPAN>&nbsp;</SPAN><A href="https://comptroller.texas.gov/fraud-alert/" target="_blank" rel="noopener">Learn more</A></P> Sun, 13 Sep 2020 00:28:01 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719569#M111712 Critter-3 2020-09-13T00:28:01Z https://ttlc.intuit.com/community/retirement/discussion/i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719564#M111711 Sun, 13 Sep 2020 00:16:41 GMT https://ttlc.intuit.com/community/retirement/discussion/i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719564#M111711 aloktax 2020-09-13T00:16:41Z https://ttlc.intuit.com/community/retirement/discussion/re-i-am-trying-to-figure-out-how-to-add-tax-withheld-for-my-1099b-turbo-tax-does-not-seem-to-have-a/01/1719498#M111710 <P>When entering the information from the 1099-B, check the box labeled&nbsp;<STRONG>I have other boxes on my 1099-B to enter</STRONG></P> <P>Federal and State taxes withheld boxes will be available.</P> <P><span class="lia-inline-image-display-wrapper lia-image-align-center" image-alt="1099-B Federal Taxes.JPG" style="width: 999px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/12231i32A1E0BFBCEE260B/image-size/large?v=1.0&amp;px=999" title="1099-B Federal Taxes.JPG" alt="1099-B Federal Taxes.JPG" /></span></P> <P>&nbsp;</P> Sat, 12 Sep 2020 19:51:59 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-am-trying-to-figure-out-how-to-add-tax-withheld-for-my-1099b-turbo-tax-does-not-seem-to-have-a/01/1719498#M111710 DoninGA 2020-09-12T19:51:59Z https://ttlc.intuit.com/community/retirement/discussion/i-am-trying-to-figure-out-how-to-add-tax-withheld-for-my-1099b-turbo-tax-does-not-seem-to-have-a/01/1719495#M111709 Sat, 12 Sep 2020 19:44:12 GMT https://ttlc.intuit.com/community/retirement/discussion/i-am-trying-to-figure-out-how-to-add-tax-withheld-for-my-1099b-turbo-tax-does-not-seem-to-have-a/01/1719495#M111709 micheleneinsalac 2020-09-12T19:44:12Z https://ttlc.intuit.com/community/retirement/discussion/re-how-much-percentage-of-state-income-tax-would-be-withheld-from-my-retirement-plan-when-doing-a/01/1719449#M111708 <P>Depending on the type of plan you are withdrawing from, the state "might" have a required %...so you'd have to ask the plan administrators, before withdrawal whether there is a "required minimum" % amount for the state....but you can usually ask for more to be withheld.</P><P>____________________________</P><P>Beyond that, the actual tax rate NY will eventually apply to that extra income, at tax time, when you actually file for 2020 in 2021, it could be higher, and you might need to ask for a higher % amount.&nbsp; &nbsp;NY income taxes at a progressive rate of ~4% up to ~8.8%...depending on your total income..including that distribution, and everything else.. So we can't tell you anything about that, since Single vs Married, and any dependents you have, the actual amount of your proposed distribution, and what other types of income you will have this year,&nbsp; they will all have an effect.&nbsp; &nbsp; (AND...whether you are a senior (age 59.5) eligible for 20,000 of retirement income to be exempt form NY taxation)</P><P>&nbsp;</P><P>Check your final 2019 tax rate assessed for your 2019 NY taxable income......then guesstimate what total income and taxable income you will have for 2020 (including this distribution), and if your total 2020 income is thought to be similar to 2019 have at least the 2019 % NY tax rate used as withholding for this distribution too.&nbsp; If 2020 income will be higher, add a % or two....if lower, then subtract a % or two from whatever rate NY assessed for 2019&nbsp; (subject to any required minimums the plan may have).&nbsp; &nbsp;But that's just a wild guesstimate.</P><P>&nbsp;</P><P>Remember, the withholding is just like W-2 withholding...it's just an approximation of what will be assessed when your file with your total NY income at tax time in early 2021.</P><P>_____________________________</P><P>Here's some approx NY tax brackets you can use to estimate what you should have withheld:</P><P>&nbsp;</P><P><A href="https://www.incometaxpro.net/tax-rates/new-york.htm" target="_blank" rel="noopener">https://www.incometaxpro.net/tax-rates/new-york.htm</A></P><P>_____________________</P><P>Of course, if you were using the desktop TTX software for 2019, you could model your situation with the 2019 software, inputting your 2020 income in a separate new tax file, <EM>as-if</EM> it was 2019 income...it would likely be close enough.&nbsp; (but if you used the "Online" software for 2019..<EM>DO NOT</EM> mess with your 2019 online account file...you would destroy your 2019 tax return and make it unrecoverable)</P> Sat, 12 Sep 2020 18:19:40 GMT https://ttlc.intuit.com/community/retirement/discussion/re-how-much-percentage-of-state-income-tax-would-be-withheld-from-my-retirement-plan-when-doing-a/01/1719449#M111708 SteamTrain 2020-09-12T18:19:40Z https://ttlc.intuit.com/community/retirement/discussion/re-how-much-percentage-of-state-income-tax-would-be-withheld-from-my-retirement-plan-when-doing-a/01/1719428#M111707 <P>Depends ... the retirement plan administrator should be able to tell you .&nbsp;<A href="https://smartasset.com/retirement/new-york-retirement-taxes#:~:text=When%20it%20comes%20to%20income,not%20so%20favorable%20to%20retirees" target="_blank">https://smartasset.com/retirement/new-york-retirement-taxes#:~:text=When%20it%20comes%20to%20income,not%20so%20favorable%20to%20retirees</A>.</P> Sat, 12 Sep 2020 17:47:25 GMT https://ttlc.intuit.com/community/retirement/discussion/re-how-much-percentage-of-state-income-tax-would-be-withheld-from-my-retirement-plan-when-doing-a/01/1719428#M111707 Critter-3 2020-09-12T17:47:25Z https://ttlc.intuit.com/community/retirement/discussion/how-much-percentage-of-state-income-tax-would-be-withheld-from-my-retirement-plan-when-doing-a-full/01/1719412#M111706 i am withdrawing from my retirement plan and im trying to figure out how much state income tax should be withheld for the state of ny Sat, 12 Sep 2020 17:08:51 GMT https://ttlc.intuit.com/community/retirement/discussion/how-much-percentage-of-state-income-tax-would-be-withheld-from-my-retirement-plan-when-doing-a-full/01/1719412#M111706 j10 2020-09-12T17:08:51Z https://ttlc.intuit.com/community/retirement/discussion/re-lisa-as-an-example-if-it-s-rental-property-then-all/01/1719406#M111705 <P>Read the solution in the following thread.</P> <P>&nbsp;</P> <P><A href="https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-have-rental-income-from-subleasing-property-that-i-lease-and-therefore-do-not-own-do-i-claim-this/00/755308/message-id/33692#M46611" target="_blank">https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-have-rental-income-from-subleasing-property-that-i-lease-and-therefore-do-not-own-do-i-claim-this/00/755308/message-id/33692#M46611</A></P> Sat, 12 Sep 2020 16:47:51 GMT https://ttlc.intuit.com/community/retirement/discussion/re-lisa-as-an-example-if-it-s-rental-property-then-all/01/1719406#M111705 tagteam 2020-09-12T16:47:51Z https://ttlc.intuit.com/community/retirement/discussion/re-lisa-as-an-example-if-it-s-rental-property-then-all/01/1719382#M111704 <P>Hi - wondering about getting paid back for rent. ie. if we paid rent to the landlord for 14K and the sub leaser pays us 7K how do we not show it as income? Thanks&nbsp;</P> Sat, 12 Sep 2020 15:52:24 GMT https://ttlc.intuit.com/community/retirement/discussion/re-lisa-as-an-example-if-it-s-rental-property-then-all/01/1719382#M111704 NewUserToo 2020-09-12T15:52:24Z https://ttlc.intuit.com/community/retirement/discussion/re-i-was-unemployed-in-2019-and-withdrew-100k-from-my-ira-to-cover-expenses-how-do-i-report-this/01/1719287#M111703 <P>A&nbsp; RMD is not eligible to be rolled into any other tax deferred account.&nbsp;&nbsp; It can be put into a regular brokerage or savings account.&nbsp;&nbsp;&nbsp;&nbsp; Any RMD that was put into another IRA is an excess contribution to that IRA subject to penalties until removed.</P> Sat, 12 Sep 2020 03:19:35 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-was-unemployed-in-2019-and-withdrew-100k-from-my-ira-to-cover-expenses-how-do-i-report-this/01/1719287#M111703 macuser_22 2020-09-12T03:19:35Z https://ttlc.intuit.com/community/retirement/discussion/re-i-was-unemployed-in-2019-and-withdrew-100k-from-my-ira-to-cover-expenses-how-do-i-report-this/01/1719283#M111702 <P>What is a supplemental IRA Account? &nbsp;You can not transfer a RMD required minimum distribution to another IRA. &nbsp;You have to take it out. You should have received a 1099R from each account you took a distribution.</P><P>&nbsp;</P><P class="p1"><SPAN class="s1">The easiest way to get to the 1099-R entry screen is to simply search for 1099-R&nbsp;(upper- or lower-case, with or without the dash) in your TurboTax program and then click the "Jump to" link in the search results.</SPAN></P><P class="p2">&nbsp;</P><P class="p1"><SPAN class="s1">Enter a 1099R under</SPAN></P><P class="p1"><SPAN class="s1">Federal Taxes on the left side</SPAN></P><P class="p1"><SPAN class="s1">Wages &amp; Income at the top</SPAN></P><P class="p2">&nbsp;</P><P class="p1"><SPAN class="s1">Then scroll way down to Retirement Plans and Social Security,</SPAN></P><P class="p1"><SPAN class="s1">Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit</SPAN></P><P class="p1"><SPAN class="s1"><LI-USER uid="2624" login="dmertz"></LI-USER>&nbsp;<BR /></SPAN></P><P>&nbsp;</P><P>&nbsp;</P> Sat, 12 Sep 2020 03:01:08 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-was-unemployed-in-2019-and-withdrew-100k-from-my-ira-to-cover-expenses-how-do-i-report-this/01/1719283#M111702 VolvoGirl 2020-09-12T03:01:08Z https://ttlc.intuit.com/community/retirement/discussion/i-was-unemployed-in-2019-and-withdrew-100k-from-my-ira-to-cover-expenses-how-do-i-report-this-money/01/1719279#M111701 I had no employment income in 2019 and instead paid my expenses from money I have inherited. The money is divided between three accounts: an IRA, a supplemental IRA, and an account with funds earmarked for the future purchase of a home. During the year, I took two withdrawals of 50K each. I’m assuming that I must report these on my 2019 return, but I’m not sure where in TT to enter them. Are the withdrawals considered income, etc.? Also, I separately took a mandatory minimum distribution from my IRA, which I transferred to my supplemental IRA account. Does the fact that I transferred the distribution to another account make any difference in terms of how I report it? Any help regarding these questions would be greatly appreciated. Sat, 12 Sep 2020 02:44:04 GMT https://ttlc.intuit.com/community/retirement/discussion/i-was-unemployed-in-2019-and-withdrew-100k-from-my-ira-to-cover-expenses-how-do-i-report-this-money/01/1719279#M111701 JO4 2020-09-12T02:44:04Z https://ttlc.intuit.com/community/retirement/discussion/re-excess-roth-ira-over-payment-when-withdrawn-had-earned-income-of-344-87-do-i-report-this-income/01/1719181#M111700 <P>If you request a return of excess contribution plus earnings 2020, you will receive a 1099-R next&nbsp; January to report it.&nbsp;&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>If this was a 2019 contribution returned in 2020, you will need to amend 2019 when you receive the 1099-R because earnings are taxable in the tax year that the contribution was *for* not the year returned.</P> <P>&nbsp;</P> <P>&nbsp;</P> Fri, 11 Sep 2020 20:40:33 GMT https://ttlc.intuit.com/community/retirement/discussion/re-excess-roth-ira-over-payment-when-withdrawn-had-earned-income-of-344-87-do-i-report-this-income/01/1719181#M111700 macuser_22 2020-09-11T20:40:33Z https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719176#M111699 <P>To add to what macuser_22 said, the change in value between the time of the in-kind distribution and the rollover contribution of those same shares is irrelevant, even though the receiving custodian must report on Form 5498 the value of the rollover contribution based on the value at the time of the rollover contribution.&nbsp; The dollar amount of the rollover is based on the value of the shares at the time of the distribution, not the value when the rollover contribution is made.</P><P>&nbsp;</P><P>Personally, I would&nbsp;anticipate that the IRS would question the amount actually rolled over and include a written statement with my filed tax return explaining that the rollover was the rollover of the same shares distributed as an in-kind distribution.&nbsp; The IRS has recently been increasing the scrutiny of rollovers and has automated systems to compare tax returns with Forms 1099-R and 5498.</P> Fri, 11 Sep 2020 20:32:10 GMT https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719176#M111699 dmertz 2020-09-11T20:32:10Z https://ttlc.intuit.com/community/retirement/discussion/re-how-to-create-1099/01/1719174#M111698 <P>Did you use the Quick Employer Forms from the Self Employed version? &nbsp;<SPAN class="s1">You can sign back into QEF Quick Employer Forms here,&nbsp;</SPAN></P><P class="p2"><SPAN class="s1"><A href="https://quickemployerforms.intuit.com/signin.htm?url=https%3A%2F%2Fquickemployerforms.intuit.com%2Fwelcome.htm" target="_blank">https://quickemployerforms.intuit.com/signin.htm?url=https%3A%2F%2Fquickemployerforms.intuit.com%2Fw...</A></SPAN></P> Fri, 11 Sep 2020 20:31:24 GMT https://ttlc.intuit.com/community/retirement/discussion/re-how-to-create-1099/01/1719174#M111698 VolvoGirl 2020-09-11T20:31:24Z https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719169#M111697 <P>When you report this on your 2020 tax rerun you enter the 1099-R for the distribution and indicate in the interview&nbsp; when it asks what you did with the money, you select that it was rolled over.&nbsp; That's it.&nbsp; Nothing about a 5498 or the nature of the rollover (like kind stock) goes on your tax return whatsoever.</P> <P>&nbsp;</P> <P>The only concern would be if the IRS (in a year of so) questions that the rollover amount is different than the 5498 amount they might questions it.&nbsp;&nbsp; Personally, I would wait to see if that ever happens and if it does, then answering their letter with the explanation that the financial institution entered the value of the stock when it was rolled back (which was the value at the time), but like kind rollovers are the same shares of stock that were distributed so the entire amount that was distributed was rolled back, which was done.&nbsp;&nbsp; The value at the time of the distribution only matters if it was not rolled back.</P> Fri, 11 Sep 2020 20:08:47 GMT https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719169#M111697 macuser_22 2020-09-11T20:08:47Z https://ttlc.intuit.com/community/retirement/discussion/how-to-create-1099/01/1719166#M111696 I want to look up 1099s I created already Fri, 11 Sep 2020 20:03:53 GMT https://ttlc.intuit.com/community/retirement/discussion/how-to-create-1099/01/1719166#M111696 ray7172 2020-09-11T20:03:53Z https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719134#M111695 <P class="p1">&nbsp;</P> <P class="p2"><SPAN class="s1">TAX ON SOCIAL SECURITY</SPAN></P> <P class="p3"><SPAN class="s1">Up to 85% of your Social Security benefits can be taxable on your federal tax return.<SPAN class="Apple-converted-space">&nbsp; </SPAN>There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits. &nbsp;When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. </SPAN></P> <P class="p3"><SPAN class="s1">&nbsp;What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit was $16,920 —for 2018 it will be $17,040—for 2019 it will be $17,640— for 2020 it will be $18,240) &nbsp;After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.</SPAN></P> <P class="p3"><SPAN class="s1">To see how much of your Social Security was taxable, look at lines 5a and 5b of your Form 1040</SPAN></P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s2"><A href="https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable" target="_blank">https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable</A></SPAN></P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s2"><A href="https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable" target="_blank">https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable</A></SPAN></P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s1">You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.</SPAN></P> <P class="p1">&nbsp;</P> <P class="p1">&nbsp;</P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s1">Some additional information:<SPAN class="Apple-converted-space">&nbsp; </SPAN>There are 13 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.<SPAN class="Apple-converted-space">&nbsp; </SPAN>These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV</SPAN></P> Fri, 11 Sep 2020 19:10:35 GMT https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719134#M111695 xmasbaby0 2020-09-11T19:10:35Z https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719105#M111694 <P>Do you mean on Social Security benefits you are receiving?</P><P>&nbsp;</P><P class="p1"><SPAN class="s1">At any age or income......Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:</SPAN></P><P class="p1"><SPAN class="s1">Married Filing Jointly: $32,000</SPAN></P><P class="p1"><SPAN class="s1">Single or head of household: $25,000</SPAN></P><P class="p1"><SPAN class="s1">Married Filing Separately: 0</SPAN></P> Fri, 11 Sep 2020 18:18:00 GMT https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719105#M111694 VolvoGirl 2020-09-11T18:18:00Z https://ttlc.intuit.com/community/retirement/discussion/excess-roth-ira-over-payment-when-withdrawn-had-earned-income-of-344-87-do-i-report-this-income-if/01/1719104#M111693 Fri, 11 Sep 2020 18:15:01 GMT https://ttlc.intuit.com/community/retirement/discussion/excess-roth-ira-over-payment-when-withdrawn-had-earned-income-of-344-87-do-i-report-this-income-if/01/1719104#M111693 101852790_03154 2020-09-11T18:15:01Z https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719102#M111692 <P>There is no age limit for paying Social Security taxes on earned income from wages.</P> Fri, 11 Sep 2020 18:13:42 GMT https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719102#M111692 DoninGA 2020-09-11T18:13:42Z https://ttlc.intuit.com/community/retirement/discussion/why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719097#M111691 Fri, 11 Sep 2020 18:08:32 GMT https://ttlc.intuit.com/community/retirement/discussion/why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719097#M111691 jimfligor 2020-09-11T18:08:32Z https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719094#M111690 <P>Thanks but believe additional backup from brokerage firm required. Possibly bokerage firm did not report amount correct in statement.</P> Fri, 11 Sep 2020 18:04:04 GMT https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719094#M111690 musiuloco 2020-09-11T18:04:04Z https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719092#M111689 <P>Thanks and excuse delay in response. I waiting for email alert of response to post. Probably must check format.</P><P>Now to your reply. I agree with all your post. Problem - when shares rolled over value of shares less than when removed for distribution. Broker shows the reduced value as the rollover amount that does not match the distribution value. This rollover value will be the amount on the 1099R issued by broker. Therefore I do not receive the benefit of the full distribution. I do not believe a statement by me accompanying the TAX FILING will be accepted by IRS. Yes, the number of shares rolled over is the same lot distributed.</P><P>&nbsp;</P><P>Appreciate your review of this issue.</P> Fri, 11 Sep 2020 18:02:14 GMT https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719092#M111689 musiuloco 2020-09-11T18:02:14Z https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718940#M111688 <BLOCKQUOTE><HR /><LI-USER uid="2662889"></LI-USER>&nbsp;wrote:<BR /> <P>Thank you very much. What confuses me is to that I would need to return the distribution with after tax money? Especially since I would get taxed again upon starting to withdraw that money in retirement?</P> <HR /></BLOCKQUOTE> <P>If you take a distribution which is later returned, the distribution is removed from your taxable income, as if the distribution never happened. &nbsp;Since the returned distribution is not taxed as income, you can't take a deduction for the return, because you can't subtract an item from your taxable income that was never included in your taxable income to begin with. &nbsp;&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> Fri, 11 Sep 2020 03:28:08 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718940#M111688 Opus 17 2020-09-11T03:28:08Z https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718937#M111687 <P>Thank you very much. What confuses me is to that I would need to return the distribution with after tax money? Especially since I would get taxed again upon starting to withdraw that money in retirement?</P> Fri, 11 Sep 2020 03:09:17 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718937#M111687 tobe2017 2020-09-11T03:09:17Z https://ttlc.intuit.com/community/retirement/discussion/re-ira-deduction-eligability/01/1718926#M111686 <P>If you already have some kind of pre-tax retirement plan (pension, traditional IRA, 401(k)), then I suggest a Roth IRA. &nbsp;You don't get the immediate tax deduction, but future withdrawals are tax free and there is no RMD requirement.&nbsp;</P> Fri, 11 Sep 2020 02:40:02 GMT https://ttlc.intuit.com/community/retirement/discussion/re-ira-deduction-eligability/01/1718926#M111686 Opus 17 2020-09-11T02:40:02Z https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718920#M111685 <P>By the way, you must very specifically arrange the "return" with the plan trustee. &nbsp;It is not a regular contribution, and regular contributions can't be counted as returns. &nbsp;If you want to use your weekly or monthly contribution funds to pay the return, you will need to stop the contributions, collect the money in your paycheck (after tax), and send a separate payment to the plan trustee using their specific procedure for a COVID return. &nbsp;(It may require a special paper form or a special election online.)</P> Fri, 11 Sep 2020 02:32:18 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718920#M111685 Opus 17 2020-09-11T02:32:18Z https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718919#M111684 <P>A return of your contributions is not tax deductible because you won't be paying tax on the money you withdraw. &nbsp;You take the money out temporarily and don't pay tax, so the return is not deductible. &nbsp;In fact, the return is not a "contribution" at all, it is a return of a prior distribution.</P> <P>&nbsp;</P> <P>Normally, &nbsp;if you want to return a distribution, you must do it within 60 days, so the issue of tax doesn't come up. &nbsp;With a COVID withdrawal, you can spread the tax out over 3 years (if you choose) and you can make the return for up to 3 years. &nbsp;That might mean you pay tax on part or all of the distribution in year 1, but when you return it in year 2 or 3, the tax you paid in year 1 will be reversed. &nbsp;But it will all work out in the end. &nbsp;Any part of the distribution that you end up returning will not be taxed once everything is settled.&nbsp;</P> Fri, 11 Sep 2020 02:29:35 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718919#M111684 Opus 17 2020-09-11T02:29:35Z https://ttlc.intuit.com/community/retirement/discussion/re-social-security-income-from-elsewhere/01/1718833#M111683 <P class="p1">&nbsp;</P> <P class="p2"><SPAN class="s1">TAX ON SOCIAL SECURITY</SPAN></P> <P class="p3"><SPAN class="s1">Up to 85% of your Social Security benefits can be taxable on your federal tax return.<SPAN class="Apple-converted-space">&nbsp; </SPAN>There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits. &nbsp;When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. </SPAN></P> <P class="p3"><SPAN class="s1">&nbsp;What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit was $16,920 —for 2018 it will be $17,040—for 2019 it will be $17,640— for 2020 it will be $18,240) &nbsp;After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.</SPAN></P> <P class="p3"><SPAN class="s1">To see how much of your Social Security was taxable, look at lines 5a and 5b of your Form 1040</SPAN></P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s2"><A href="https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable" target="_blank">https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable</A></SPAN></P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s2"><A href="https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable" target="_blank">https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable</A></SPAN></P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s1">You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.</SPAN></P> <P class="p1">&nbsp;</P> <P class="p1">&nbsp;</P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s1">Some additional information:<SPAN class="Apple-converted-space">&nbsp; </SPAN>There are 13 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.<SPAN class="Apple-converted-space">&nbsp; </SPAN>These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV</SPAN></P> Thu, 10 Sep 2020 22:32:31 GMT https://ttlc.intuit.com/community/retirement/discussion/re-social-security-income-from-elsewhere/01/1718833#M111683 xmasbaby0 2020-09-10T22:32:31Z https://ttlc.intuit.com/community/retirement/discussion/re-social-security-income-from-elsewhere/01/1718792#M111682 <P>FYI -&nbsp;</P><P>There are 2 different things to know about social security. People get them mixed up all the time.</P><P>1. Your actual SS checks<BR />If you are over full retirement age your actual SS checks won't be reduced. Otherwise they will actually reduce your payments if you make too much other income in the prior year.</P><P>&nbsp;</P><P>2. Income Tax<BR />For any age up to 85% of Social Security becomes taxable when ALL your other income plus 1/2 your social security reaches:<BR />Married Filing Jointly: $32,000<BR />Single or head of household: $25,000<BR />Married Filing Separately: 0</P> Thu, 10 Sep 2020 21:14:04 GMT https://ttlc.intuit.com/community/retirement/discussion/re-social-security-income-from-elsewhere/01/1718792#M111682 VolvoGirl 2020-09-10T21:14:04Z https://ttlc.intuit.com/community/retirement/discussion/re-social-security-income-from-elsewhere/01/1718788#M111681 <P>Up to 85% of Social Security Retirement/Disability/Survivors benefits becomes taxable when all your other income plus 1/2 your social security reaches:</P> <UL> <LI>Married Filing Jointly - $32,000</LI> <LI>Single or Head of Household - $25,000</LI> <LI>Married Filing Separately - 0</LI> </UL> Thu, 10 Sep 2020 20:53:04 GMT https://ttlc.intuit.com/community/retirement/discussion/re-social-security-income-from-elsewhere/01/1718788#M111681 DoninGA 2020-09-10T20:53:04Z https://ttlc.intuit.com/community/retirement/discussion/social-security-income-from-elsewhere/01/1718786#M111680 <P>I get $1900 monthly from SS. How much can I make before my SS gets taxed</P> Thu, 10 Sep 2020 20:51:48 GMT https://ttlc.intuit.com/community/retirement/discussion/social-security-income-from-elsewhere/01/1718786#M111680 Djarvis99 2020-09-10T20:51:48Z https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718779#M111679 <P>Sorry, this was the full post:</P><P>&nbsp;</P><P>I took out a COVID-related distribution out of each of my two 403(b) accounts. My usual biweekly contributions is being deducted from my paycheck (pre-tax). I intend on paying back the distribution that I took from my 403(b) accounts. However, I am being told that I am unable to contribute this as a pre-tax deduction from my payment, such as by increasing my monthly automatic contribution. This doesn’t seem to make sense to me that I would contribute after-tax money to recontribute to a pre-tax retirement account as that is a) counterintuitive to the concept of not paying taxes on the COVID-related distribution and b) I would then get taxed again on that recontributed post-tax money in retirement. Any advice?</P> Thu, 10 Sep 2020 20:29:42 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718779#M111679 tobe2017 2020-09-10T20:29:42Z https://ttlc.intuit.com/community/retirement/discussion/re-i-am-self-employed-my-husband-receives-social-security-i-have-not-filed-our-tax-returns-for-2018/01/1718775#M111678 <P>The question is rather to your spouse, should he sign a joint return? &nbsp;When a spouse signs a joint return, they take legal and financial responsibility for all the facts, figures and tax owed. &nbsp;Sometimes, a person might not want to be responsible for the mistakes or problems of their spouse. &nbsp;If your spouse refuses to sign, then you have to file MFS.</P> <P>&nbsp;</P> <P>Assuming your spouse is not worried about liability, then it is almost always better to file MFJ, even if one spouse has no taxable income. &nbsp;The tax rates are lower for MFJ and many deductions and credits are reduced or disallowed for MFS. &nbsp;Also, if you file MFS, then your spouse's social security is automatically taxed at the maximum rate and your spouse must file a tax return. &nbsp;If you file jointly, your spouse's social security might only be partly or not taxable, depending on your other income.&nbsp;</P> <P>&nbsp;</P> <P>Hopefully you made estimated payments. &nbsp;Your penalties are a percentage of the amount of tax you owe, so if your estimated payments are more than your tax and you are due a refund, then you won't be assessed a penalty at all. &nbsp;If you do owe tax, Turbotax may offer to calculate your penalty and add it to your tax bill. &nbsp;I would decline this if you can, and wait for the IRS to send you a penalty assessment. &nbsp;If this is the first time you have owed a penalty, you can request a one-time penalty abatement. &nbsp;(Interest on the late payment can't be abated but it may be less after recalculating it without the penalty included.)</P> <P><A href="https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver" target="_blank" rel="noopener">https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver</A></P> <P>&nbsp;</P> <P>To file a 2018 return, you need to purchase the 2018 Turbotax program to download and install on your own computer. &nbsp;The online web site can only do current season (2019) returns.&nbsp;</P> Thu, 10 Sep 2020 20:22:09 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-am-self-employed-my-husband-receives-social-security-i-have-not-filed-our-tax-returns-for-2018/01/1718775#M111678 Opus 17 2020-09-10T20:22:09Z https://ttlc.intuit.com/community/retirement/discussion/re-i-am-self-employed-my-husband-receives-social-security-i-have-not-filed-our-tax-returns-for-2018/01/1718769#M111677 <P>You should file your tax return as Married Filing Jointly.&nbsp; You being self-employed and your spouse receiving Social Security benefits does not prevent you from filing jointly.</P> <P>&nbsp;</P> <P>To complete and file a 2018 tax return using TurboTax you would need to purchase, download and install on a personal computer one of the 2018 desktop editions from this website -&nbsp;<A href="https://turbotax.intuit.com/personal-taxes/past-years-products/" target="_blank" rel="nofollow noopener noreferrer">https://turbotax.intuit.com/personal-taxes/past-years-products/</A></P> <P>&nbsp;</P> <P>A 2018 tax return can only be printed and mailed, it cannot be e-filed.</P> Thu, 10 Sep 2020 20:03:04 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-am-self-employed-my-husband-receives-social-security-i-have-not-filed-our-tax-returns-for-2018/01/1718769#M111677 DoninGA 2020-09-10T20:03:04Z https://ttlc.intuit.com/community/retirement/discussion/i-am-self-employed-my-husband-receives-social-security-i-have-not-filed-our-tax-returns-for-2018/01/1718760#M111676 My husband had a stroke. His condition has prevented me from completing our tax returns. Should I file separately? Thu, 10 Sep 2020 19:49:46 GMT https://ttlc.intuit.com/community/retirement/discussion/i-am-self-employed-my-husband-receives-social-security-i-have-not-filed-our-tax-returns-for-2018/01/1718760#M111676 barden2017 2020-09-10T19:49:46Z https://ttlc.intuit.com/community/retirement/discussion/re-ira-deduction-eligability/01/1718750#M111675 <P>And starting in 2020, as long as you are still working, there is no age limit to be able to contribute to a Traditional IRA. The Secure Act, signed into law on December 20, 2019, removed the age limit in which an individual can contribute to an IRA. The top age prior to the law was 70½.</P><P>Find out which IRA may be right for you and how much you can contribute.<SPAN>&nbsp;</SPAN><STRONG><A href="https://scs.fidelity.com/products/mobile/ira/ira-calc.shtml" target="popup">Calculate your IRA contribution limit<SPAN class="off-screen">Opens in a new window</SPAN></A></STRONG></P> Thu, 10 Sep 2020 19:29:31 GMT https://ttlc.intuit.com/community/retirement/discussion/re-ira-deduction-eligability/01/1718750#M111675 Critter-3 2020-09-10T19:29:31Z https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718746#M111674 <P>Your question was cut off twice ... return and complete your query.&nbsp;</P> Thu, 10 Sep 2020 19:19:39 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718746#M111674 Critter-3 2020-09-10T19:19:39Z https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718733#M111673 <P>Agreed!</P> Thu, 10 Sep 2020 18:37:34 GMT https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718733#M111673 Bsch4477 2020-09-10T18:37:34Z https://ttlc.intuit.com/community/retirement/discussion/i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718732#M111672 I took out a COVID-related distribution out of each of my two 403(b) accounts. My usual biweekly contributions is being deducted from my paycheck (pre-tax). I intend on paying back the distribution th Thu, 10 Sep 2020 18:37:27 GMT https://ttlc.intuit.com/community/retirement/discussion/i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718732#M111672 tobe2017 2020-09-10T18:37:27Z https://ttlc.intuit.com/community/retirement/discussion/re-ira-deduction-eligability/01/1718731#M111671 <P>Since your employer does not have a retirement plan you are not covered by one. You payments from your prior pension are not relevant.&nbsp;</P> Thu, 10 Sep 2020 18:36:39 GMT https://ttlc.intuit.com/community/retirement/discussion/re-ira-deduction-eligability/01/1718731#M111671 Bsch4477 2020-09-10T18:36:39Z https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718729#M111670 <BLOCKQUOTE><HR /><LI-USER uid="305"></LI-USER>&nbsp;wrote:<BR /> <P>Since the roll over is limited to once per person your wife can make the IRA to HSA transfer if she is covered by a HDHP.&nbsp;</P> <HR /></BLOCKQUOTE> <P>Correct, but it must come from an IRA in her name <EM>and</EM> go into an HSA in her name. &nbsp;It can't go into her spouse's HSA.&nbsp;</P> Thu, 10 Sep 2020 18:35:49 GMT https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718729#M111670 Opus 17 2020-09-10T18:35:49Z https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718727#M111669 <P>Since the roll over is limited to once per person your wife can make the IRA to HSA transfer if she is covered by a HDHP.&nbsp;</P> Thu, 10 Sep 2020 18:30:58 GMT https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718727#M111669 Bsch4477 2020-09-10T18:30:58Z https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718723#M111668 <P>Not the way you suggest. &nbsp;An HSA, like an IRA, belongs to one and only one person, and spouse #2 can't make a funding distribution from an IRA owned by spouse #2 into an HSA owned by spouse #1.</P> <P>&nbsp;</P> <P>However, spouse #2 may be able to make a qualified distribution into an HSA owned by spouse #2, if spouse #2 is eligible.</P> <P>&nbsp;</P> <P>If spouse #2 is covered by a family HDHP and has no other disqualifying coverage, then spouse #2 is eligible to make contributions to an HSA even if the HDHP is in spouse #1's name. &nbsp; Therefore, if your only insurance coverage is your spouse's HDHP, then you can open and contribute to an HSA. &nbsp;You can do that at many different banks if your employer does not offer it internally, you can shop around for the lowest fees. &nbsp;</P> <P>&nbsp;</P> <P>Your contribution limit for 2020 is $7100, plus $1000 if you are age 55 or over. &nbsp;Note that the $7100 is also your overall family contribution limit, but the $1000 catch-up provision is specific to each person. &nbsp;So if you and your spouse are both over age 55, then you can contribute $9100 in total--that's $7100 that can be split between the spouses' accounts any way you like, plus $1000 catchup that can only go into spouse #1's account and $1000 that can only go into spouse #2's account. &nbsp;</P> <P>&nbsp;</P> <P>So spouse #2 can do a QHFD from spouse #2's IRA into spouse #2's HSA. &nbsp;The maximum amount is $7100, or $8100 if spouse #2 is age 55 or older. &nbsp;Then spouse #1 can make a regular contribution into their HSA, but only up to $1000, since spouse #1 seems to be 55 or older based on the question. &nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> Thu, 10 Sep 2020 19:48:47 GMT https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718723#M111668 Opus 17 2020-09-10T19:48:47Z https://ttlc.intuit.com/community/retirement/discussion/can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible-plan/01/1718706#M111667 Thu, 10 Sep 2020 17:56:56 GMT https://ttlc.intuit.com/community/retirement/discussion/can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible-plan/01/1718706#M111667 maxwell91 2020-09-10T17:56:56Z https://ttlc.intuit.com/community/retirement/discussion/ira-deduction-eligability/01/1718692#M111666 <P>Working for a private company this year is the first W2 job I have had since retirement some many years ago so&nbsp;it&nbsp;will present a sizable&nbsp;bump up in our income this&nbsp;year and perhaps in the immediate following year.&nbsp; Both my wife and I are retired on and collecting US Government pensions.&nbsp; Me OPM and her OPM and Social Security.&nbsp; I was investigating opening both an IRA for me (age 72) and a spousal IRA for her (age 66) for tax sheltering purposes under the 2019&nbsp;changes in law.&nbsp; I do understand that my eligibility to DEDUCT an IRA contribution is based on our Modified Adjusted&nbsp;Gross Income AND&nbsp; whether I or my spouse is covered by a workplace retirement plan.&nbsp; My current employer does not have a workplace retirement plan.&nbsp; BUT THE PART I DO NOT UNDERSTAND IS: DO OUR RETIREMENT PENSIONS THAT WE ARE COLLECTING FALL UNDER THE DEFINITION OF "COVERED BY A WORKPLACE RETIREMENT PLAN" WITH RESPECT TO ELIGIBILITY FOR A IRA DEDUCTION AND AMOUNT?</P> Thu, 10 Sep 2020 17:35:08 GMT https://ttlc.intuit.com/community/retirement/discussion/ira-deduction-eligability/01/1718692#M111666 Len13 2020-09-10T17:35:08Z https://ttlc.intuit.com/community/retirement/discussion/re-turbotax-does-not-recognize-my-retirement-income-contributions-how-can-i-change-that/01/1718238#M111665 <P>Contributions to what?&nbsp;&nbsp;&nbsp; What type of retirement income?</P> Wed, 09 Sep 2020 14:44:51 GMT https://ttlc.intuit.com/community/retirement/discussion/re-turbotax-does-not-recognize-my-retirement-income-contributions-how-can-i-change-that/01/1718238#M111665 macuser_22 2020-09-09T14:44:51Z https://ttlc.intuit.com/community/retirement/discussion/turbotax-does-not-recognize-my-retirement-income-contributions-how-can-i-change-that/01/1718237#M111664 Wed, 09 Sep 2020 14:42:42 GMT https://ttlc.intuit.com/community/retirement/discussion/turbotax-does-not-recognize-my-retirement-income-contributions-how-can-i-change-that/01/1718237#M111664 alunda-n-hopkins 2020-09-09T14:42:42Z https://ttlc.intuit.com/community/retirement/discussion/re-edit-the-1099-r-in-the-federal-section-again-an-answer/01/1718187#M111663 <P>Then back up and review your data entries on the 1099 are entry screen. You must have a data entry error involving a comma or decimal point.</P> Wed, 09 Sep 2020 04:58:53 GMT https://ttlc.intuit.com/community/retirement/discussion/re-edit-the-1099-r-in-the-federal-section-again-an-answer/01/1718187#M111663 Critter 2020-09-09T04:58:53Z https://ttlc.intuit.com/community/retirement/discussion/re-edit-the-1099-r-in-the-federal-section-again-an-answer/01/1718125#M111662 <P>I did that and am getting a strange number for my State Pension deduction, over a million dollars.</P> Wed, 09 Sep 2020 01:19:00 GMT https://ttlc.intuit.com/community/retirement/discussion/re-edit-the-1099-r-in-the-federal-section-again-an-answer/01/1718125#M111662 SC1540 2020-09-09T01:19:00Z https://ttlc.intuit.com/community/retirement/discussion/re-we-could-not-e-file-your-return-for-the-following-reason-duplicate-social-security-number-a-tax/01/1718036#M111661 <P>If you filed a "non-filer" return to get the stimulus faster, you will need to mail your tax return now.</P> <P>&nbsp;</P> <P>If you did not file a "non-filer" return, you might be a victim of identity theft. &nbsp;You will still need to print, sign and mail your tax return, but you may also want to check your credit report, bank accounts, credit cards and so on for unusual activity.</P> <P>&nbsp;</P> <P>Don't forget to also print, sign and mail your state tax return, if you have one.&nbsp;</P> Tue, 08 Sep 2020 22:05:10 GMT https://ttlc.intuit.com/community/retirement/discussion/re-we-could-not-e-file-your-return-for-the-following-reason-duplicate-social-security-number-a-tax/01/1718036#M111661 Opus 17 2020-09-08T22:05:10Z https://ttlc.intuit.com/community/retirement/discussion/re-will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed/01/1718034#M111660 <P>You were supposed to report the distribution using the 1099-R that was sent by the plan trustee. &nbsp;If you did, then the tax was already calculated and paid. &nbsp;If you did not, the IRS will certainly eventually send you a bill for unpaid taxes, late fees and interest. &nbsp;You should file an amended return now that adds the 1099-R to report the income from the distribution and pay any taxes owed.&nbsp;</P> Tue, 08 Sep 2020 22:01:58 GMT https://ttlc.intuit.com/community/retirement/discussion/re-will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed/01/1718034#M111660 Opus 17 2020-09-08T22:01:58Z https://ttlc.intuit.com/community/retirement/discussion/re-will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed/01/1717985#M111659 <P>If you had received a Form 1099-R for a distribution in 2019 and entered the 1099-R on your tax return, the early distribution penalty would have been calculated on the federal tax return that you filed in 2020.</P> <P>The penalty would have decreased your federal tax refund or increased the taxes owed on the federal tax return, Form 1040.&nbsp; The penalty would have been entered on Schedule 2 Line 6.&nbsp; The total amount from Schedule 2 Lines 4 thru 8 would have flowed to Form 1040 Line 15</P> <P>&nbsp;</P> <P>Look at your 2019 federal tax return -</P> <P>&nbsp;</P> <P>To access your current or prior year online tax returns sign onto the TurboTax website with the userID you used to create the account -&nbsp;<A href="https://myturbotax.intuit.com/" target="_blank" rel="nofollow noopener noreferrer noopener noreferrer">https://myturbotax.intuit.com/</A></P> <P>Scroll down to the bottom of the screen and on the section&nbsp;<STRONG>Your tax returns &amp; documents</STRONG>&nbsp;click on&nbsp;<U>Show</U>.&nbsp; Click on the&nbsp;<U>Year</U>&nbsp;and Click on&nbsp;<STRONG>Download/print return (PDF)</STRONG></P> <P><STRONG>Or -</STRONG></P> <P>When you sign onto your online account and land on the&nbsp;<U>Tax Home</U>&nbsp;web page, scroll down and click on&nbsp;<STRONG>Add a state.&nbsp;</STRONG><STRONG><BR /></STRONG></P> <P>This will take you back to the 2019 online tax return.</P> <P>Click on&nbsp;<STRONG>Tax Tools&nbsp;</STRONG>on the left side of the online program screen.&nbsp; Then click on<STRONG>&nbsp;Print Center</STRONG>.&nbsp; Then click on&nbsp;<STRONG>Print, save or preview this year's return</STRONG>.&nbsp;&nbsp;Choose the option&nbsp;<STRONG>Include government and TurboTax worksheets</STRONG></P> Tue, 08 Sep 2020 20:11:56 GMT https://ttlc.intuit.com/community/retirement/discussion/re-will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed/01/1717985#M111659 DoninGA 2020-09-08T20:11:56Z https://ttlc.intuit.com/community/retirement/discussion/re-will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed/01/1717984#M111658 <P>No you will not get a separate bill for the early withdrawal penalty.&nbsp; When you entered all of the information from your 1099R the software would have calculated your penalty as well as the ordinary income tax,&nbsp; If you paid your 2019 tax due then you already paid the penalty.</P> Tue, 08 Sep 2020 20:11:03 GMT https://ttlc.intuit.com/community/retirement/discussion/re-will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed/01/1717984#M111658 xmasbaby0 2020-09-08T20:11:03Z https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717981#M111657 <BLOCKQUOTE><HR /><LI-USER uid="113"></LI-USER>&nbsp;wrote:<BR /> <P>The SS taxable income is from all your W-2's box 3 and any net self-employment income that you reported on a tax return.</P> <P>&nbsp;</P> <HR /></BLOCKQUOTE> <P>Even if your only income is wages from a W-2 job, your social security wages (W-2 box 3) will often be more than your gross wages (box 1) because certain payroll deductions (like 401k contributions) are exempt from income tax but are not exempt from social security tax.</P> <P>&nbsp;</P> <P>There is also an annual social security maximum wage, which was $132,900 for 2019 (and is inflation-linked). &nbsp;Any year that you earn more than the SS wage base, your SS earnings will be the maximum for that year.</P> <P>&nbsp;</P> <P>And some earnings are exempt from SS tax, such as certain earnings while a college student or graduate student and during certain Fellowships, so you might have zero SS wages in a year when you were a student or Fellow even though you had taxable income. &nbsp;Some job classifications are entirely exempt from SS tax, depending on your state of residency.&nbsp;</P> Tue, 08 Sep 2020 20:07:07 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717981#M111657 Opus 17 2020-09-08T20:07:07Z https://ttlc.intuit.com/community/retirement/discussion/will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed-taxes/01/1717978#M111656 Tue, 08 Sep 2020 20:02:12 GMT https://ttlc.intuit.com/community/retirement/discussion/will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed-taxes/01/1717978#M111656 paloma2507 2020-09-08T20:02:12Z https://ttlc.intuit.com/community/retirement/discussion/re-considering-withdrawing-out-of-my-ira-account-trying-to-figure-out-how-much-tax-i-should-take-off/01/1717965#M111655 <P>If this is not COVID-related:</P> <P>&nbsp;</P> <P>You can use the TaxCaster or IRS calculator to estimate the tax you will owe. &nbsp;It will likely be between 25% and 34%, depending on your total income, and including the 10% penalty for early withdrawal.&nbsp;</P> <P>&nbsp;</P> <P><A href="https://turbotax.intuit.com/tax-tools/calculators/taxcaster/" target="_blank">https://turbotax.intuit.com/tax-tools/calculators/taxcaster/</A></P> <P>&nbsp;</P> <P><A href="https://www.irs.gov/individuals/tax-withholding-estimator" target="_blank">https://www.irs.gov/individuals/tax-withholding-estimator</A></P> <P>&nbsp;</P> <P>NE's state income tax rate is 6.84%, there is no state tax penalty for early withdrawal.</P> <P>&nbsp;</P> <P>If you can certify the withdrawal is due to a COVID-related hardship, you have additional options:</P> <OL class="lia-list-style-type-lower-alpha"> <LI>You don't have to pay the 10% penalty for early withdrawal,</LI> <LI>You can spread the income tax out over 3 years.</LI> <LI>You can put the money back within three years and get any tax you paid refunded to you.</LI> </OL> Tue, 08 Sep 2020 19:26:04 GMT https://ttlc.intuit.com/community/retirement/discussion/re-considering-withdrawing-out-of-my-ira-account-trying-to-figure-out-how-much-tax-i-should-take-off/01/1717965#M111655 Opus 17 2020-09-08T19:26:04Z https://ttlc.intuit.com/community/retirement/discussion/re-how-do-i-obtain-a-copy-of-a-1099-form-that-i-sent-to-a-contractor-in-2018/01/1717946#M111654 <P>OK ... you MUST save a PDF of the forms&nbsp; AND&nbsp; print a paper copy for just this very reason each and every time you issue these forms.&nbsp; &nbsp;If you used the QEF tool you need to log in and get the 2018 &amp; 2019&nbsp; now while you can still access them.&nbsp; In a couple of months access to the program will close and the 2018 info lost.&nbsp;</P><P>&nbsp;</P><H1>How do I access my prior-year Quick Employer Forms?</H1><P>Quick Employer Forms is designed to make the creation of Employer Forms and the filing process smooth and hassle-free. Each year as part of your filing experience, we encourage you to download and save a PDF of your completed Quick Employer Forms.</P><P>&nbsp;</P><P>After you file, we also make it easy to access your current-year forms in Quick Employer Forms through October 31. This gives you time to download and store a PDF of your forms.</P><P>You can easily save a copy of your completed forms by either of the above methods for free.</P><P>When next year’s version of Quick Employer Forms is released, you can access your prior-year returns by purchasing TurboTax Business or Home and Business for CD/Download, TurboTax Self Employed, or TurboTax Live Self Employed. When you do, you'll be able to view, print, or download your prior-year forms for previous tax years.</P> Tue, 08 Sep 2020 18:44:12 GMT https://ttlc.intuit.com/community/retirement/discussion/re-how-do-i-obtain-a-copy-of-a-1099-form-that-i-sent-to-a-contractor-in-2018/01/1717946#M111654 Critter-3 2020-09-08T18:44:12Z https://ttlc.intuit.com/community/retirement/discussion/how-do-i-obtain-a-copy-of-a-1099-form-that-i-sent-to-a-contractor-in-2018/01/1717918#M111653 I received a CP2100A notice from the IRS saying that the payee information I entered on the 1099 I sent to them may be incorrect. How do I find a copy of the 1099 I sent to the contractor in 2018? Tue, 08 Sep 2020 17:53:43 GMT https://ttlc.intuit.com/community/retirement/discussion/how-do-i-obtain-a-copy-of-a-1099-form-that-i-sent-to-a-contractor-in-2018/01/1717918#M111653 ApplesInMyBra 2020-09-08T17:53:43Z https://ttlc.intuit.com/community/retirement/discussion/re-we-could-not-e-file-your-return-for-the-following-reason-duplicate-social-security-number-a-tax/01/1717753#M111652 <P class="p1"><SPAN class="s1">If you used the IRS non-filer site to get a stimulus check, you will now get a<SPAN class="Apple-converted-space">&nbsp; </SPAN>“duplicate SSN” rejection.<SPAN class="Apple-converted-space">&nbsp; </SPAN>We are seeing people who did not notice or ignored the warning on that site about using it if they would be filing a tax return.</SPAN></P> <P class="p1"><SPAN class="s2"><A href="https://ttlc.intuit.com/community/tax-topics/help/stimulus-how-to-file-your-return-after-getting-reject-r0000-902-01/01/1602609" target="_blank">https://ttlc.intuit.com/community/tax-topics/help/stimulus-how-to-file-your-return-after-getting-reject-r0000-902-01/01/1602609</A></SPAN></P> Tue, 08 Sep 2020 13:41:10 GMT https://ttlc.intuit.com/community/retirement/discussion/re-we-could-not-e-file-your-return-for-the-following-reason-duplicate-social-security-number-a-tax/01/1717753#M111652 xmasbaby0 2020-09-08T13:41:10Z https://ttlc.intuit.com/community/retirement/discussion/we-could-not-e-file-your-return-for-the-following-reason-duplicate-social-security-number-a-tax/01/1717749#M111651 Tue, 08 Sep 2020 13:26:13 GMT https://ttlc.intuit.com/community/retirement/discussion/we-could-not-e-file-your-return-for-the-following-reason-duplicate-social-security-number-a-tax/01/1717749#M111651 mannyy21 2020-09-08T13:26:13Z https://ttlc.intuit.com/community/retirement/discussion/re-considering-withdrawing-out-of-my-ira-account-trying-to-figure-out-how-much-tax-i-should-take-off/01/1717688#M111650 <P>i have an amount in mind to take out next from my IRA.</P><P>I know what my other income is.</P><P>I do a trial tax return for 2019&nbsp; with a 1099-R showing that amount.</P><P>I know exactly how much tax it is going to cost me .</P> Tue, 08 Sep 2020 02:01:02 GMT https://ttlc.intuit.com/community/retirement/discussion/re-considering-withdrawing-out-of-my-ira-account-trying-to-figure-out-how-much-tax-i-should-take-off/01/1717688#M111650 fanfare 2020-09-08T02:01:02Z https://ttlc.intuit.com/community/retirement/discussion/re-i-just-received-a-penalty-for-code-6654-how-do-i-determine-the-reason-how-do-i-remove-this/01/1717615#M111649 <P>A penalty under Section 6654 of the Internal Revenue Code is an underpayment penalty for not having paid enough tax during the year. The total of the tax withheld from your pay and any estimated tax payments that you made was less than your total tax for the year by $1,000 or more. In other words, you owed $1,000 or more on your tax return because you didn't pay enough during the year.</P> <P><BR />You might not be able to remove the penalty. You don't have to pay the penalty for 2019 if your total payments during the year (withholding plus estimated tax) were at least 90% of your total 2019 tax, or 100% of your total 2018 tax (110% if your 2018 AGI was more than $150,000). But you probably would not have been charged the penalty in the first place if either of those exceptions were true.</P> <P><BR />However, if this is the first time that you have been charged a penalty, you might be able to get the penalty waived under the IRS's First Time Abatement policy. See the following link on the IRS web site for more information.</P> <P><BR /><A href="https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver" target="_blank" rel="noopener">Penalty Relief Due to First Time Penalty Abatement or Other Administrative Waiver</A></P> <P>&nbsp;</P> Mon, 07 Sep 2020 22:03:02 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-just-received-a-penalty-for-code-6654-how-do-i-determine-the-reason-how-do-i-remove-this/01/1717615#M111649 rjs 2020-09-07T22:03:02Z https://ttlc.intuit.com/community/retirement/discussion/i-just-received-a-penalty-for-code-6654-how-do-i-determine-the-reason-how-do-i-remove-this-penalty/01/1717571#M111648 Mon, 07 Sep 2020 20:15:42 GMT https://ttlc.intuit.com/community/retirement/discussion/i-just-received-a-penalty-for-code-6654-how-do-i-determine-the-reason-how-do-i-remove-this-penalty/01/1717571#M111648 bdlevin2003 2020-09-07T20:15:42Z https://ttlc.intuit.com/community/retirement/discussion/re-considering-withdrawing-out-of-my-ira-account-trying-to-figure-out-how-much-tax-i-should-take-off/01/1717506#M111647 <P>Normally you would be taxed at your marginal tax rate for both federal and state income tax and have a 10% federal tax penalty on the amount withdrawn. However if the withdrawal is COVID related you can return the withdrawal within 3 years and avoid those tax consequences. See this article:</P> <P><A href="https://www.marketwatch.com/story/coronavirus-stimulus-package-tax-relief-withdraw-100k-from-your-ira-and-repay-in-3-years-with-zero-tax-liability-2020-03-27?mod=article_inline" target="_blank">https://www.marketwatch.com/story/coronavirus-stimulus-package-tax-relief-withdraw-100k-from-your-ira-and-repay-in-3-years-with-zero-tax-liability-2020-03-27?mod=article_inline</A></P> <P>&nbsp;</P> Mon, 07 Sep 2020 17:07:33 GMT https://ttlc.intuit.com/community/retirement/discussion/re-considering-withdrawing-out-of-my-ira-account-trying-to-figure-out-how-much-tax-i-should-take-off/01/1717506#M111647 Bsch4477 2020-09-07T17:07:33Z https://ttlc.intuit.com/community/retirement/discussion/re-why-does-it-not-let-me-move-on-with-the-payment-area-on-line-11a/01/1717267#M111646 <P>What exactly are you trying to do on the federal tax return?</P> <P>On the federal tax return, Form 1040,&nbsp;<SPAN>Line 11a calculates, adding lines 9 and 10</SPAN></P> Sun, 06 Sep 2020 17:57:02 GMT https://ttlc.intuit.com/community/retirement/discussion/re-why-does-it-not-let-me-move-on-with-the-payment-area-on-line-11a/01/1717267#M111646 DoninGA 2020-09-06T17:57:02Z https://ttlc.intuit.com/community/retirement/discussion/why-does-it-not-let-me-move-on-with-the-payment-area-on-line-11a/01/1717264#M111645 Sun, 06 Sep 2020 17:53:05 GMT https://ttlc.intuit.com/community/retirement/discussion/why-does-it-not-let-me-move-on-with-the-payment-area-on-line-11a/01/1717264#M111645 mhuntington77 2020-09-06T17:53:05Z https://ttlc.intuit.com/community/retirement/discussion/re-husband-and-wife-llc-in-california-set-up-sep-ira/01/1717118#M111644 <P>To elaborate on what Critter-3 said, if the LLC has not elected to be treated as a corporation (S corp or C corp), in a community property state the spouses have the option for the LLC to be treated either as a partnership or a disregarded entity:</P><P>&nbsp;</P><P><A href="https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies" target="_blank" rel="noopener">https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies</A></P><P>&nbsp;</P><P>With the LLC is being treated as a disregarded entity, two Schedules C should have been filed, one for each spouse, each reporting the particular spouse's proportionate share of income and expenses.</P><P>&nbsp;</P><P><A href="https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorporated-businesses" target="_blank" rel="noopener">https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorporated-businesses</A></P><P>&nbsp;</P><P>By filing only a single Schedule C in your husband's name, you have indicated that the LLC is owned entirely by your husband alone.</P><P>&nbsp;</P><P>If the LLC establishes a SEP plan and makes contributions for a particular year, a SEP contribution for each owner must be made and the contributions must be the same percentage of net earnings (net profit minus the deductible portion of self-employment taxes) for each owner, assuming that neither is limited by the overall contribution limit.&nbsp; For a self-employed individual, the maximum percentage is 20% (derived by a special calculation from the 25% base rate that would apply to W-2 employees if there were any).</P> Sun, 06 Sep 2020 02:27:04 GMT https://ttlc.intuit.com/community/retirement/discussion/re-husband-and-wife-llc-in-california-set-up-sep-ira/01/1717118#M111644 dmertz 2020-09-06T02:27:04Z https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717114#M111643 <P>If your only Social Security tax paid is that calculated on Schedule SE, your Social Security wages are the amount listed on short Schedule SE line 4 or long Schedule SE line 4c, but limited to the Social Security wage base for the particular year (the dollar threshold shown in the instruction for line 5 of short Schedule SE).</P><P>&nbsp;</P><P>Regardless of your sources of wages, for years where your wages are greater than the Social Security wage base, the Taxed Medicare Earnings shown will be greater than the Taxed Social Security Earnings shown.</P> Sun, 06 Sep 2020 02:05:06 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717114#M111643 dmertz 2020-09-06T02:05:06Z https://ttlc.intuit.com/community/retirement/discussion/re-husband-and-wife-llc-in-california-set-up-sep-ira/01/1717071#M111642 <P>1) Both husband and wife had full time jobs. Husband maxed out employer's 401K (19K) and 403b (19k). Wife maxed out employer's 401k (19k).&nbsp; &nbsp;&nbsp;<STRONG>Immaterial for SEP-IRA contribution limitations.</STRONG></P><P>&nbsp;</P><P>&nbsp;</P><P>2) Husband and wife joined ran a side business, a LLC in a community property state (California). The LLC had no other employees.&nbsp;Husband and wife didn't take any wages from the LLC.&nbsp; &nbsp;&nbsp;<STRONG>If you have a multi-member LLC then you will either file a partnership return&nbsp; OR&nbsp; 2 separate Sch C forms since you live in CA.</STRONG></P><P>&nbsp;</P><P>&nbsp;</P><P>3) The LLC's treated as disregard entity in term of federal tax return. It was reported on one schedule C. Husband's name was list as name of proprietor on the schedule C.&nbsp;&nbsp;<STRONG>This is where you messed up ... as already mentioned you have to file either as a Partnership or on SEPARATE Sch Cs.</STRONG></P> Sat, 05 Sep 2020 22:51:19 GMT https://ttlc.intuit.com/community/retirement/discussion/re-husband-and-wife-llc-in-california-set-up-sep-ira/01/1717071#M111642 Critter-3 2020-09-05T22:51:19Z https://ttlc.intuit.com/community/retirement/discussion/husband-and-wife-llc-in-california-set-up-sep-ira/01/1717068#M111641 <P>1) Both husband and wife had full time jobs. Husband maxed out employer's 401K (19K) and 403b (19k). Wife maxed out employer's 401k (19k).&nbsp;</P><P>2) Husband and wife joined ran a side business, a LLC in a community property state (California). The LLC had no other employees.&nbsp;Husband and wife didn't take any wages from the LLC.&nbsp;</P><P>3) The LLC's treated as disregard entity in term of federal tax return. It was reported on one schedule C. Husband's name was list as name of proprietor on the schedule C.&nbsp;&nbsp;</P><P>&nbsp;</P><P>Question: can husband and wife set up separate SEP IRA&nbsp; accounts to the following limit?</P><P>&nbsp;</P><OL><LI>25% of compensation, or</LI><LI>$57,000 for 2020&nbsp;($56,000 for 2019<SPAN>&nbsp;)</SPAN></LI></OL> Sat, 05 Sep 2020 22:33:54 GMT https://ttlc.intuit.com/community/retirement/discussion/husband-and-wife-llc-in-california-set-up-sep-ira/01/1717068#M111641 california0905 2020-09-05T22:33:54Z https://ttlc.intuit.com/community/retirement/discussion/re-i-want-to-take-a-20-000-deduction-from-my-nys-government-pension-income-in-preparing-my-ma-tax/01/1717063#M111640 <P>When you enter the 1099-R follow the interview screens to indicate which state and what kind of pension it is ... then when you get to the state interview it will carry.&nbsp;</P> Sat, 05 Sep 2020 22:18:50 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-want-to-take-a-20-000-deduction-from-my-nys-government-pension-income-in-preparing-my-ma-tax/01/1717063#M111640 Critter-3 2020-09-05T22:18:50Z https://ttlc.intuit.com/community/retirement/discussion/i-want-to-take-a-20-000-deduction-from-my-nys-government-pension-income-in-preparing-my-ma-tax/01/1717045#M111639 Sat, 05 Sep 2020 21:44:19 GMT https://ttlc.intuit.com/community/retirement/discussion/i-want-to-take-a-20-000-deduction-from-my-nys-government-pension-income-in-preparing-my-ma-tax/01/1717045#M111639 ToughTony 2020-09-05T21:44:19Z https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717030#M111638 <P>Is it listed by year? &nbsp;The SSA usually lags a couple years until they get it posted.</P> Sat, 05 Sep 2020 21:11:27 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717030#M111638 VolvoGirl 2020-09-05T21:11:27Z https://ttlc.intuit.com/community/retirement/discussion/re-did-my-stimulus-check-get-mailed-to-5511-janeru-circle-in-macon-or-164-pinewood-drive-in-gray-ga/01/1717022#M111637 <P>Do you need to change your address with the IRS?&nbsp; If so here is the form to use:</P> <P>&nbsp;</P> <P><A href="https://www.irs.gov/pub/irs-pdf/f8822.pdf" target="_blank">https://www.irs.gov/pub/irs-pdf/f8822.pdf</A></P> Sat, 05 Sep 2020 20:52:36 GMT https://ttlc.intuit.com/community/retirement/discussion/re-did-my-stimulus-check-get-mailed-to-5511-janeru-circle-in-macon-or-164-pinewood-drive-in-gray-ga/01/1717022#M111637 xmasbaby0 2020-09-05T20:52:36Z https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717021#M111636 <P>There is no line on a 1040 that reports SS income.&nbsp;&nbsp; That is reported by your employer on line 3 of the W-2 form that does not go on a tax return at all.&nbsp;&nbsp; Your "earnings history" is the total of ALL prior SS earnings from the first W-2 you ever received in your lifetime.</P> Sat, 05 Sep 2020 20:47:22 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717021#M111636 macuser_22 2020-09-05T20:47:22Z

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<rss xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:taxo="http://purl.org/rss/1.0/modules/taxonomy/" version="2.0">

<channel>

<title>All Retirement tax questions posts</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/02/209

</link>

<link>...</link>

<description>All Retirement tax questions posts</description>

<pubDate>Mon, 14 Sep 2020 06:09:31 GMT</pubDate>

<dc:creator>209</dc:creator>

<dc:date>2020-09-14T06:09:31Z</dc:date>

<item>

<title>

Re: Cares Act IRA Rollover of Stock Removed as Part of RMD

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719954#M111735

</link>

<link>...</link>

<description>

<P>Both TurboTax Desktop and TaxACT support the "explanation statement for Line 4b" delivered with your e-Filed tax return.</P>

</description>

<description>...</description>

<pubDate>Mon, 14 Sep 2020 01:55:49 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719954#M111735

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<guid>...</guid>

<dc:creator>fanfare</dc:creator>

<dc:date>2020-09-14T01:55:49Z</dc:date>

</item>

<item>...</item>

<item>

<title>

Re: I received a letter from Texas Controller of Public Accounts asking me to contact a specific Tax enforcement officer...what could this be about?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719950#M111734

</link>

<link>...</link>

<description>

<P>OK&nbsp;<EM>Comptroller</EM><SPAN>&nbsp; is an alternate spelling of&nbsp;<EM>Controller</EM>&nbsp; and they're both pronounced the same.</SPAN></P>

</description>

<description>...</description>

<pubDate>Mon, 14 Sep 2020 01:49:45 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719950#M111734

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<guid>...</guid>

<dc:creator>fanfare</dc:creator>

<dc:date>2020-09-14T01:49:45Z</dc:date>

</item>

<item>...</item>

<item>

<title>Re: Individual Retirement Annuity Rider</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-individual-retirement-annuity-rider/01/1719949#M111733

</link>

<link>...</link>

<description>

<P>No it is not and no you cannot.&nbsp; &nbsp;IRA stands for Individual Retirement ACCOUNT not annuity.&nbsp;</P>

</description>

<description>...</description>

<pubDate>Mon, 14 Sep 2020 01:43:53 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-individual-retirement-annuity-rider/01/1719949#M111733

</guid>

<guid>...</guid>

<dc:creator>Critter-3</dc:creator>

<dc:date>2020-09-14T01:43:53Z</dc:date>

</item>

<item>...</item>

<item>

<title>Individual Retirement Annuity Rider</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/individual-retirement-annuity-rider/01/1719939#M111732

</link>

<link>...</link>

<description>

<P>Hello&nbsp;</P><P>I own an annuity that has an individual retirement annuity rider on it. It says that "It amends such annuity so that it may be issued as an Individual Retirement Annuity under Section 408 (b) of the IRS Cof of 1986....."&nbsp; My question is does this sound like it is an IRA and I can write my payments as a deduction on my taxes?</P>

</description>

<description>...</description>

<pubDate>Mon, 14 Sep 2020 01:07:29 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/individual-retirement-annuity-rider/01/1719939#M111732

</guid>

<guid>...</guid>

<dc:creator>gbinckley</dc:creator>

<dc:date>2020-09-14T01:07:29Z</dc:date>

</item>

<item>...</item>

<item>

<title>

Re: Cares Act IRA Rollover of Stock Removed as Part of RMD

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719937#M111731

</link>

<link>...</link>

<description>

<P>I believe that the Internal Revenue Manual indicates that an automatically detected mismatch flags the Form 1099-R reporting on the tax return for examination by a human.&nbsp; The examiner should then look at the tax return, and, if an appropriate explanation statement was included, it should be present in the IRS-scanned copy for the examiner to take into account.&nbsp; There is a good chance that the examiner will then make the correct determination that there is, in fact, no underreporting of income and will mark the flagged Form 1099-R as having been reported correctly, but examiners are human and humans can make mistakes.</P>

</description>

<description>...</description>

<pubDate>Mon, 14 Sep 2020 01:04:46 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719937#M111731

</guid>

<guid>...</guid>

<dc:creator>dmertz</dc:creator>

<dc:date>2020-09-14T01:04:46Z</dc:date>

</item>

<item>...</item>

<item>

<title>

Re: Cares Act IRA Rollover of Stock Removed as Part of RMD

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719881#M111730

</link>

<link>...</link>

<description>

<P>Just to note:&nbsp; An attached statement means that the tax return cannot be e-filed but must be mailed.&nbsp;&nbsp; Because mailed tax returns are still electronically processed after a data entry clerk manually (or scans) the mailed tax return into the processing system.&nbsp; While the IRS processing system has a place for attached information&nbsp; to be entered, sometimes (often?) it is missed and just stapled to the paper return which is stored.</P> <P>&nbsp;</P> <P>Also, the check between the 1099-R, your tax return and the 5498 is usually done by an IRS computer that generated a computer generated letter showing the mismatch.&nbsp;&nbsp;&nbsp; Unless a human intervenes and reads the statement then you might still get a letter since most such letters are never seen by a human until you receive it and mail back your response.</P> <P>&nbsp;</P> <P>If you&nbsp; choose to mail the return and the statement then keep a copy in case the IRS computer still send you a letter in a year or two that there is a mismatch on the 5498 form.&nbsp; If you do, just respond to the letter with the copy.</P>

</description>

<description>...</description>

<pubDate>Sun, 13 Sep 2020 22:51:42 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719881#M111730

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<guid>...</guid>

<dc:creator>macuser_22</dc:creator>

<dc:date>2020-09-13T22:51:42Z</dc:date>

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<item>...</item>

<item>

<title>

Re: Cares Act IRA Rollover of Stock Removed as Part of RMD

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719871#M111729

</link>

<link>...</link>

<description>

<P>I've made several edits to my previous post, please reread it.&nbsp; In particular, in one place I had mistakenly typed "Form 1099-R" when I meant to type "Form 5498."</P>

</description>

<description>...</description>

<pubDate>Sun, 13 Sep 2020 22:30:12 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719871#M111729

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<dc:creator>dmertz</dc:creator>

<dc:date>2020-09-13T22:30:12Z</dc:date>

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<title>

Re: Cares Act IRA Rollover of Stock Removed as Part of RMD

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719866#M111728

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<link>...</link>

<description>

<P>The custodian is&nbsp;<U>required</U> to report in box 2 of the Form 5498 the value of the rolled-over shares as of the date of the rollover contribution, which may (or in this case, is) different for the value on the date of the distribution.&nbsp; This is why I suggest including an statement with your tax return to explain why the value on in box 2 of the Form 5498 shows a different amount than the amount actually rolled over (the value on the date of distribution; if there is a rollover of only part of the distribution, the dollar value that you must indicate to TurboTax as the amount rolled over is the dollar value on the date of distribution).&nbsp; It's likely that the IRS's automated system implemented in recent years will flag the discrepancy and require an examiner to determine whether or not to treat it as an underreporting of income.&nbsp; The explanation statement that you include with your mailed tax return will generally be sufficient to satisfy the examiner.&nbsp; If the examiner needs additional supporting documentation, they will ask for it.</P><P>&nbsp;</P><P>CFR 1.401-1(b)(1) indicates that the distribution is not taxable if the entire amount of cash and property distribution (only property in this case) is rolled over.&nbsp; To effect reporting of a nontaxable rollover, you indicate to TurboTax that the entire distribution was rolled over (assuming that there will not have been any other distributions from this IRA that were not rolled over).&nbsp; What is reported on your tax return is the net taxable value, $0 in this case, <U>not</U> the dollar value at the time of the rollover.&nbsp; It's the IRS's automated system that compares the amount of the distribution, the amount reported as taxable and the amount reported by the receiving custodian in box 2 of Form 5498 to determine if there is any discrepancy.&nbsp; It this case there&nbsp;<U>will</U> be a discrepancy that your explanation statement will address.</P>

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<description>...</description>

<pubDate>Sun, 13 Sep 2020 22:28:40 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719866#M111728

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<dc:creator>dmertz</dc:creator>

<dc:date>2020-09-13T22:28:40Z</dc:date>

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<title>

Re: Cares Act IRA Rollover of Stock Removed as Part of RMD

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719859#M111727

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<link>...</link>

<description>

<P>I've been watching this discussion, and I don't see what the problem is. I think you are worrying unnecessarily.</P> <P><BR />dmertz said that the value on the date of the rollover is what the brokerage is required to report on the Form 5498. It sounds like they are doing it correctly.</P> <P><BR />Why is this a "roadblock"? The distribution and the rollover took place in 2020. You don't have to do anything about it until you file your 2020 tax return next year. You don't need to know right now what the brokerage will put on the Form 5498. You'll find out when you get the 5498 in January. And even then it doesn't really matter. dmertz and macuser_22 told you that your 2020 tax return will use the distribution amount from the 1099-R, no matter what the brokerage puts on the 5498.</P> <P><BR />If you do need "proof" for the IRS, what you will need is the confirmations or statements from the brokerage showing that the distribution and the rollover were in-kind shares of stock, and that the shares were the same. Just save all your records related to the distribution and rollover.</P> <P>&nbsp;</P>

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<description>...</description>

<pubDate>Sun, 13 Sep 2020 22:02:26 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719859#M111727

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<guid>...</guid>

<dc:creator>rjs</dc:creator>

<dc:date>2020-09-13T22:02:26Z</dc:date>

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<title>

Re: Cares Act IRA Rollover of Stock Removed as Part of RMD

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719849#M111726

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<link>...</link>

<description>

<P>My response to your reply slightly late. Have been giving serious thought to your statement to place the the value of the distribution as the amount of rollover on the 1009R. Am concerned the the IRS will question and then what do I show as proof? The only proof would be a copy of the brokerage statement page with the distribution amount. The brokerage firm offers no assist or advice hiding behind the statement<STRONG> "we do&nbsp;not give tax advice".</STRONG>&nbsp;They caused the problem in the first place.</P><P>&nbsp;</P><P>Thanks for your thoughts.</P>

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<description>...</description>

<pubDate>Sun, 13 Sep 2020 21:43:00 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719849#M111726

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<guid>...</guid>

<dc:creator>musiuloco</dc:creator>

<dc:date>2020-09-13T21:43:00Z</dc:date>

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<title>

Re: Cares Act IRA Rollover of Stock Removed as Part of RMD

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719843#M111725

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<link>...</link>

<description>

<P>Many thanks &amp; I agree that IRS will probably question the value &nbsp;amount of rollover. My present problem is pinning down the brokerage firm as to what number they will place on form 5498. Presently the rollover amount shown on the monthly statement is not the value of the distribution but the value of the shares on date of rollover.</P><P>&nbsp;</P><P>Thanks for your explicit answer. I continually request brokerage &nbsp;to specify what amount will be shown on form 5498 without success. Cannot find a way around this roadblock yet.</P><P>&nbsp;</P><P>Thanks again</P>

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<description>...</description>

<pubDate>Sun, 13 Sep 2020 21:31:10 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719843#M111725

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<dc:creator>musiuloco</dc:creator>

<dc:date>2020-09-13T21:31:10Z</dc:date>

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<title>

Re: I forgot to add 1099-B info on my TurboTax return now the IRS needs the information I want a copy of the form to fill out to send to the IRS

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-forgot-to-add-1099-b-info-on-my-turbotax-return-now-the-irs-needs-the-information-i-want-a-copy/01/1719841#M111724

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<P>Use the amendment process option to add the missing information and to populate the form that needs to be sent.&nbsp;&nbsp;</P>

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<description>...</description>

<pubDate>Sun, 13 Sep 2020 21:25:03 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-forgot-to-add-1099-b-info-on-my-turbotax-return-now-the-irs-needs-the-information-i-want-a-copy/01/1719841#M111724

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<dc:creator>Critter-3</dc:creator>

<dc:date>2020-09-13T21:25:03Z</dc:date>

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<title>

I forgot to add 1099-B info on my TurboTax return now the IRS needs the information I want a copy of the form to fill out to send to the IRS

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/i-forgot-to-add-1099-b-info-on-my-turbotax-return-now-the-irs-needs-the-information-i-want-a-copy-of/01/1719838#M111723

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<link>...</link>

<description>This is from my 2918 return</description>

<pubDate>Sun, 13 Sep 2020 21:16:19 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/i-forgot-to-add-1099-b-info-on-my-turbotax-return-now-the-irs-needs-the-information-i-want-a-copy-of/01/1719838#M111723

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<dc:creator>mimalizem</dc:creator>

<dc:date>2020-09-13T21:16:19Z</dc:date>

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<title>

Re: How can I over ride turbo tax from a standard deduction to an itemized so that I can make a Roth contribution even though my income was low?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-how-can-i-over-ride-turbo-tax-from-a-standard-deduction-to-an-itemized-so-that-i-can-make-a-roth/01/1719771#M111722

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<P>And by the way, a ROTH IRA is not deductible if you are thinking you need to Itemize to deduct it. &nbsp;You can't.</P>

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<description>...</description>

<pubDate>Sun, 13 Sep 2020 18:06:29 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-how-can-i-over-ride-turbo-tax-from-a-standard-deduction-to-an-itemized-so-that-i-can-make-a-roth/01/1719771#M111722

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<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-09-13T18:06:29Z</dc:date>

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<title>

Re: I double-entered the tax withheld on an annuity withdrawal. How do I remove the second entry?

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https://ttlc.intuit.com/community/retirement/discussion/re-i-double-entered-the-tax-withheld-on-an-annuity-withdrawal-how-do-i-remove-the-second-entry/01/1719767#M111721

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<description>

<P>If you entered the Form 1099-R for the annuity withdrawal twice, delete the second 1099-R that was entered.</P> <P>&nbsp;</P> <P>Enter <STRONG>1099-r</STRONG> in the <U>Search</U> box located in the upper right of the program screen. Click on <STRONG>Jump to 1099-R</STRONG></P>

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<description>...</description>

<pubDate>Sun, 13 Sep 2020 17:42:56 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-double-entered-the-tax-withheld-on-an-annuity-withdrawal-how-do-i-remove-the-second-entry/01/1719767#M111721

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<dc:creator>DoninGA</dc:creator>

<dc:date>2020-09-13T17:42:56Z</dc:date>

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<title>

Re: How can I over ride turbo tax from a standard deduction to an itemized so that I can make a Roth contribution even though my income was low?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-how-can-i-over-ride-turbo-tax-from-a-standard-deduction-to-an-itemized-so-that-i-can-make-a-roth/01/1719766#M111720

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<P>The standard or itemized deduction has nothing to do with being able contribute to a Roth and if your income is low then why can't you contribute to a Roth?</P> <P>&nbsp;</P> <P>You must have at least as much taxable compensation as the contribution.</P> <P>&nbsp;</P> <P>The most you can contribute to all of your traditional and Roth IRAs is the smaller of:<BR /><BR />For 2019, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or<BR />your taxable compensation for the year.<BR /><BR />(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax, but can include commissions, certain alimony and separate maintenance, and nontaxable combat pay ). <BR /><BR />See IRS Pub 590A "What is compensation" for details:<BR /><A href="https://www.irs.gov/publications/p590a#en_US_2018_publink1000230355" target="_blank">https://www.irs.gov/publications/p590a#en_US_2018_publink1000230355</A><BR /><BR />See this IRS article for Roth contribution limits:<BR /><BR /><A href="https://www.irs.gov/retirement-plans/roth-iras" target="_blank">https://www.irs.gov/retirement-plans/roth-iras</A></P>

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<description>...</description>

<pubDate>Sun, 13 Sep 2020 17:37:56 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-how-can-i-over-ride-turbo-tax-from-a-standard-deduction-to-an-itemized-so-that-i-can-make-a-roth/01/1719766#M111720

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<dc:creator>macuser_22</dc:creator>

<dc:date>2020-09-13T17:37:56Z</dc:date>

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<title>

How can I over ride turbo tax from a standard deduction to an itemized so that I can make a Roth contribution even though my income was low?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/how-can-i-over-ride-turbo-tax-from-a-standard-deduction-to-an-itemized-so-that-i-can-make-a-roth/01/1719758#M111719

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<link>...</link>

<description/>

<pubDate>Sun, 13 Sep 2020 17:26:01 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/how-can-i-over-ride-turbo-tax-from-a-standard-deduction-to-an-itemized-so-that-i-can-make-a-roth/01/1719758#M111719

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<dc:creator>nat12101988</dc:creator>

<dc:date>2020-09-13T17:26:01Z</dc:date>

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<title>

I double-entered the tax withheld on an annuity withdrawal. How do I remove the second entry?

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<link>

https://ttlc.intuit.com/community/retirement/discussion/i-double-entered-the-tax-withheld-on-an-annuity-withdrawal-how-do-i-remove-the-second-entry/01/1719756#M111718

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<description>

I entered $10,908.49 as the withheld amount. I can't find how to delete the second entry.

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<description>...</description>

<pubDate>Sun, 13 Sep 2020 17:22:06 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/i-double-entered-the-tax-withheld-on-an-annuity-withdrawal-how-do-i-remove-the-second-entry/01/1719756#M111718

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<dc:creator>Ltull</dc:creator>

<dc:date>2020-09-13T17:22:06Z</dc:date>

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<title>

Re: I received my RMD before move made in 2019. How do I change recipient address in review of 1099-R that asks for Recipient City, but already has my new address populated?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-received-my-rmd-before-move-made-in-2019-how-do-i-change-recipient-address-in-review-of-1099-r/01/1719727#M111717

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<P>When you enter a 1099-R into the system&nbsp; YOUR address and your EMPLOYER's address is immaterial ... don't bother trying to change it.&nbsp;&nbsp;</P>

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<description>...</description>

<pubDate>Sun, 13 Sep 2020 16:26:58 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-i-received-my-rmd-before-move-made-in-2019-how-do-i-change-recipient-address-in-review-of-1099-r/01/1719727#M111717

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<dc:creator>Critter-3</dc:creator>

<dc:date>2020-09-13T16:26:58Z</dc:date>

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<title>

I received my RMD before move made in 2019. How do I change recipient address in review of 1099-R that asks for Recipient City, but already has my new address populated?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/i-received-my-rmd-before-move-made-in-2019-how-do-i-change-recipient-address-in-review-of-1099-r/01/1719715#M111716

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<link>...</link>

<description/>

<pubDate>Sun, 13 Sep 2020 16:02:41 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/i-received-my-rmd-before-move-made-in-2019-how-do-i-change-recipient-address-in-review-of-1099-r/01/1719715#M111716

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<dc:creator>eddinstom</dc:creator>

<dc:date>2020-09-13T16:02:41Z</dc:date>

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<title>

Re: I received a letter from Texas Controller of Public Accounts asking me to contact a specific Tax enforcement officer...what could this be about?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719651#M111715

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<link>...</link>

<description>

<P>There is a Texas <EM>Comptroller</EM> of Public Accounts but no&nbsp;Texas <EM>Controller</EM> of Public Accounts.&nbsp; They have a phone directory on their web site which will list the division for which the particular employee works.</P><P>&nbsp;</P><P><A href="https://comptroller.texas.gov/about/agency-directory/" target="_blank" rel="noopener">https://comptroller.texas.gov/about/agency-directory/</A></P>

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<description>...</description>

<pubDate>Sun, 13 Sep 2020 12:25:56 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719651#M111715

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<dc:creator>dmertz</dc:creator>

<dc:date>2020-09-13T12:25:56Z</dc:date>

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<item>

<title>Re: How long has the Roth 401k been open?</title>

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https://ttlc.intuit.com/community/retirement/discussion/re-how-long-has-the-roth-401k-been-open/01/1719617#M111714

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<description><P>21 years</P></description>

<pubDate>Sun, 13 Sep 2020 04:18:49 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-how-long-has-the-roth-401k-been-open/01/1719617#M111714

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<guid>...</guid>

<dc:creator>sassyreyes07</dc:creator>

<dc:date>2020-09-13T04:18:49Z</dc:date>

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<title>

Re: I received a letter from Texas Controller of Public Accounts asking me to contact a specific Tax enforcement officer...what could this be about?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719571#M111713

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<description>

<P>Since TX has no state income tax, we cannot guess.&nbsp; It sounds like it may be a scam.</P>

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<description>...</description>

<pubDate>Sun, 13 Sep 2020 00:28:47 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719571#M111713

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<dc:creator>xmasbaby0</dc:creator>

<dc:date>2020-09-13T00:28:47Z</dc:date>

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<title>

Re: I received a letter from Texas Controller of Public Accounts asking me to contact a specific Tax enforcement officer...what could this be about?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719569#M111712

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<description>

<P>Most likely&nbsp; FRAUD&nbsp; ...&nbsp;<A href="https://comptroller.texas.gov/" target="_blank" rel="noopener">https://comptroller.texas.gov/</A></P><H2><A href="https://comptroller.texas.gov/fraud-alert/" target="_blank" rel="noopener">Scam Alert</A></H2><P>Some taxpayers have received fraudulent statements purporting to be from the Comptroller’s office. If you suspect any correspondence from our agency is fraudulent, please notify us by emailing<SPAN>&nbsp;</SPAN><A href="mailto:stop.spoofing@cpa.texas.gov" target="_blank" rel="noopener">stop.spoofing@cpa.texas.gov</A>.<SPAN>&nbsp;</SPAN><A href="https://comptroller.texas.gov/fraud-alert/" target="_blank" rel="noopener">Learn more</A></P>

</description>

<description>...</description>

<pubDate>Sun, 13 Sep 2020 00:28:01 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719569#M111712

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<dc:creator>Critter-3</dc:creator>

<dc:date>2020-09-13T00:28:01Z</dc:date>

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<title>

I received a letter from Texas Controller of Public Accounts asking me to contact a specific Tax enforcement officer...what could this be about?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719564#M111711

</link>

<link>...</link>

<description/>

<pubDate>Sun, 13 Sep 2020 00:16:41 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/i-received-a-letter-from-texas-controller-of-public-accounts-asking-me-to-contact-a-specific-tax/01/1719564#M111711

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<dc:creator>aloktax</dc:creator>

<dc:date>2020-09-13T00:16:41Z</dc:date>

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<title>

Re: I am trying to figure out how to add tax withheld for my 1099B. Turbo tax does not seem to have a place for this.

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-am-trying-to-figure-out-how-to-add-tax-withheld-for-my-1099b-turbo-tax-does-not-seem-to-have-a/01/1719498#M111710

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<link>...</link>

<description>

<P>When entering the information from the 1099-B, check the box labeled&nbsp;<STRONG>I have other boxes on my 1099-B to enter</STRONG></P> <P>Federal and State taxes withheld boxes will be available.</P> <P><span class="lia-inline-image-display-wrapper lia-image-align-center" image-alt="1099-B Federal Taxes.JPG" style="width: 999px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/12231i32A1E0BFBCEE260B/image-size/large?v=1.0&amp;px=999" title="1099-B Federal Taxes.JPG" alt="1099-B Federal Taxes.JPG" /></span></P> <P>&nbsp;</P>

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<description>...</description>

<pubDate>Sat, 12 Sep 2020 19:51:59 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-i-am-trying-to-figure-out-how-to-add-tax-withheld-for-my-1099b-turbo-tax-does-not-seem-to-have-a/01/1719498#M111710

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<dc:creator>DoninGA</dc:creator>

<dc:date>2020-09-12T19:51:59Z</dc:date>

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<title>

I am trying to figure out how to add tax withheld for my 1099B. Turbo tax does not seem to have a place for this.

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<link>

https://ttlc.intuit.com/community/retirement/discussion/i-am-trying-to-figure-out-how-to-add-tax-withheld-for-my-1099b-turbo-tax-does-not-seem-to-have-a/01/1719495#M111709

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<link>...</link>

<description/>

<pubDate>Sat, 12 Sep 2020 19:44:12 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/i-am-trying-to-figure-out-how-to-add-tax-withheld-for-my-1099b-turbo-tax-does-not-seem-to-have-a/01/1719495#M111709

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<dc:creator>micheleneinsalac</dc:creator>

<dc:date>2020-09-12T19:44:12Z</dc:date>

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<title>

Re: How much percentage of state income tax would be withheld from my retirement plan when doing a full cash withdrawal?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-how-much-percentage-of-state-income-tax-would-be-withheld-from-my-retirement-plan-when-doing-a/01/1719449#M111708

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<P>Depending on the type of plan you are withdrawing from, the state "might" have a required %...so you'd have to ask the plan administrators, before withdrawal whether there is a "required minimum" % amount for the state....but you can usually ask for more to be withheld.</P><P>____________________________</P><P>Beyond that, the actual tax rate NY will eventually apply to that extra income, at tax time, when you actually file for 2020 in 2021, it could be higher, and you might need to ask for a higher % amount.&nbsp; &nbsp;NY income taxes at a progressive rate of ~4% up to ~8.8%...depending on your total income..including that distribution, and everything else.. So we can't tell you anything about that, since Single vs Married, and any dependents you have, the actual amount of your proposed distribution, and what other types of income you will have this year,&nbsp; they will all have an effect.&nbsp; &nbsp; (AND...whether you are a senior (age 59.5) eligible for 20,000 of retirement income to be exempt form NY taxation)</P><P>&nbsp;</P><P>Check your final 2019 tax rate assessed for your 2019 NY taxable income......then guesstimate what total income and taxable income you will have for 2020 (including this distribution), and if your total 2020 income is thought to be similar to 2019 have at least the 2019 % NY tax rate used as withholding for this distribution too.&nbsp; If 2020 income will be higher, add a % or two....if lower, then subtract a % or two from whatever rate NY assessed for 2019&nbsp; (subject to any required minimums the plan may have).&nbsp; &nbsp;But that's just a wild guesstimate.</P><P>&nbsp;</P><P>Remember, the withholding is just like W-2 withholding...it's just an approximation of what will be assessed when your file with your total NY income at tax time in early 2021.</P><P>_____________________________</P><P>Here's some approx NY tax brackets you can use to estimate what you should have withheld:</P><P>&nbsp;</P><P><A href="https://www.incometaxpro.net/tax-rates/new-york.htm" target="_blank" rel="noopener">https://www.incometaxpro.net/tax-rates/new-york.htm</A></P><P>_____________________</P><P>Of course, if you were using the desktop TTX software for 2019, you could model your situation with the 2019 software, inputting your 2020 income in a separate new tax file, <EM>as-if</EM> it was 2019 income...it would likely be close enough.&nbsp; (but if you used the "Online" software for 2019..<EM>DO NOT</EM> mess with your 2019 online account file...you would destroy your 2019 tax return and make it unrecoverable)</P>

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<description>...</description>

<pubDate>Sat, 12 Sep 2020 18:19:40 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-how-much-percentage-of-state-income-tax-would-be-withheld-from-my-retirement-plan-when-doing-a/01/1719449#M111708

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<dc:creator>SteamTrain</dc:creator>

<dc:date>2020-09-12T18:19:40Z</dc:date>

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<title>

Re: How much percentage of state income tax would be withheld from my retirement plan when doing a full cash withdrawal?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-how-much-percentage-of-state-income-tax-would-be-withheld-from-my-retirement-plan-when-doing-a/01/1719428#M111707

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<link>...</link>

<description>

<P>Depends ... the retirement plan administrator should be able to tell you .&nbsp;<A href="https://smartasset.com/retirement/new-york-retirement-taxes#:~:text=When%20it%20comes%20to%20income,not%20so%20favorable%20to%20retirees" target="_blank">https://smartasset.com/retirement/new-york-retirement-taxes#:~:text=When%20it%20comes%20to%20income,not%20so%20favorable%20to%20retirees</A>.</P>

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<description>...</description>

<pubDate>Sat, 12 Sep 2020 17:47:25 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-how-much-percentage-of-state-income-tax-would-be-withheld-from-my-retirement-plan-when-doing-a/01/1719428#M111707

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<dc:creator>Critter-3</dc:creator>

<dc:date>2020-09-12T17:47:25Z</dc:date>

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<title>

How much percentage of state income tax would be withheld from my retirement plan when doing a full cash withdrawal?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/how-much-percentage-of-state-income-tax-would-be-withheld-from-my-retirement-plan-when-doing-a-full/01/1719412#M111706

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<description>

i am withdrawing from my retirement plan and im trying to figure out how much state income tax should be withheld for the state of ny

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<description>...</description>

<pubDate>Sat, 12 Sep 2020 17:08:51 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/how-much-percentage-of-state-income-tax-would-be-withheld-from-my-retirement-plan-when-doing-a-full/01/1719412#M111706

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<dc:creator>j10</dc:creator>

<dc:date>2020-09-12T17:08:51Z</dc:date>

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<title>

Re: Lisa, as an example, if it's rental property, then "all"...

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-lisa-as-an-example-if-it-s-rental-property-then-all/01/1719406#M111705

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<description>

<P>Read the solution in the following thread.</P> <P>&nbsp;</P> <P><A href="https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-have-rental-income-from-subleasing-property-that-i-lease-and-therefore-do-not-own-do-i-claim-this/00/755308/message-id/33692#M46611" target="_blank">https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/i-have-rental-income-from-subleasing-property-that-i-lease-and-therefore-do-not-own-do-i-claim-this/00/755308/message-id/33692#M46611</A></P>

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<description>...</description>

<pubDate>Sat, 12 Sep 2020 16:47:51 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-lisa-as-an-example-if-it-s-rental-property-then-all/01/1719406#M111705

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<dc:creator>tagteam</dc:creator>

<dc:date>2020-09-12T16:47:51Z</dc:date>

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<title>

Re: Lisa, as an example, if it's rental property, then "all"...

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-lisa-as-an-example-if-it-s-rental-property-then-all/01/1719382#M111704

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<description>

<P>Hi - wondering about getting paid back for rent. ie. if we paid rent to the landlord for 14K and the sub leaser pays us 7K how do we not show it as income? Thanks&nbsp;</P>

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<description>...</description>

<pubDate>Sat, 12 Sep 2020 15:52:24 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-lisa-as-an-example-if-it-s-rental-property-then-all/01/1719382#M111704

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<dc:creator>NewUserToo</dc:creator>

<dc:date>2020-09-12T15:52:24Z</dc:date>

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<title>

Re: I was unemployed in 2019 and withdrew 100K from my IRA to cover expenses. How do I report this money? Is it considered income?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-was-unemployed-in-2019-and-withdrew-100k-from-my-ira-to-cover-expenses-how-do-i-report-this/01/1719287#M111703

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<description>

<P>A&nbsp; RMD is not eligible to be rolled into any other tax deferred account.&nbsp;&nbsp; It can be put into a regular brokerage or savings account.&nbsp;&nbsp;&nbsp;&nbsp; Any RMD that was put into another IRA is an excess contribution to that IRA subject to penalties until removed.</P>

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<pubDate>Sat, 12 Sep 2020 03:19:35 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-i-was-unemployed-in-2019-and-withdrew-100k-from-my-ira-to-cover-expenses-how-do-i-report-this/01/1719287#M111703

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<dc:creator>macuser_22</dc:creator>

<dc:date>2020-09-12T03:19:35Z</dc:date>

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<title>

Re: I was unemployed in 2019 and withdrew 100K from my IRA to cover expenses. How do I report this money? Is it considered income?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-was-unemployed-in-2019-and-withdrew-100k-from-my-ira-to-cover-expenses-how-do-i-report-this/01/1719283#M111702

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<description>

<P>What is a supplemental IRA Account? &nbsp;You can not transfer a RMD required minimum distribution to another IRA. &nbsp;You have to take it out. You should have received a 1099R from each account you took a distribution.</P><P>&nbsp;</P><P class="p1"><SPAN class="s1">The easiest way to get to the 1099-R entry screen is to simply search for 1099-R&nbsp;(upper- or lower-case, with or without the dash) in your TurboTax program and then click the "Jump to" link in the search results.</SPAN></P><P class="p2">&nbsp;</P><P class="p1"><SPAN class="s1">Enter a 1099R under</SPAN></P><P class="p1"><SPAN class="s1">Federal Taxes on the left side</SPAN></P><P class="p1"><SPAN class="s1">Wages &amp; Income at the top</SPAN></P><P class="p2">&nbsp;</P><P class="p1"><SPAN class="s1">Then scroll way down to Retirement Plans and Social Security,</SPAN></P><P class="p1"><SPAN class="s1">Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit</SPAN></P><P class="p1"><SPAN class="s1"><LI-USER uid="2624" login="dmertz"></LI-USER>&nbsp;<BR /></SPAN></P><P>&nbsp;</P><P>&nbsp;</P>

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<description>...</description>

<pubDate>Sat, 12 Sep 2020 03:01:08 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-was-unemployed-in-2019-and-withdrew-100k-from-my-ira-to-cover-expenses-how-do-i-report-this/01/1719283#M111702

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<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-09-12T03:01:08Z</dc:date>

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<title>

I was unemployed in 2019 and withdrew 100K from my IRA to cover expenses. How do I report this money? Is it considered income?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/i-was-unemployed-in-2019-and-withdrew-100k-from-my-ira-to-cover-expenses-how-do-i-report-this-money/01/1719279#M111701

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<description>

I had no employment income in 2019 and instead paid my expenses from money I have inherited. The money is divided between three accounts: an IRA, a supplemental IRA, and an account with funds earmarked for the future purchase of a home. During the year, I took two withdrawals of 50K each. I’m assuming that I must report these on my 2019 return, but I’m not sure where in TT to enter them. Are the withdrawals considered income, etc.? Also, I separately took a mandatory minimum distribution from my IRA, which I transferred to my supplemental IRA account. Does the fact that I transferred the distribution to another account make any difference in terms of how I report it? Any help regarding these questions would be greatly appreciated.

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<description>...</description>

<pubDate>Sat, 12 Sep 2020 02:44:04 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/i-was-unemployed-in-2019-and-withdrew-100k-from-my-ira-to-cover-expenses-how-do-i-report-this-money/01/1719279#M111701

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<dc:creator>JO4</dc:creator>

<dc:date>2020-09-12T02:44:04Z</dc:date>

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<title>

Re: Excess Roth IRA over payment when withdrawn had earned income of $344.87. Do I report this income? If so, where do I report it?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-excess-roth-ira-over-payment-when-withdrawn-had-earned-income-of-344-87-do-i-report-this-income/01/1719181#M111700

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<description>

<P>If you request a return of excess contribution plus earnings 2020, you will receive a 1099-R next&nbsp; January to report it.&nbsp;&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>If this was a 2019 contribution returned in 2020, you will need to amend 2019 when you receive the 1099-R because earnings are taxable in the tax year that the contribution was *for* not the year returned.</P> <P>&nbsp;</P> <P>&nbsp;</P>

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<description>...</description>

<pubDate>Fri, 11 Sep 2020 20:40:33 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-excess-roth-ira-over-payment-when-withdrawn-had-earned-income-of-344-87-do-i-report-this-income/01/1719181#M111700

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<dc:creator>macuser_22</dc:creator>

<dc:date>2020-09-11T20:40:33Z</dc:date>

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<title>

Re: Cares Act IRA Rollover of Stock Removed as Part of RMD

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719176#M111699

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<description>

<P>To add to what macuser_22 said, the change in value between the time of the in-kind distribution and the rollover contribution of those same shares is irrelevant, even though the receiving custodian must report on Form 5498 the value of the rollover contribution based on the value at the time of the rollover contribution.&nbsp; The dollar amount of the rollover is based on the value of the shares at the time of the distribution, not the value when the rollover contribution is made.</P><P>&nbsp;</P><P>Personally, I would&nbsp;anticipate that the IRS would question the amount actually rolled over and include a written statement with my filed tax return explaining that the rollover was the rollover of the same shares distributed as an in-kind distribution.&nbsp; The IRS has recently been increasing the scrutiny of rollovers and has automated systems to compare tax returns with Forms 1099-R and 5498.</P>

</description>

<description>...</description>

<pubDate>Fri, 11 Sep 2020 20:32:10 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719176#M111699

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<dc:creator>dmertz</dc:creator>

<dc:date>2020-09-11T20:32:10Z</dc:date>

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<title>Re: How to create 1099</title>

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https://ttlc.intuit.com/community/retirement/discussion/re-how-to-create-1099/01/1719174#M111698

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<description>

<P>Did you use the Quick Employer Forms from the Self Employed version? &nbsp;<SPAN class="s1">You can sign back into QEF Quick Employer Forms here,&nbsp;</SPAN></P><P class="p2"><SPAN class="s1"><A href="https://quickemployerforms.intuit.com/signin.htm?url=https%3A%2F%2Fquickemployerforms.intuit.com%2Fwelcome.htm" target="_blank">https://quickemployerforms.intuit.com/signin.htm?url=https%3A%2F%2Fquickemployerforms.intuit.com%2Fw...</A></SPAN></P>

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<description>...</description>

<pubDate>Fri, 11 Sep 2020 20:31:24 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-how-to-create-1099/01/1719174#M111698

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<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-09-11T20:31:24Z</dc:date>

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<title>

Re: Cares Act IRA Rollover of Stock Removed as Part of RMD

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719169#M111697

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<description>

<P>When you report this on your 2020 tax rerun you enter the 1099-R for the distribution and indicate in the interview&nbsp; when it asks what you did with the money, you select that it was rolled over.&nbsp; That's it.&nbsp; Nothing about a 5498 or the nature of the rollover (like kind stock) goes on your tax return whatsoever.</P> <P>&nbsp;</P> <P>The only concern would be if the IRS (in a year of so) questions that the rollover amount is different than the 5498 amount they might questions it.&nbsp;&nbsp; Personally, I would wait to see if that ever happens and if it does, then answering their letter with the explanation that the financial institution entered the value of the stock when it was rolled back (which was the value at the time), but like kind rollovers are the same shares of stock that were distributed so the entire amount that was distributed was rolled back, which was done.&nbsp;&nbsp; The value at the time of the distribution only matters if it was not rolled back.</P>

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<description>...</description>

<pubDate>Fri, 11 Sep 2020 20:08:47 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719169#M111697

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<dc:creator>macuser_22</dc:creator>

<dc:date>2020-09-11T20:08:47Z</dc:date>

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<title>How to create 1099</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/how-to-create-1099/01/1719166#M111696

</link>

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<description>I want to look up 1099s I created already</description>

<pubDate>Fri, 11 Sep 2020 20:03:53 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/how-to-create-1099/01/1719166#M111696

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<dc:creator>ray7172</dc:creator>

<dc:date>2020-09-11T20:03:53Z</dc:date>

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<title>

Re: Why do I pay tax on my Social Security income if I am 69 and still working?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719134#M111695

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<description>

<P class="p1">&nbsp;</P> <P class="p2"><SPAN class="s1">TAX ON SOCIAL SECURITY</SPAN></P> <P class="p3"><SPAN class="s1">Up to 85% of your Social Security benefits can be taxable on your federal tax return.<SPAN class="Apple-converted-space">&nbsp; </SPAN>There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits. &nbsp;When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. </SPAN></P> <P class="p3"><SPAN class="s1">&nbsp;What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit was $16,920 —for 2018 it will be $17,040—for 2019 it will be $17,640— for 2020 it will be $18,240) &nbsp;After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.</SPAN></P> <P class="p3"><SPAN class="s1">To see how much of your Social Security was taxable, look at lines 5a and 5b of your Form 1040</SPAN></P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s2"><A href="https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable" target="_blank">https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable</A></SPAN></P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s2"><A href="https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable" target="_blank">https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable</A></SPAN></P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s1">You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.</SPAN></P> <P class="p1">&nbsp;</P> <P class="p1">&nbsp;</P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s1">Some additional information:<SPAN class="Apple-converted-space">&nbsp; </SPAN>There are 13 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.<SPAN class="Apple-converted-space">&nbsp; </SPAN>These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV</SPAN></P>

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<description>...</description>

<pubDate>Fri, 11 Sep 2020 19:10:35 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719134#M111695

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<dc:creator>xmasbaby0</dc:creator>

<dc:date>2020-09-11T19:10:35Z</dc:date>

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<title>

Re: Why do I pay tax on my Social Security income if I am 69 and still working?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719105#M111694

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<P>Do you mean on Social Security benefits you are receiving?</P><P>&nbsp;</P><P class="p1"><SPAN class="s1">At any age or income......Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:</SPAN></P><P class="p1"><SPAN class="s1">Married Filing Jointly: $32,000</SPAN></P><P class="p1"><SPAN class="s1">Single or head of household: $25,000</SPAN></P><P class="p1"><SPAN class="s1">Married Filing Separately: 0</SPAN></P>

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<description>...</description>

<pubDate>Fri, 11 Sep 2020 18:18:00 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719105#M111694

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<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-09-11T18:18:00Z</dc:date>

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<title>

Excess Roth IRA over payment when withdrawn had earned income of $344.87. Do I report this income? If so, where do I report it?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/excess-roth-ira-over-payment-when-withdrawn-had-earned-income-of-344-87-do-i-report-this-income-if/01/1719104#M111693

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<description/>

<pubDate>Fri, 11 Sep 2020 18:15:01 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/excess-roth-ira-over-payment-when-withdrawn-had-earned-income-of-344-87-do-i-report-this-income-if/01/1719104#M111693

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<dc:creator>101852790_03154</dc:creator>

<dc:date>2020-09-11T18:15:01Z</dc:date>

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<title>

Re: Why do I pay tax on my Social Security income if I am 69 and still working?

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<title>...</title>

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https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719102#M111692

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<P>There is no age limit for paying Social Security taxes on earned income from wages.</P>

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<pubDate>Fri, 11 Sep 2020 18:13:42 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719102#M111692

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<dc:creator>DoninGA</dc:creator>

<dc:date>2020-09-11T18:13:42Z</dc:date>

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<title>

Why do I pay tax on my Social Security income if I am 69 and still working?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719097#M111691

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<link>...</link>

<description/>

<pubDate>Fri, 11 Sep 2020 18:08:32 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/why-do-i-pay-tax-on-my-social-security-income-if-i-am-69-and-still-working/01/1719097#M111691

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<dc:creator>jimfligor</dc:creator>

<dc:date>2020-09-11T18:08:32Z</dc:date>

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<title>

Re: Cares Act IRA Rollover of Stock Removed as Part of RMD

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719094#M111690

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<description>

<P>Thanks but believe additional backup from brokerage firm required. Possibly bokerage firm did not report amount correct in statement.</P>

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<description>...</description>

<pubDate>Fri, 11 Sep 2020 18:04:04 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719094#M111690

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<dc:creator>musiuloco</dc:creator>

<dc:date>2020-09-11T18:04:04Z</dc:date>

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<title>

Re: Cares Act IRA Rollover of Stock Removed as Part of RMD

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719092#M111689

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<P>Thanks and excuse delay in response. I waiting for email alert of response to post. Probably must check format.</P><P>Now to your reply. I agree with all your post. Problem - when shares rolled over value of shares less than when removed for distribution. Broker shows the reduced value as the rollover amount that does not match the distribution value. This rollover value will be the amount on the 1099R issued by broker. Therefore I do not receive the benefit of the full distribution. I do not believe a statement by me accompanying the TAX FILING will be accepted by IRS. Yes, the number of shares rolled over is the same lot distributed.</P><P>&nbsp;</P><P>Appreciate your review of this issue.</P>

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<description>...</description>

<pubDate>Fri, 11 Sep 2020 18:02:14 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-cares-act-ira-rollover-of-stock-removed-as-part-of-rmd/01/1719092#M111689

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<dc:creator>musiuloco</dc:creator>

<dc:date>2020-09-11T18:02:14Z</dc:date>

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<title>

Re: I took out a COVID-related distribution out of each of my two 403(b) accounts. My usual biweekly contributions is being deducted from my paycheck (pre-tax). I intend on paying back the distribution th

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718940#M111688

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<BLOCKQUOTE><HR /><LI-USER uid="2662889"></LI-USER>&nbsp;wrote:<BR /> <P>Thank you very much. What confuses me is to that I would need to return the distribution with after tax money? Especially since I would get taxed again upon starting to withdraw that money in retirement?</P> <HR /></BLOCKQUOTE> <P>If you take a distribution which is later returned, the distribution is removed from your taxable income, as if the distribution never happened. &nbsp;Since the returned distribution is not taxed as income, you can't take a deduction for the return, because you can't subtract an item from your taxable income that was never included in your taxable income to begin with. &nbsp;&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P>

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<description>...</description>

<pubDate>Fri, 11 Sep 2020 03:28:08 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718940#M111688

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<dc:creator>Opus 17</dc:creator>

<dc:date>2020-09-11T03:28:08Z</dc:date>

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<title>

Re: I took out a COVID-related distribution out of each of my two 403(b) accounts. My usual biweekly contributions is being deducted from my paycheck (pre-tax). I intend on paying back the distribution th

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718937#M111687

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<P>Thank you very much. What confuses me is to that I would need to return the distribution with after tax money? Especially since I would get taxed again upon starting to withdraw that money in retirement?</P>

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<description>...</description>

<pubDate>Fri, 11 Sep 2020 03:09:17 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718937#M111687

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<dc:creator>tobe2017</dc:creator>

<dc:date>2020-09-11T03:09:17Z</dc:date>

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<title>Re: IRA Deduction Eligability</title>

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https://ttlc.intuit.com/community/retirement/discussion/re-ira-deduction-eligability/01/1718926#M111686

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<description>

<P>If you already have some kind of pre-tax retirement plan (pension, traditional IRA, 401(k)), then I suggest a Roth IRA. &nbsp;You don't get the immediate tax deduction, but future withdrawals are tax free and there is no RMD requirement.&nbsp;</P>

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<description>...</description>

<pubDate>Fri, 11 Sep 2020 02:40:02 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-ira-deduction-eligability/01/1718926#M111686

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<dc:creator>Opus 17</dc:creator>

<dc:date>2020-09-11T02:40:02Z</dc:date>

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<title>

Re: I took out a COVID-related distribution out of each of my two 403(b) accounts. My usual biweekly contributions is being deducted from my paycheck (pre-tax). I intend on paying back the distribution th

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718920#M111685

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<P>By the way, you must very specifically arrange the "return" with the plan trustee. &nbsp;It is not a regular contribution, and regular contributions can't be counted as returns. &nbsp;If you want to use your weekly or monthly contribution funds to pay the return, you will need to stop the contributions, collect the money in your paycheck (after tax), and send a separate payment to the plan trustee using their specific procedure for a COVID return. &nbsp;(It may require a special paper form or a special election online.)</P>

</description>

<description>...</description>

<pubDate>Fri, 11 Sep 2020 02:32:18 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718920#M111685

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<dc:creator>Opus 17</dc:creator>

<dc:date>2020-09-11T02:32:18Z</dc:date>

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<title>

Re: I took out a COVID-related distribution out of each of my two 403(b) accounts. My usual biweekly contributions is being deducted from my paycheck (pre-tax). I intend on paying back the distribution th

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718919#M111684

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<P>A return of your contributions is not tax deductible because you won't be paying tax on the money you withdraw. &nbsp;You take the money out temporarily and don't pay tax, so the return is not deductible. &nbsp;In fact, the return is not a "contribution" at all, it is a return of a prior distribution.</P> <P>&nbsp;</P> <P>Normally, &nbsp;if you want to return a distribution, you must do it within 60 days, so the issue of tax doesn't come up. &nbsp;With a COVID withdrawal, you can spread the tax out over 3 years (if you choose) and you can make the return for up to 3 years. &nbsp;That might mean you pay tax on part or all of the distribution in year 1, but when you return it in year 2 or 3, the tax you paid in year 1 will be reversed. &nbsp;But it will all work out in the end. &nbsp;Any part of the distribution that you end up returning will not be taxed once everything is settled.&nbsp;</P>

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<pubDate>Fri, 11 Sep 2020 02:29:35 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718919#M111684

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<dc:creator>Opus 17</dc:creator>

<dc:date>2020-09-11T02:29:35Z</dc:date>

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<title>Re: Social Security + income from elsewhere</title>

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https://ttlc.intuit.com/community/retirement/discussion/re-social-security-income-from-elsewhere/01/1718833#M111683

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<description>

<P class="p1">&nbsp;</P> <P class="p2"><SPAN class="s1">TAX ON SOCIAL SECURITY</SPAN></P> <P class="p3"><SPAN class="s1">Up to 85% of your Social Security benefits can be taxable on your federal tax return.<SPAN class="Apple-converted-space">&nbsp; </SPAN>There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits. &nbsp;When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. </SPAN></P> <P class="p3"><SPAN class="s1">&nbsp;What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit was $16,920 —for 2018 it will be $17,040—for 2019 it will be $17,640— for 2020 it will be $18,240) &nbsp;After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.</SPAN></P> <P class="p3"><SPAN class="s1">To see how much of your Social Security was taxable, look at lines 5a and 5b of your Form 1040</SPAN></P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s2"><A href="https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable" target="_blank">https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable</A></SPAN></P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s2"><A href="https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable" target="_blank">https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable</A></SPAN></P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s1">You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.</SPAN></P> <P class="p1">&nbsp;</P> <P class="p1">&nbsp;</P> <P class="p1">&nbsp;</P> <P class="p3"><SPAN class="s1">Some additional information:<SPAN class="Apple-converted-space">&nbsp; </SPAN>There are 13 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.<SPAN class="Apple-converted-space">&nbsp; </SPAN>These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV</SPAN></P>

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<pubDate>Thu, 10 Sep 2020 22:32:31 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-social-security-income-from-elsewhere/01/1718833#M111683

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<dc:creator>xmasbaby0</dc:creator>

<dc:date>2020-09-10T22:32:31Z</dc:date>

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<title>Re: Social Security + income from elsewhere</title>

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https://ttlc.intuit.com/community/retirement/discussion/re-social-security-income-from-elsewhere/01/1718792#M111682

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<P>FYI -&nbsp;</P><P>There are 2 different things to know about social security. People get them mixed up all the time.</P><P>1. Your actual SS checks<BR />If you are over full retirement age your actual SS checks won't be reduced. Otherwise they will actually reduce your payments if you make too much other income in the prior year.</P><P>&nbsp;</P><P>2. Income Tax<BR />For any age up to 85% of Social Security becomes taxable when ALL your other income plus 1/2 your social security reaches:<BR />Married Filing Jointly: $32,000<BR />Single or head of household: $25,000<BR />Married Filing Separately: 0</P>

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<pubDate>Thu, 10 Sep 2020 21:14:04 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-social-security-income-from-elsewhere/01/1718792#M111682

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<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-09-10T21:14:04Z</dc:date>

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<title>Re: Social Security + income from elsewhere</title>

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https://ttlc.intuit.com/community/retirement/discussion/re-social-security-income-from-elsewhere/01/1718788#M111681

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<P>Up to 85% of Social Security Retirement/Disability/Survivors benefits becomes taxable when all your other income plus 1/2 your social security reaches:</P> <UL> <LI>Married Filing Jointly - $32,000</LI> <LI>Single or Head of Household - $25,000</LI> <LI>Married Filing Separately - 0</LI> </UL>

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<pubDate>Thu, 10 Sep 2020 20:53:04 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-social-security-income-from-elsewhere/01/1718788#M111681

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<dc:creator>DoninGA</dc:creator>

<dc:date>2020-09-10T20:53:04Z</dc:date>

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<title>Social Security + income from elsewhere</title>

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https://ttlc.intuit.com/community/retirement/discussion/social-security-income-from-elsewhere/01/1718786#M111680

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<P>I get $1900 monthly from SS. How much can I make before my SS gets taxed</P>

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<pubDate>Thu, 10 Sep 2020 20:51:48 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/social-security-income-from-elsewhere/01/1718786#M111680

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<dc:creator>Djarvis99</dc:creator>

<dc:date>2020-09-10T20:51:48Z</dc:date>

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<title>

Re: I took out a COVID-related distribution out of each of my two 403(b) accounts. My usual biweekly contributions is being deducted from my paycheck (pre-tax). I intend on paying back the distribution th

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<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718779#M111679

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<P>Sorry, this was the full post:</P><P>&nbsp;</P><P>I took out a COVID-related distribution out of each of my two 403(b) accounts. My usual biweekly contributions is being deducted from my paycheck (pre-tax). I intend on paying back the distribution that I took from my 403(b) accounts. However, I am being told that I am unable to contribute this as a pre-tax deduction from my payment, such as by increasing my monthly automatic contribution. This doesn’t seem to make sense to me that I would contribute after-tax money to recontribute to a pre-tax retirement account as that is a) counterintuitive to the concept of not paying taxes on the COVID-related distribution and b) I would then get taxed again on that recontributed post-tax money in retirement. Any advice?</P>

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<pubDate>Thu, 10 Sep 2020 20:29:42 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718779#M111679

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<dc:creator>tobe2017</dc:creator>

<dc:date>2020-09-10T20:29:42Z</dc:date>

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<title>

Re: I am self employed. My husband receives social security. I have not filed our tax returns for 2018

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https://ttlc.intuit.com/community/retirement/discussion/re-i-am-self-employed-my-husband-receives-social-security-i-have-not-filed-our-tax-returns-for-2018/01/1718775#M111678

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<description>

<P>The question is rather to your spouse, should he sign a joint return? &nbsp;When a spouse signs a joint return, they take legal and financial responsibility for all the facts, figures and tax owed. &nbsp;Sometimes, a person might not want to be responsible for the mistakes or problems of their spouse. &nbsp;If your spouse refuses to sign, then you have to file MFS.</P> <P>&nbsp;</P> <P>Assuming your spouse is not worried about liability, then it is almost always better to file MFJ, even if one spouse has no taxable income. &nbsp;The tax rates are lower for MFJ and many deductions and credits are reduced or disallowed for MFS. &nbsp;Also, if you file MFS, then your spouse's social security is automatically taxed at the maximum rate and your spouse must file a tax return. &nbsp;If you file jointly, your spouse's social security might only be partly or not taxable, depending on your other income.&nbsp;</P> <P>&nbsp;</P> <P>Hopefully you made estimated payments. &nbsp;Your penalties are a percentage of the amount of tax you owe, so if your estimated payments are more than your tax and you are due a refund, then you won't be assessed a penalty at all. &nbsp;If you do owe tax, Turbotax may offer to calculate your penalty and add it to your tax bill. &nbsp;I would decline this if you can, and wait for the IRS to send you a penalty assessment. &nbsp;If this is the first time you have owed a penalty, you can request a one-time penalty abatement. &nbsp;(Interest on the late payment can't be abated but it may be less after recalculating it without the penalty included.)</P> <P><A href="https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver" target="_blank" rel="noopener">https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver</A></P> <P>&nbsp;</P> <P>To file a 2018 return, you need to purchase the 2018 Turbotax program to download and install on your own computer. &nbsp;The online web site can only do current season (2019) returns.&nbsp;</P>

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<pubDate>Thu, 10 Sep 2020 20:22:09 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-i-am-self-employed-my-husband-receives-social-security-i-have-not-filed-our-tax-returns-for-2018/01/1718775#M111678

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<dc:creator>Opus 17</dc:creator>

<dc:date>2020-09-10T20:22:09Z</dc:date>

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<title>

Re: I am self employed. My husband receives social security. I have not filed our tax returns for 2018

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<title>...</title>

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https://ttlc.intuit.com/community/retirement/discussion/re-i-am-self-employed-my-husband-receives-social-security-i-have-not-filed-our-tax-returns-for-2018/01/1718769#M111677

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<link>...</link>

<description>

<P>You should file your tax return as Married Filing Jointly.&nbsp; You being self-employed and your spouse receiving Social Security benefits does not prevent you from filing jointly.</P> <P>&nbsp;</P> <P>To complete and file a 2018 tax return using TurboTax you would need to purchase, download and install on a personal computer one of the 2018 desktop editions from this website -&nbsp;<A href="https://turbotax.intuit.com/personal-taxes/past-years-products/" target="_blank" rel="nofollow noopener noreferrer">https://turbotax.intuit.com/personal-taxes/past-years-products/</A></P> <P>&nbsp;</P> <P>A 2018 tax return can only be printed and mailed, it cannot be e-filed.</P>

</description>

<description>...</description>

<pubDate>Thu, 10 Sep 2020 20:03:04 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-am-self-employed-my-husband-receives-social-security-i-have-not-filed-our-tax-returns-for-2018/01/1718769#M111677

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<dc:creator>DoninGA</dc:creator>

<dc:date>2020-09-10T20:03:04Z</dc:date>

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<title>

I am self employed. My husband receives social security. I have not filed our tax returns for 2018

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/i-am-self-employed-my-husband-receives-social-security-i-have-not-filed-our-tax-returns-for-2018/01/1718760#M111676

</link>

<link>...</link>

<description>

My husband had a stroke. His condition has prevented me from completing our tax returns. Should I file separately?

</description>

<description>...</description>

<pubDate>Thu, 10 Sep 2020 19:49:46 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/i-am-self-employed-my-husband-receives-social-security-i-have-not-filed-our-tax-returns-for-2018/01/1718760#M111676

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<dc:creator>barden2017</dc:creator>

<dc:date>2020-09-10T19:49:46Z</dc:date>

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<item>

<title>Re: IRA Deduction Eligability</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-ira-deduction-eligability/01/1718750#M111675

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<link>...</link>

<description>

<P>And starting in 2020, as long as you are still working, there is no age limit to be able to contribute to a Traditional IRA. The Secure Act, signed into law on December 20, 2019, removed the age limit in which an individual can contribute to an IRA. The top age prior to the law was 70½.</P><P>Find out which IRA may be right for you and how much you can contribute.<SPAN>&nbsp;</SPAN><STRONG><A href="https://scs.fidelity.com/products/mobile/ira/ira-calc.shtml" target="popup">Calculate your IRA contribution limit<SPAN class="off-screen">Opens in a new window</SPAN></A></STRONG></P>

</description>

<description>...</description>

<pubDate>Thu, 10 Sep 2020 19:29:31 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-ira-deduction-eligability/01/1718750#M111675

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<guid>...</guid>

<dc:creator>Critter-3</dc:creator>

<dc:date>2020-09-10T19:29:31Z</dc:date>

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<title>

Re: I took out a COVID-related distribution out of each of my two 403(b) accounts. My usual biweekly contributions is being deducted from my paycheck (pre-tax). I intend on paying back the distribution th

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718746#M111674

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<link>...</link>

<description>

<P>Your question was cut off twice ... return and complete your query.&nbsp;</P>

</description>

<description>...</description>

<pubDate>Thu, 10 Sep 2020 19:19:39 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718746#M111674

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<dc:creator>Critter-3</dc:creator>

<dc:date>2020-09-10T19:19:39Z</dc:date>

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<title>

Re: Can wife make Qualified HSA Funding Distribution from IRA for $8,100 in 2020 if high deductible plan is in husband's name? And husband took QHFD in a prior year?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718733#M111673

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<link>...</link>

<description><P>Agreed!</P></description>

<pubDate>Thu, 10 Sep 2020 18:37:34 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718733#M111673

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<guid>...</guid>

<dc:creator>Bsch4477</dc:creator>

<dc:date>2020-09-10T18:37:34Z</dc:date>

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<item>

<title>

I took out a COVID-related distribution out of each of my two 403(b) accounts. My usual biweekly contributions is being deducted from my paycheck (pre-tax). I intend on paying back the distribution th

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718732#M111672

</link>

<link>...</link>

<description>

I took out a COVID-related distribution out of each of my two 403(b) accounts. My usual biweekly contributions is being deducted from my paycheck (pre-tax). I intend on paying back the distribution th

</description>

<description>...</description>

<pubDate>Thu, 10 Sep 2020 18:37:27 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/i-took-out-a-covid-related-distribution-out-of-each-of-my-two-403-b-accounts-my-usual-biweekly/01/1718732#M111672

</guid>

<guid>...</guid>

<dc:creator>tobe2017</dc:creator>

<dc:date>2020-09-10T18:37:27Z</dc:date>

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<item>

<title>Re: IRA Deduction Eligability</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-ira-deduction-eligability/01/1718731#M111671

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<link>...</link>

<description>

<P>Since your employer does not have a retirement plan you are not covered by one. You payments from your prior pension are not relevant.&nbsp;</P>

</description>

<description>...</description>

<pubDate>Thu, 10 Sep 2020 18:36:39 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-ira-deduction-eligability/01/1718731#M111671

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<guid>...</guid>

<dc:creator>Bsch4477</dc:creator>

<dc:date>2020-09-10T18:36:39Z</dc:date>

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<item>

<title>

Re: Can wife make Qualified HSA Funding Distribution from IRA for $8,100 in 2020 if high deductible plan is in husband's name? And husband took QHFD in a prior year?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718729#M111670

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<description>

<BLOCKQUOTE><HR /><LI-USER uid="305"></LI-USER>&nbsp;wrote:<BR /> <P>Since the roll over is limited to once per person your wife can make the IRA to HSA transfer if she is covered by a HDHP.&nbsp;</P> <HR /></BLOCKQUOTE> <P>Correct, but it must come from an IRA in her name <EM>and</EM> go into an HSA in her name. &nbsp;It can't go into her spouse's HSA.&nbsp;</P>

</description>

<description>...</description>

<pubDate>Thu, 10 Sep 2020 18:35:49 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718729#M111670

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<guid>...</guid>

<dc:creator>Opus 17</dc:creator>

<dc:date>2020-09-10T18:35:49Z</dc:date>

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<title>

Re: Can wife make Qualified HSA Funding Distribution from IRA for $8,100 in 2020 if high deductible plan is in husband's name? And husband took QHFD in a prior year?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718727#M111669

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<link>...</link>

<description>

<P>Since the roll over is limited to once per person your wife can make the IRA to HSA transfer if she is covered by a HDHP.&nbsp;</P>

</description>

<description>...</description>

<pubDate>Thu, 10 Sep 2020 18:30:58 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718727#M111669

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<dc:creator>Bsch4477</dc:creator>

<dc:date>2020-09-10T18:30:58Z</dc:date>

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<item>

<title>

Re: Can wife make Qualified HSA Funding Distribution from IRA for $8,100 in 2020 if high deductible plan is in husband's name? And husband took QHFD in a prior year?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718723#M111668

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<description>

<P>Not the way you suggest. &nbsp;An HSA, like an IRA, belongs to one and only one person, and spouse #2 can't make a funding distribution from an IRA owned by spouse #2 into an HSA owned by spouse #1.</P> <P>&nbsp;</P> <P>However, spouse #2 may be able to make a qualified distribution into an HSA owned by spouse #2, if spouse #2 is eligible.</P> <P>&nbsp;</P> <P>If spouse #2 is covered by a family HDHP and has no other disqualifying coverage, then spouse #2 is eligible to make contributions to an HSA even if the HDHP is in spouse #1's name. &nbsp; Therefore, if your only insurance coverage is your spouse's HDHP, then you can open and contribute to an HSA. &nbsp;You can do that at many different banks if your employer does not offer it internally, you can shop around for the lowest fees. &nbsp;</P> <P>&nbsp;</P> <P>Your contribution limit for 2020 is $7100, plus $1000 if you are age 55 or over. &nbsp;Note that the $7100 is also your overall family contribution limit, but the $1000 catch-up provision is specific to each person. &nbsp;So if you and your spouse are both over age 55, then you can contribute $9100 in total--that's $7100 that can be split between the spouses' accounts any way you like, plus $1000 catchup that can only go into spouse #1's account and $1000 that can only go into spouse #2's account. &nbsp;</P> <P>&nbsp;</P> <P>So spouse #2 can do a QHFD from spouse #2's IRA into spouse #2's HSA. &nbsp;The maximum amount is $7100, or $8100 if spouse #2 is age 55 or older. &nbsp;Then spouse #1 can make a regular contribution into their HSA, but only up to $1000, since spouse #1 seems to be 55 or older based on the question. &nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P>

</description>

<description>...</description>

<pubDate>Thu, 10 Sep 2020 19:48:47 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible/01/1718723#M111668

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<guid>...</guid>

<dc:creator>Opus 17</dc:creator>

<dc:date>2020-09-10T19:48:47Z</dc:date>

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<item>

<title>

Can wife make Qualified HSA Funding Distribution from IRA for $8,100 in 2020 if high deductible plan is in husband's name? And husband took QHFD in a prior year?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible-plan/01/1718706#M111667

</link>

<link>...</link>

<description/>

<pubDate>Thu, 10 Sep 2020 17:56:56 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/can-wife-make-qualified-hsa-funding-distribution-from-ira-for-8-100-in-2020-if-high-deductible-plan/01/1718706#M111667

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<dc:creator>maxwell91</dc:creator>

<dc:date>2020-09-10T17:56:56Z</dc:date>

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<item>

<title>IRA Deduction Eligability</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/ira-deduction-eligability/01/1718692#M111666

</link>

<link>...</link>

<description>

<P>Working for a private company this year is the first W2 job I have had since retirement some many years ago so&nbsp;it&nbsp;will present a sizable&nbsp;bump up in our income this&nbsp;year and perhaps in the immediate following year.&nbsp; Both my wife and I are retired on and collecting US Government pensions.&nbsp; Me OPM and her OPM and Social Security.&nbsp; I was investigating opening both an IRA for me (age 72) and a spousal IRA for her (age 66) for tax sheltering purposes under the 2019&nbsp;changes in law.&nbsp; I do understand that my eligibility to DEDUCT an IRA contribution is based on our Modified Adjusted&nbsp;Gross Income AND&nbsp; whether I or my spouse is covered by a workplace retirement plan.&nbsp; My current employer does not have a workplace retirement plan.&nbsp; BUT THE PART I DO NOT UNDERSTAND IS: DO OUR RETIREMENT PENSIONS THAT WE ARE COLLECTING FALL UNDER THE DEFINITION OF "COVERED BY A WORKPLACE RETIREMENT PLAN" WITH RESPECT TO ELIGIBILITY FOR A IRA DEDUCTION AND AMOUNT?</P>

</description>

<description>...</description>

<pubDate>Thu, 10 Sep 2020 17:35:08 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/ira-deduction-eligability/01/1718692#M111666

</guid>

<guid>...</guid>

<dc:creator>Len13</dc:creator>

<dc:date>2020-09-10T17:35:08Z</dc:date>

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<title>

Re: TurboTax does not recognize my retirement income contributions. How can I change that?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-turbotax-does-not-recognize-my-retirement-income-contributions-how-can-i-change-that/01/1718238#M111665

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<description>

<P>Contributions to what?&nbsp;&nbsp;&nbsp; What type of retirement income?</P>

</description>

<description>...</description>

<pubDate>Wed, 09 Sep 2020 14:44:51 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-turbotax-does-not-recognize-my-retirement-income-contributions-how-can-i-change-that/01/1718238#M111665

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<dc:creator>macuser_22</dc:creator>

<dc:date>2020-09-09T14:44:51Z</dc:date>

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<title>

TurboTax does not recognize my retirement income contributions. How can I change that?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/turbotax-does-not-recognize-my-retirement-income-contributions-how-can-i-change-that/01/1718237#M111664

</link>

<link>...</link>

<description/>

<pubDate>Wed, 09 Sep 2020 14:42:42 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/turbotax-does-not-recognize-my-retirement-income-contributions-how-can-i-change-that/01/1718237#M111664

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<dc:creator>alunda-n-hopkins</dc:creator>

<dc:date>2020-09-09T14:42:42Z</dc:date>

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<title>

Re: Edit the 1099-R in the Federal section again...An answer...

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-edit-the-1099-r-in-the-federal-section-again-an-answer/01/1718187#M111663

</link>

<link>...</link>

<description>

<P>Then back up and review your data entries on the 1099 are entry screen. You must have a data entry error involving a comma or decimal point.</P>

</description>

<description>...</description>

<pubDate>Wed, 09 Sep 2020 04:58:53 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-edit-the-1099-r-in-the-federal-section-again-an-answer/01/1718187#M111663

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<dc:creator>Critter</dc:creator>

<dc:date>2020-09-09T04:58:53Z</dc:date>

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<title>

Re: Edit the 1099-R in the Federal section again...An answer...

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-edit-the-1099-r-in-the-federal-section-again-an-answer/01/1718125#M111662

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<link>...</link>

<description>

<P>I did that and am getting a strange number for my State Pension deduction, over a million dollars.</P>

</description>

<description>...</description>

<pubDate>Wed, 09 Sep 2020 01:19:00 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-edit-the-1099-r-in-the-federal-section-again-an-answer/01/1718125#M111662

</guid>

<guid>...</guid>

<dc:creator>SC1540</dc:creator>

<dc:date>2020-09-09T01:19:00Z</dc:date>

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<title>

Re: We could not e-file your return for the following reason: Duplicate Social Security Number: A tax return with the same Social Security number has already been submitted - in other words, it appears yo

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-we-could-not-e-file-your-return-for-the-following-reason-duplicate-social-security-number-a-tax/01/1718036#M111661

</link>

<link>...</link>

<description>

<P>If you filed a "non-filer" return to get the stimulus faster, you will need to mail your tax return now.</P> <P>&nbsp;</P> <P>If you did not file a "non-filer" return, you might be a victim of identity theft. &nbsp;You will still need to print, sign and mail your tax return, but you may also want to check your credit report, bank accounts, credit cards and so on for unusual activity.</P> <P>&nbsp;</P> <P>Don't forget to also print, sign and mail your state tax return, if you have one.&nbsp;</P>

</description>

<description>...</description>

<pubDate>Tue, 08 Sep 2020 22:05:10 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-we-could-not-e-file-your-return-for-the-following-reason-duplicate-social-security-number-a-tax/01/1718036#M111661

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<guid>...</guid>

<dc:creator>Opus 17</dc:creator>

<dc:date>2020-09-08T22:05:10Z</dc:date>

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<title>

Re: Will I get a bill from the irs for my 10% early ira w/d penalty? I filed my taxes I paid the fed taxes I owed but I still haven't received a bill for 10% penalty?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed/01/1718034#M111660

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<description>

<P>You were supposed to report the distribution using the 1099-R that was sent by the plan trustee. &nbsp;If you did, then the tax was already calculated and paid. &nbsp;If you did not, the IRS will certainly eventually send you a bill for unpaid taxes, late fees and interest. &nbsp;You should file an amended return now that adds the 1099-R to report the income from the distribution and pay any taxes owed.&nbsp;</P>

</description>

<description>...</description>

<pubDate>Tue, 08 Sep 2020 22:01:58 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed/01/1718034#M111660

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<guid>...</guid>

<dc:creator>Opus 17</dc:creator>

<dc:date>2020-09-08T22:01:58Z</dc:date>

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<title>

Re: Will I get a bill from the irs for my 10% early ira w/d penalty? I filed my taxes I paid the fed taxes I owed but I still haven't received a bill for 10% penalty?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed/01/1717985#M111659

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<description>

<P>If you had received a Form 1099-R for a distribution in 2019 and entered the 1099-R on your tax return, the early distribution penalty would have been calculated on the federal tax return that you filed in 2020.</P> <P>The penalty would have decreased your federal tax refund or increased the taxes owed on the federal tax return, Form 1040.&nbsp; The penalty would have been entered on Schedule 2 Line 6.&nbsp; The total amount from Schedule 2 Lines 4 thru 8 would have flowed to Form 1040 Line 15</P> <P>&nbsp;</P> <P>Look at your 2019 federal tax return -</P> <P>&nbsp;</P> <P>To access your current or prior year online tax returns sign onto the TurboTax website with the userID you used to create the account -&nbsp;<A href="https://myturbotax.intuit.com/" target="_blank" rel="nofollow noopener noreferrer noopener noreferrer">https://myturbotax.intuit.com/</A></P> <P>Scroll down to the bottom of the screen and on the section&nbsp;<STRONG>Your tax returns &amp; documents</STRONG>&nbsp;click on&nbsp;<U>Show</U>.&nbsp; Click on the&nbsp;<U>Year</U>&nbsp;and Click on&nbsp;<STRONG>Download/print return (PDF)</STRONG></P> <P><STRONG>Or -</STRONG></P> <P>When you sign onto your online account and land on the&nbsp;<U>Tax Home</U>&nbsp;web page, scroll down and click on&nbsp;<STRONG>Add a state.&nbsp;</STRONG><STRONG><BR /></STRONG></P> <P>This will take you back to the 2019 online tax return.</P> <P>Click on&nbsp;<STRONG>Tax Tools&nbsp;</STRONG>on the left side of the online program screen.&nbsp; Then click on<STRONG>&nbsp;Print Center</STRONG>.&nbsp; Then click on&nbsp;<STRONG>Print, save or preview this year's return</STRONG>.&nbsp;&nbsp;Choose the option&nbsp;<STRONG>Include government and TurboTax worksheets</STRONG></P>

</description>

<description>...</description>

<pubDate>Tue, 08 Sep 2020 20:11:56 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed/01/1717985#M111659

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<dc:creator>DoninGA</dc:creator>

<dc:date>2020-09-08T20:11:56Z</dc:date>

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<title>

Re: Will I get a bill from the irs for my 10% early ira w/d penalty? I filed my taxes I paid the fed taxes I owed but I still haven't received a bill for 10% penalty?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed/01/1717984#M111658

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<link>...</link>

<description>

<P>No you will not get a separate bill for the early withdrawal penalty.&nbsp; When you entered all of the information from your 1099R the software would have calculated your penalty as well as the ordinary income tax,&nbsp; If you paid your 2019 tax due then you already paid the penalty.</P>

</description>

<description>...</description>

<pubDate>Tue, 08 Sep 2020 20:11:03 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed/01/1717984#M111658

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<dc:creator>xmasbaby0</dc:creator>

<dc:date>2020-09-08T20:11:03Z</dc:date>

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<title>

Re: I'm applying for SS retirement income. The application asks if I agree with my earnings history on my SS Statement. The earnings do not match anything on my 1040s. Help!

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717981#M111657

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<description>

<BLOCKQUOTE><HR /><LI-USER uid="113"></LI-USER>&nbsp;wrote:<BR /> <P>The SS taxable income is from all your W-2's box 3 and any net self-employment income that you reported on a tax return.</P> <P>&nbsp;</P> <HR /></BLOCKQUOTE> <P>Even if your only income is wages from a W-2 job, your social security wages (W-2 box 3) will often be more than your gross wages (box 1) because certain payroll deductions (like 401k contributions) are exempt from income tax but are not exempt from social security tax.</P> <P>&nbsp;</P> <P>There is also an annual social security maximum wage, which was $132,900 for 2019 (and is inflation-linked). &nbsp;Any year that you earn more than the SS wage base, your SS earnings will be the maximum for that year.</P> <P>&nbsp;</P> <P>And some earnings are exempt from SS tax, such as certain earnings while a college student or graduate student and during certain Fellowships, so you might have zero SS wages in a year when you were a student or Fellow even though you had taxable income. &nbsp;Some job classifications are entirely exempt from SS tax, depending on your state of residency.&nbsp;</P>

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<description>...</description>

<pubDate>Tue, 08 Sep 2020 20:07:07 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717981#M111657

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<dc:creator>Opus 17</dc:creator>

<dc:date>2020-09-08T20:07:07Z</dc:date>

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<title>

Will I get a bill from the irs for my 10% early ira w/d penalty? I filed my taxes I paid the fed taxes I owed but I still haven't received a bill for 10% penalty?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed-taxes/01/1717978#M111656

</link>

<link>...</link>

<description/>

<pubDate>Tue, 08 Sep 2020 20:02:12 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/will-i-get-a-bill-from-the-irs-for-my-10-early-ira-w-d-penalty-i-filed-my-taxes-i-paid-the-fed-taxes/01/1717978#M111656

</guid>

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<dc:creator>paloma2507</dc:creator>

<dc:date>2020-09-08T20:02:12Z</dc:date>

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<title>

Re: Considering withdrawing out of my IRA account. Trying to figure out how much tax I should take off (I'm in NE, under 59yrs). I don't want to owe next year. Help, please?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-considering-withdrawing-out-of-my-ira-account-trying-to-figure-out-how-much-tax-i-should-take-off/01/1717965#M111655

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<description>

<P>If this is not COVID-related:</P> <P>&nbsp;</P> <P>You can use the TaxCaster or IRS calculator to estimate the tax you will owe. &nbsp;It will likely be between 25% and 34%, depending on your total income, and including the 10% penalty for early withdrawal.&nbsp;</P> <P>&nbsp;</P> <P><A href="https://turbotax.intuit.com/tax-tools/calculators/taxcaster/" target="_blank">https://turbotax.intuit.com/tax-tools/calculators/taxcaster/</A></P> <P>&nbsp;</P> <P><A href="https://www.irs.gov/individuals/tax-withholding-estimator" target="_blank">https://www.irs.gov/individuals/tax-withholding-estimator</A></P> <P>&nbsp;</P> <P>NE's state income tax rate is 6.84%, there is no state tax penalty for early withdrawal.</P> <P>&nbsp;</P> <P>If you can certify the withdrawal is due to a COVID-related hardship, you have additional options:</P> <OL class="lia-list-style-type-lower-alpha"> <LI>You don't have to pay the 10% penalty for early withdrawal,</LI> <LI>You can spread the income tax out over 3 years.</LI> <LI>You can put the money back within three years and get any tax you paid refunded to you.</LI> </OL>

</description>

<description>...</description>

<pubDate>Tue, 08 Sep 2020 19:26:04 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-considering-withdrawing-out-of-my-ira-account-trying-to-figure-out-how-much-tax-i-should-take-off/01/1717965#M111655

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<guid>...</guid>

<dc:creator>Opus 17</dc:creator>

<dc:date>2020-09-08T19:26:04Z</dc:date>

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<title>

Re: How do I obtain a copy of a 1099 Form that I sent to a contractor in 2018?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-how-do-i-obtain-a-copy-of-a-1099-form-that-i-sent-to-a-contractor-in-2018/01/1717946#M111654

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<link>...</link>

<description>

<P>OK ... you MUST save a PDF of the forms&nbsp; AND&nbsp; print a paper copy for just this very reason each and every time you issue these forms.&nbsp; &nbsp;If you used the QEF tool you need to log in and get the 2018 &amp; 2019&nbsp; now while you can still access them.&nbsp; In a couple of months access to the program will close and the 2018 info lost.&nbsp;</P><P>&nbsp;</P><H1>How do I access my prior-year Quick Employer Forms?</H1><P>Quick Employer Forms is designed to make the creation of Employer Forms and the filing process smooth and hassle-free. Each year as part of your filing experience, we encourage you to download and save a PDF of your completed Quick Employer Forms.</P><P>&nbsp;</P><P>After you file, we also make it easy to access your current-year forms in Quick Employer Forms through October 31. This gives you time to download and store a PDF of your forms.</P><P>You can easily save a copy of your completed forms by either of the above methods for free.</P><P>When next year’s version of Quick Employer Forms is released, you can access your prior-year returns by purchasing TurboTax Business or Home and Business for CD/Download, TurboTax Self Employed, or TurboTax Live Self Employed. When you do, you'll be able to view, print, or download your prior-year forms for previous tax years.</P>

</description>

<description>...</description>

<pubDate>Tue, 08 Sep 2020 18:44:12 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-how-do-i-obtain-a-copy-of-a-1099-form-that-i-sent-to-a-contractor-in-2018/01/1717946#M111654

</guid>

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<dc:creator>Critter-3</dc:creator>

<dc:date>2020-09-08T18:44:12Z</dc:date>

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<title>

How do I obtain a copy of a 1099 Form that I sent to a contractor in 2018?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/how-do-i-obtain-a-copy-of-a-1099-form-that-i-sent-to-a-contractor-in-2018/01/1717918#M111653

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<link>...</link>

<description>

I received a CP2100A notice from the IRS saying that the payee information I entered on the 1099 I sent to them may be incorrect. How do I find a copy of the 1099 I sent to the contractor in 2018?

</description>

<description>...</description>

<pubDate>Tue, 08 Sep 2020 17:53:43 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/how-do-i-obtain-a-copy-of-a-1099-form-that-i-sent-to-a-contractor-in-2018/01/1717918#M111653

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<dc:creator>ApplesInMyBra</dc:creator>

<dc:date>2020-09-08T17:53:43Z</dc:date>

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<title>

Re: We could not e-file your return for the following reason: Duplicate Social Security Number: A tax return with the same Social Security number has already been submitted - in other words, it appears yo

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-we-could-not-e-file-your-return-for-the-following-reason-duplicate-social-security-number-a-tax/01/1717753#M111652

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<link>...</link>

<description>

<P class="p1"><SPAN class="s1">If you used the IRS non-filer site to get a stimulus check, you will now get a<SPAN class="Apple-converted-space">&nbsp; </SPAN>“duplicate SSN” rejection.<SPAN class="Apple-converted-space">&nbsp; </SPAN>We are seeing people who did not notice or ignored the warning on that site about using it if they would be filing a tax return.</SPAN></P> <P class="p1"><SPAN class="s2"><A href="https://ttlc.intuit.com/community/tax-topics/help/stimulus-how-to-file-your-return-after-getting-reject-r0000-902-01/01/1602609" target="_blank">https://ttlc.intuit.com/community/tax-topics/help/stimulus-how-to-file-your-return-after-getting-reject-r0000-902-01/01/1602609</A></SPAN></P>

</description>

<description>...</description>

<pubDate>Tue, 08 Sep 2020 13:41:10 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-we-could-not-e-file-your-return-for-the-following-reason-duplicate-social-security-number-a-tax/01/1717753#M111652

</guid>

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<dc:creator>xmasbaby0</dc:creator>

<dc:date>2020-09-08T13:41:10Z</dc:date>

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<title>

We could not e-file your return for the following reason: Duplicate Social Security Number: A tax return with the same Social Security number has already been submitted - in other words, it appears yo

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/we-could-not-e-file-your-return-for-the-following-reason-duplicate-social-security-number-a-tax/01/1717749#M111651

</link>

<link>...</link>

<description/>

<pubDate>Tue, 08 Sep 2020 13:26:13 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/we-could-not-e-file-your-return-for-the-following-reason-duplicate-social-security-number-a-tax/01/1717749#M111651

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<guid>...</guid>

<dc:creator>mannyy21</dc:creator>

<dc:date>2020-09-08T13:26:13Z</dc:date>

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<title>

Re: Considering withdrawing out of my IRA account. Trying to figure out how much tax I should take off (I'm in NE, under 59yrs). I don't want to owe next year. Help, please?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-considering-withdrawing-out-of-my-ira-account-trying-to-figure-out-how-much-tax-i-should-take-off/01/1717688#M111650

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<description>

<P>i have an amount in mind to take out next from my IRA.</P><P>I know what my other income is.</P><P>I do a trial tax return for 2019&nbsp; with a 1099-R showing that amount.</P><P>I know exactly how much tax it is going to cost me .</P>

</description>

<description>...</description>

<pubDate>Tue, 08 Sep 2020 02:01:02 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-considering-withdrawing-out-of-my-ira-account-trying-to-figure-out-how-much-tax-i-should-take-off/01/1717688#M111650

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<dc:creator>fanfare</dc:creator>

<dc:date>2020-09-08T02:01:02Z</dc:date>

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<title>

Re: I just received a penalty for code 6654. How do I determine the reason? How do I remove this penalty?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-just-received-a-penalty-for-code-6654-how-do-i-determine-the-reason-how-do-i-remove-this/01/1717615#M111649

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<link>...</link>

<description>

<P>A penalty under Section 6654 of the Internal Revenue Code is an underpayment penalty for not having paid enough tax during the year. The total of the tax withheld from your pay and any estimated tax payments that you made was less than your total tax for the year by $1,000 or more. In other words, you owed $1,000 or more on your tax return because you didn't pay enough during the year.</P> <P><BR />You might not be able to remove the penalty. You don't have to pay the penalty for 2019 if your total payments during the year (withholding plus estimated tax) were at least 90% of your total 2019 tax, or 100% of your total 2018 tax (110% if your 2018 AGI was more than $150,000). But you probably would not have been charged the penalty in the first place if either of those exceptions were true.</P> <P><BR />However, if this is the first time that you have been charged a penalty, you might be able to get the penalty waived under the IRS's First Time Abatement policy. See the following link on the IRS web site for more information.</P> <P><BR /><A href="https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver" target="_blank" rel="noopener">Penalty Relief Due to First Time Penalty Abatement or Other Administrative Waiver</A></P> <P>&nbsp;</P>

</description>

<description>...</description>

<pubDate>Mon, 07 Sep 2020 22:03:02 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-i-just-received-a-penalty-for-code-6654-how-do-i-determine-the-reason-how-do-i-remove-this/01/1717615#M111649

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<dc:creator>rjs</dc:creator>

<dc:date>2020-09-07T22:03:02Z</dc:date>

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<title>

I just received a penalty for code 6654. How do I determine the reason? How do I remove this penalty?

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<link>

https://ttlc.intuit.com/community/retirement/discussion/i-just-received-a-penalty-for-code-6654-how-do-i-determine-the-reason-how-do-i-remove-this-penalty/01/1717571#M111648

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<description/>

<pubDate>Mon, 07 Sep 2020 20:15:42 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/i-just-received-a-penalty-for-code-6654-how-do-i-determine-the-reason-how-do-i-remove-this-penalty/01/1717571#M111648

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<dc:creator>bdlevin2003</dc:creator>

<dc:date>2020-09-07T20:15:42Z</dc:date>

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<title>

Re: Considering withdrawing out of my IRA account. Trying to figure out how much tax I should take off (I'm in NE, under 59yrs). I don't want to owe next year. Help, please?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-considering-withdrawing-out-of-my-ira-account-trying-to-figure-out-how-much-tax-i-should-take-off/01/1717506#M111647

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<description>

<P>Normally you would be taxed at your marginal tax rate for both federal and state income tax and have a 10% federal tax penalty on the amount withdrawn. However if the withdrawal is COVID related you can return the withdrawal within 3 years and avoid those tax consequences. See this article:</P> <P><A href="https://www.marketwatch.com/story/coronavirus-stimulus-package-tax-relief-withdraw-100k-from-your-ira-and-repay-in-3-years-with-zero-tax-liability-2020-03-27?mod=article_inline" target="_blank">https://www.marketwatch.com/story/coronavirus-stimulus-package-tax-relief-withdraw-100k-from-your-ira-and-repay-in-3-years-with-zero-tax-liability-2020-03-27?mod=article_inline</A></P> <P>&nbsp;</P>

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<description>...</description>

<pubDate>Mon, 07 Sep 2020 17:07:33 GMT</pubDate>

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https://ttlc.intuit.com/community/retirement/discussion/re-considering-withdrawing-out-of-my-ira-account-trying-to-figure-out-how-much-tax-i-should-take-off/01/1717506#M111647

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<dc:creator>Bsch4477</dc:creator>

<dc:date>2020-09-07T17:07:33Z</dc:date>

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<title>

Re: Why does it not let me move on with the payment area on line 11a?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-why-does-it-not-let-me-move-on-with-the-payment-area-on-line-11a/01/1717267#M111646

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<description>

<P>What exactly are you trying to do on the federal tax return?</P> <P>On the federal tax return, Form 1040,&nbsp;<SPAN>Line 11a calculates, adding lines 9 and 10</SPAN></P>

</description>

<description>...</description>

<pubDate>Sun, 06 Sep 2020 17:57:02 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-why-does-it-not-let-me-move-on-with-the-payment-area-on-line-11a/01/1717267#M111646

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<dc:creator>DoninGA</dc:creator>

<dc:date>2020-09-06T17:57:02Z</dc:date>

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<title>

Why does it not let me move on with the payment area on line 11a?

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/why-does-it-not-let-me-move-on-with-the-payment-area-on-line-11a/01/1717264#M111645

</link>

<link>...</link>

<description/>

<pubDate>Sun, 06 Sep 2020 17:53:05 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/why-does-it-not-let-me-move-on-with-the-payment-area-on-line-11a/01/1717264#M111645

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<dc:creator>mhuntington77</dc:creator>

<dc:date>2020-09-06T17:53:05Z</dc:date>

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<title>

Re: Husband and Wife LLC in California Set up SEP IRA

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<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-husband-and-wife-llc-in-california-set-up-sep-ira/01/1717118#M111644

</link>

<link>...</link>

<description>

<P>To elaborate on what Critter-3 said, if the LLC has not elected to be treated as a corporation (S corp or C corp), in a community property state the spouses have the option for the LLC to be treated either as a partnership or a disregarded entity:</P><P>&nbsp;</P><P><A href="https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies" target="_blank" rel="noopener">https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies</A></P><P>&nbsp;</P><P>With the LLC is being treated as a disregarded entity, two Schedules C should have been filed, one for each spouse, each reporting the particular spouse's proportionate share of income and expenses.</P><P>&nbsp;</P><P><A href="https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorporated-businesses" target="_blank" rel="noopener">https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorporated-businesses</A></P><P>&nbsp;</P><P>By filing only a single Schedule C in your husband's name, you have indicated that the LLC is owned entirely by your husband alone.</P><P>&nbsp;</P><P>If the LLC establishes a SEP plan and makes contributions for a particular year, a SEP contribution for each owner must be made and the contributions must be the same percentage of net earnings (net profit minus the deductible portion of self-employment taxes) for each owner, assuming that neither is limited by the overall contribution limit.&nbsp; For a self-employed individual, the maximum percentage is 20% (derived by a special calculation from the 25% base rate that would apply to W-2 employees if there were any).</P>

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<description>...</description>

<pubDate>Sun, 06 Sep 2020 02:27:04 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-husband-and-wife-llc-in-california-set-up-sep-ira/01/1717118#M111644

</guid>

<guid>...</guid>

<dc:creator>dmertz</dc:creator>

<dc:date>2020-09-06T02:27:04Z</dc:date>

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<title>

Re: I'm applying for SS retirement income. The application asks if I agree with my earnings history on my SS Statement. The earnings do not match anything on my 1040s. Help!

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717114#M111643

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<description>

<P>If your only Social Security tax paid is that calculated on Schedule SE, your Social Security wages are the amount listed on short Schedule SE line 4 or long Schedule SE line 4c, but limited to the Social Security wage base for the particular year (the dollar threshold shown in the instruction for line 5 of short Schedule SE).</P><P>&nbsp;</P><P>Regardless of your sources of wages, for years where your wages are greater than the Social Security wage base, the Taxed Medicare Earnings shown will be greater than the Taxed Social Security Earnings shown.</P>

</description>

<description>...</description>

<pubDate>Sun, 06 Sep 2020 02:05:06 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717114#M111643

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<dc:creator>dmertz</dc:creator>

<dc:date>2020-09-06T02:05:06Z</dc:date>

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<title>

Re: Husband and Wife LLC in California Set up SEP IRA

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-husband-and-wife-llc-in-california-set-up-sep-ira/01/1717071#M111642

</link>

<link>...</link>

<description>

<P>1) Both husband and wife had full time jobs. Husband maxed out employer's 401K (19K) and 403b (19k). Wife maxed out employer's 401k (19k).&nbsp; &nbsp;&nbsp;<STRONG>Immaterial for SEP-IRA contribution limitations.</STRONG></P><P>&nbsp;</P><P>&nbsp;</P><P>2) Husband and wife joined ran a side business, a LLC in a community property state (California). The LLC had no other employees.&nbsp;Husband and wife didn't take any wages from the LLC.&nbsp; &nbsp;&nbsp;<STRONG>If you have a multi-member LLC then you will either file a partnership return&nbsp; OR&nbsp; 2 separate Sch C forms since you live in CA.</STRONG></P><P>&nbsp;</P><P>&nbsp;</P><P>3) The LLC's treated as disregard entity in term of federal tax return. It was reported on one schedule C. Husband's name was list as name of proprietor on the schedule C.&nbsp;&nbsp;<STRONG>This is where you messed up ... as already mentioned you have to file either as a Partnership or on SEPARATE Sch Cs.</STRONG></P>

</description>

<description>...</description>

<pubDate>Sat, 05 Sep 2020 22:51:19 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-husband-and-wife-llc-in-california-set-up-sep-ira/01/1717071#M111642

</guid>

<guid>...</guid>

<dc:creator>Critter-3</dc:creator>

<dc:date>2020-09-05T22:51:19Z</dc:date>

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<item>...</item>

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<title>Husband and Wife LLC in California Set up SEP IRA</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/husband-and-wife-llc-in-california-set-up-sep-ira/01/1717068#M111641

</link>

<link>...</link>

<description>

<P>1) Both husband and wife had full time jobs. Husband maxed out employer's 401K (19K) and 403b (19k). Wife maxed out employer's 401k (19k).&nbsp;</P><P>2) Husband and wife joined ran a side business, a LLC in a community property state (California). The LLC had no other employees.&nbsp;Husband and wife didn't take any wages from the LLC.&nbsp;</P><P>3) The LLC's treated as disregard entity in term of federal tax return. It was reported on one schedule C. Husband's name was list as name of proprietor on the schedule C.&nbsp;&nbsp;</P><P>&nbsp;</P><P>Question: can husband and wife set up separate SEP IRA&nbsp; accounts to the following limit?</P><P>&nbsp;</P><OL><LI>25% of compensation, or</LI><LI>$57,000 for 2020&nbsp;($56,000 for 2019<SPAN>&nbsp;)</SPAN></LI></OL>

</description>

<description>...</description>

<pubDate>Sat, 05 Sep 2020 22:33:54 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/husband-and-wife-llc-in-california-set-up-sep-ira/01/1717068#M111641

</guid>

<guid>...</guid>

<dc:creator>california0905</dc:creator>

<dc:date>2020-09-05T22:33:54Z</dc:date>

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<item>

<title>

Re: I want to take a $20,000 deduction from my NYS government pension income in preparing my MA tax return. I could not find a way to do it?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-want-to-take-a-20-000-deduction-from-my-nys-government-pension-income-in-preparing-my-ma-tax/01/1717063#M111640

</link>

<link>...</link>

<description>

<P>When you enter the 1099-R follow the interview screens to indicate which state and what kind of pension it is ... then when you get to the state interview it will carry.&nbsp;</P>

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<description>...</description>

<pubDate>Sat, 05 Sep 2020 22:18:50 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-want-to-take-a-20-000-deduction-from-my-nys-government-pension-income-in-preparing-my-ma-tax/01/1717063#M111640

</guid>

<guid>...</guid>

<dc:creator>Critter-3</dc:creator>

<dc:date>2020-09-05T22:18:50Z</dc:date>

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<item>...</item>

<item>

<title>

I want to take a $20,000 deduction from my NYS government pension income in preparing my MA tax return. I could not find a way to do it?

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/i-want-to-take-a-20-000-deduction-from-my-nys-government-pension-income-in-preparing-my-ma-tax/01/1717045#M111639

</link>

<link>...</link>

<description/>

<pubDate>Sat, 05 Sep 2020 21:44:19 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/i-want-to-take-a-20-000-deduction-from-my-nys-government-pension-income-in-preparing-my-ma-tax/01/1717045#M111639

</guid>

<guid>...</guid>

<dc:creator>ToughTony</dc:creator>

<dc:date>2020-09-05T21:44:19Z</dc:date>

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<title>

Re: I'm applying for SS retirement income. The application asks if I agree with my earnings history on my SS Statement. The earnings do not match anything on my 1040s. Help!

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717030#M111638

</link>

<link>...</link>

<description>

<P>Is it listed by year? &nbsp;The SSA usually lags a couple years until they get it posted.</P>

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<description>...</description>

<pubDate>Sat, 05 Sep 2020 21:11:27 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717030#M111638

</guid>

<guid>...</guid>

<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-09-05T21:11:27Z</dc:date>

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<item>

<title>

Re: Did my stimulus check get mailed to 5511 Janeru circle in macon or 164 pinewood drive in gray ga

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-did-my-stimulus-check-get-mailed-to-5511-janeru-circle-in-macon-or-164-pinewood-drive-in-gray-ga/01/1717022#M111637

</link>

<link>...</link>

<description>

<P>Do you need to change your address with the IRS?&nbsp; If so here is the form to use:</P> <P>&nbsp;</P> <P><A href="https://www.irs.gov/pub/irs-pdf/f8822.pdf" target="_blank">https://www.irs.gov/pub/irs-pdf/f8822.pdf</A></P>

</description>

<description>...</description>

<pubDate>Sat, 05 Sep 2020 20:52:36 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-did-my-stimulus-check-get-mailed-to-5511-janeru-circle-in-macon-or-164-pinewood-drive-in-gray-ga/01/1717022#M111637

</guid>

<guid>...</guid>

<dc:creator>xmasbaby0</dc:creator>

<dc:date>2020-09-05T20:52:36Z</dc:date>

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<item>...</item>

<item>

<title>

Re: I'm applying for SS retirement income. The application asks if I agree with my earnings history on my SS Statement. The earnings do not match anything on my 1040s. Help!

</title>

<title>...</title>

<link>

https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717021#M111636

</link>

<link>...</link>

<description>

<P>There is no line on a 1040 that reports SS income.&nbsp;&nbsp; That is reported by your employer on line 3 of the W-2 form that does not go on a tax return at all.&nbsp;&nbsp; Your "earnings history" is the total of ALL prior SS earnings from the first W-2 you ever received in your lifetime.</P>

</description>

<description>...</description>

<pubDate>Sat, 05 Sep 2020 20:47:22 GMT</pubDate>

<guid>

https://ttlc.intuit.com/community/retirement/discussion/re-i-m-applying-for-ss-retirement-income-the-application-asks-if-i-agree-with-my-earnings-history-on/01/1717021#M111636

</guid>

<guid>...</guid>

<dc:creator>macuser_22</dc:creator>

<dc:date>2020-09-05T20:47:22Z</dc:date>

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