What this means is that if you are in the 10 or 15 percent tax bracket then your long-term capital gains will be taxed at 0% ... View more

Hello Hialls, Hope you're doing great! 1.  You can amend a previous years' returns with TurboTax if you used TurboTax to prepare the original return.  You may be able to efile an amended return.  2.  If you scanned and saved your W-2 in your "My documents" in your TurboTax Online account, you will be able to access.  3.  If you filed your taxes using a different company or different software for that particular year, then TurboTax will not have that particular tax return or any info related to that tax year.   ... View more

No, not necessarily. ... View more

Hello Cs555,  Hope you're doing well!  Please accept my sincere condolences for your loss! Yes you may file a final tax return for your mom with TurboTax.  Make sure to call us if you happen to get stuck or something while working on her final return.  You can also have one of the tax experts review it before you file.  ... View more

Hello Schulzes,  Yes, you can contribute to a health savings account, because you are the individual account owner and not on Medicare, you can still contribute to your HSA.  You do not have to have a job or earned income from employment to be eligible for an HSA  – in other words, the money can be from your own personal savings, income from dividends, unemployment, etc.  You have to be enrolled in a qualified high deductible health plan (HDHP).  Once either spouse enrolls in Medicare, that spouse can no longer contribute any funds, including catch-up amounts, to his or her Health Savings Account.  See IRS Publication 969: Health Savings Accounts and Other Tax-Favored Health Plans So if you meet these requirement and are able to put money in your HSA account, that's great.  Of course, you will be saving tax dollars on that money.  ... View more

Hello Amaracotta,  Hope you're doing well! Not all plans 401k plans allow for hardship withdrawals. That's up to your employer's discretion. However, even if your 401k plan does allow for hardship withdrawals,  credit card debt usually doesn't qualify as a reason to make the withdrawal under hardship rules .  The IRS outlines specific reasons you can make a hardship withdrawal: Paying for certain medical expenses Costs related to buying a home as your primary residence Tuition, related educational fees, and education expenses To cover payments necessary to prevent eviction or foreclosure on your primary residence Burial and funeral expenses Expenses related to repairing damage on your home, including following a natural disaster Birth and adoption costs (up to $5,000) So, in most cases, you can’t use a 401k hardship withdrawal just because you want to pay off your credit card balances. In this case, you’d be required to take out a   401k loan. What is a 401k loan? 401k loans have specific terms and conditions as outlined by the IRS. [2] They always have a term of 5 years Payments must be made at least quarterly The maximum loan amount is 50 percent of your vested account balance OR $50,000, whichever is less The loan will have an interest rate, so you will need to repay the money you took out plus interest If you leave your job with the company that you have your 401k through, they may require you to pay the full outstanding balance In general, the money you take out of your 401k is tax exempt. This includes money taken out through a 401k loan. However, if you leave the company, then the money from the loan would be considered as a distribution from the IRS. In this case, you’d also face an immediate tax penalty . So in your situation, the money you take out of that 401(k) will be taxed as well as you will face a 10% penalty on the amount of distribution.  ... View more

Hello Basith, Hope you're doing great and liking your new job! 1.  Yes, you can roll over your retirement funds from your former employer into an IRA.  It is better to do a direct transfer rollover instead of getting a check in your name.  Just do a trustee-to-trustee direct transfer, this way you will not be subject to the 20% withholding.  Yes, you can contribute to an IRA as long as you have earned income (subject to contribution amount limitations).  I may be deducted from your gross income provided you're not an active participant in an employer plan during the year.  Roth contributions are always with after-tax money.  2.  In order to contribute to a Health Savings Account, you have to have a High Deductible Health Insurance Plan.  You may call your insurance company and ask them if your policy is HDHP.   3.  If your policy is a family policy then yes, your HSA account can be used for any member of your family.  Hope it helps. ... View more