dmertz
Level 15
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"if 2023 was the first year I did the backdoor conversation, the line 14 in 2023 form 8606=0. For 2024, should I put 0 as the line 2 on form 8606?"Correct. Unle...
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"If I set the withholding percentage high enough to cover my entire 2025 tax liability, can I ignore the quarterly payments?"Yes. Unlike estimated tax payments ...
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Hal_Al, $6,000 had to be the balance due. If tax liability for 2024 had been only $6,000, TurboTax could not possibly have suggested a quarterly estimated tax p...
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2025 TurboTax assumes that dollar amount of your tax withholding will remain unchanged from 2024 and calculates the amount of estimated tax payments thatguarant...
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I assume that this was not a section 1035 exchange into a different contract. The taxable amount is taxable as ordinary income. (An annuity is not a capital inv...
Activity Feed for dmertz
- Posted Re: Second year of filling 8606 on Get your taxes done using TurboTax. 16 hours ago
- Posted Re: 2025 Estimated Tax Amounts on Get your taxes done using TurboTax. yesterday
- Got Cheered for Re: 2025 Estimated Tax Amounts. yesterday
- Got Cheered for Re: 2025 Estimated Tax Amounts. yesterday
- Got Cheered for Re: 2025 Estimated Tax Amounts. yesterday
- Posted Re: 2025 Estimated Tax Amounts on Get your taxes done using TurboTax. yesterday
- Posted Re: 2025 Estimated Tax Amounts on Get your taxes done using TurboTax. Saturday
- Posted Re: Tax Reporting for non-qualified variable annuity at surrender on Get your taxes done using TurboTax. Thursday
- Cheered Re: I was contributing to an HSA for family coverage. In June 1st my family changed coverage while I stayed with the HSA. Would my max contribution be $6,425 for 2025? for Mike9241. Thursday
- Posted Re: If I pull money from my 401k to pay for my childs college, what will i need to file on my taxes in 2025? on Retirement tax questions. Thursday
- Posted Re: 401 k roth contribution for 2025 what is the max contribution if self employed individual ,ma... on Retirement tax questions. a week ago
- Posted Re: Backdoor Roth IRA 2024 - Turbotax is taxing the entire amount of the conversion (which is incorrect - the conversion amount is the same amount as the basis from the non-deductible IRA that I am converting to Roth. on Retirement tax questions. a week ago
- Posted Re: Made a Mistake: Made a Roth Conversion earlier in 2022 Before Taking the RMD - What Should I do? on Get your taxes done using TurboTax. 2 weeks ago
- Got Cheered for Re: When does the 6,000 dollar additional benefit get subtracted, before you determine what percentage of benefit is taxable or after?. 2 weeks ago
- Posted Re: When does the 6,000 dollar additional benefit get subtracted, before you determine what percentage of benefit is taxable or after? on Retirement tax questions. 2 weeks ago
- Got Cheered for Re: IF I CASH OUT AN INHERITED IRA IN THE YEAR OF DEATH, DOES THAT COVER THE BALANCE DUE OF THE RMD FOR THAT YEAR?. 2 weeks ago
- Cheered Re: Deceased parent had an unclaimed local tax refund in PA State which I claimed. Are taxes due on this amount? for Opus 17. 2 weeks ago
- Got Cheered for Re: IF I CASH OUT AN INHERITED IRA IN THE YEAR OF DEATH, DOES THAT COVER THE BALANCE DUE OF THE RMD FOR THAT YEAR?. 2 weeks ago
- Posted Re: IF I CASH OUT AN INHERITED IRA IN THE YEAR OF DEATH, DOES THAT COVER THE BALANCE DUE OF THE RMD FOR THAT YEAR? on Retirement tax questions. 2 weeks ago
- Posted Re: IF I CASH OUT AN INHERITED IRA IN THE YEAR OF DEATH, DOES THAT COVER THE BALANCE DUE OF THE RMD FOR THAT YEAR? on Retirement tax questions. 2 weeks ago