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Retirement tax questions
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Featured Topics

Retirement Plans: Taxing Distributions!

Is it time to retire? You’ve worked your whole life - setting aside some of your hard-earned dollars to ensure a comfortable retirement. Now it’s time to reap the benefits of your savings! Know your options and gather the knowledge to reduce taxes, e... read more
KarenL
Employee Tax Expert KarenL ‎Posted October 10, 2024
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Retirement Plans: Tax Savings Galore!

The best place to begin your retirement tax savings is with expert knowledge! You’ll find that in the The Golden Years Guide to Tax-Free Retirement, which is filled with great tips from financial experts in-the-know. Most people are familiar with a 4... read more
KarenL
Employee Tax Expert KarenL ‎Posted October 3, 2024
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Is there any thing to do now that I'm retired?

duolson10
duolson10 ‎Posted yesterday | Latest post yesterday by xmasbaby0
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My standard deduction is more than our income file as married fielded jointly. How much more is my can I take out of my retirement

Before I have to start paying taxes. IE: Standard Deduction Married filed jointly is 29,200. Our total income is 28,000. Can I withdraw from my retirement. At one point do I start having to owe taxes at 10% or 12% or the next tax bracket? I am trying... read more
81rxv1te
81rxv1te ‎Posted yesterday
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When using taxcastor, as I increase retirement income, my education credit (tax break) goes up. Do you have an error in your program?

The educational credit is for my kid.
nettefly
nettefly ‎Posted yesterday
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UK Goverment Pension and Private Pension - Tax free in US or not?

I’m confused by the varying information being posted about the the US tax liability of the payment of UK government Pensions paid to US Residents / Citizens. Different people seem to read article 17 and deduce different answers, so perhaps we can ask... read more
britgeezer
britgeezer ‎Posted February 3, 2020 | Latest post yesterday by Marcel55
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I cashed my retirement fund 258752 to buy new house,how much tax will I owe

obrien8111
obrien8111 ‎Posted yesterday | Latest post yesterday by Opus 17
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3

Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee Form W-4V Voluntary Fed. Income Tax Withheld has a choice of withholding 7%,10% or more of benefits paid. My 2023 Form SSA-1099 shows the amount withheld is 9.3%. Why?

jgltx6185
jgltx6185 ‎Posted yesterday | Latest post yesterday by VolvoGirl
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3

Double inherited IRA

Need help calculating my RMD for a double inherited IRA. Is there a formula or calculator I can use to determine what I should take out. Any help would be appreciated my accountant did not understand when I asked him.
katelyn1049
katelyn1049 ‎Posted Monday | Latest post Thursday by Opus 17
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Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee 2024/2025 Backdoor Roth Questions

I currently do not have any type of IRA account (just a Roth 401k from my employer). My income is too high to directly contribute to a Roth IRA or to deduct contributions to a traditional IRA. So, I am considering doing a backdoor Roth. I found the a... read more
mbtn
mbtn ‎Posted a week ago | Latest post Thursday by Opus 17
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5

Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee This year (2024) I could not take RMD for an inherited IRA. So I need to complete form 5329 for a one-time extension. May I do that with my tax filing in 2025?

When to complete form 5329
karolesherlock
karolesherlock ‎Posted Thursday | Latest post Thursday by dmertz
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2

Medicare Increases due to Roth conversions

I will be jumping to the 24 % tax bracket for 2024. My financial advisor talked me about a Roth conversion.IF I do convert and stay well below the high limit for 24% will that affect my Medicare costs?
bullfrog531945
bullfrog531945 ‎Posted Wednesday | Latest post Thursday by dmertz
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4

Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee Retirement Income from a foreign country

I saw similar posts, but I also believe that some of the suggestions might not help or work as foreign entities such as in my case do not have Federal ID numbers. Some people suggested a string of "9"s but then I read that it might not work in this c... read more
juham2013
juham2013 ‎Posted Thursday | Latest post Thursday by Opus 17
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1

Which product is best for us? My wife and I are retired. We own a home. We have charitable contributions. We have two Roth IRAs, and our Trust is a Traditional IRA.

Do I need the most expensive version (Premiere), or will the Deluxe version allow me to enter our IRA data? We also bought some altcoin crypto but didn't sell any of it.
jbthorstad
jbthorstad ‎Posted Wednesday | Latest post Thursday by fanfare
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1

Withholding taxes from distributions from inherited traditional IRA

my wife inherited a traditional IRA from her grandfather, who passed away two months ago. Now in December 2024, and before the end of the year, we are planning to withdraw funds (more than required but not all funds) from this traditional IRA. We liv... read more
sebastianf10-gma
sebastianf10-gma ‎Posted Tuesday | Latest post Thursday by Opus 17
0
3
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