I started a Self-Employed 401k plan in 2023. Where should the employee and employer contributions be entered? Are they entered as a total amount in one field or separately? Does FreeTaxUSA check for excess contributions (employee and/or employer) for the Self Employed 401k plan? thanks
I receive Old Age Security (OAS) and Quebec Pension Plan (QPP) from Canada. These are GOVERNMENT pensions and I believe they are considered as Social Security according to the treaty between Canada and the USA. I pay tax only in the USA as I am a resident alien of the USA and a non-resident of Canada. I read that OAS and…
After making the Roth IRA contribution of $7000 in 2024, I realized that I was not eligible to contribute & I withdrew the full amount of my 2024 contributions i.e., $7000. However, I did not remove the "earnings" before filing my returns for 2024. Custodian generated 1099-R with distribution of $7000 & Box 2a says…
Hello, Fidelity processed my Return of Excess Contributions, returning my excess contributions + earnings from 2025. I was wondering whether I should just put the contributions that I withdrew in the "Excess Roth IRA Contributions" section, or if I should include the earnings as well. Let's say that I contributed an excess…
I switched job in 2025 and crossed annual Roth 401k contribution limit in total. I removed excess amount from Roth 401k in 2026 before April deadline. However 401k provider said I will receive 1099-R in 2027. Because it is Roth my original contribution is already taxed however as per IRS I need to pay tax on earning and…
I have basis in my IRA from contributions made many years ago. When entering 1099-R for IRA distribution this year, I erred entering the basis amount and FMV data. The Form 8606 was automatically calculated with this misinformation. I cannot find a way to go back to correct the basis and FMV values. I have deleted the…
Does FreeTaxUSA software include "Medicaid Waiver Payments is Excludable From Income"?
I have been going through all the literature and I need clarification on whether or not I'm reporting the taxes I paid on my Roth IRA conversion to the IRS. Here's my situation: I converted some pre-taxed dollars from my employer-sponsored 401K plan to my Roth IRA. The IRS classifies a conversion from a 401K to a Roth IRA…
How Do I know the taxable amount to enter on line 5b form 1040?
My spouse passed away in 2024 after an illness, we normally would file joint but he had a payout on his Retirement plan that would push my income over the limit for Marketplace insurance and income for SS. If I file single or head of household I would still be over about 10K on the Market place income before deductions as…
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