This year I switched brokerages where I have my Roth IRA. I moved my IRA from Vanguard to Fidelity. It was a direct rollover and shouldn't be taxable from my understanding. Will I receive a 1099-R and do I need to include that on my taxes?
For 2025, I over contributed $7k to a Roth IRA, withdrew my contributions and earnings, put the contributions and earnings in a traditional IRA, rolled over the earnings to my 401k, then did a backdoor Roth with the $7k, plus converted a few dollars of interest earned during the process. I have three 1099-Rs: one for my…
From googling I think the answer to the question I posted is "No." But I did such a rollover in 2024 and then when I did my 2024 taxes on here at FreeTaxUSA in early 2025, it taxed the rollover income not only for the Fed Gov't but also for the state of PA. I did another such rollover recently and I sent the state of PA…
Wondering if it's possible to do a backdoor roth ira conversion using FreeTaxUSA?
Just last month the IRS announced new limits for 401k and IRA contributions. Check out this press release from the IRS for all the details. A few of the highlights from the release include- "individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025." "The catch-up…
how much is the percentage tax implications of the federal and NJ state to made a conversion of US$10,280 pre tax to ROTH IRA for the 2025.
I'm doing a test run of my 2025 taxes and noticed that the 1099-R entry never asks if I made a QCD. I'm over 70 1/2, box 2b is checked, box 7 code is 7 and IRA/SEP/SIMPLE box is checked. I won't get a 1099-R from my custodian with box 7 code Y since I write my own IRA checks and send them to the charity. Am I missing…
At the age of 73, I'll have to start withdrawing from my Federal Thrift Savings Plan and adding to my taxable income. Is there a better alternative for tax relief?
We want to take advantage of the additional $6,000 deduction (per 65+ person, married filing jointly) in 2025, and maximize the withdrawal within the 12% tax bracket. To calculate how much I can withdraw within the 12% bracket it seems to me that I will add: $94,300 (the maximum adjusted income within the 12% bracket)…
Hello, I need help ensuring I am correctly reporting a transaction for my 2024 tax return. The Situation: In 2024, I contributed $6,999.96 to a Roth IRA but had no earned income for the year. In September 2025, before my tax filing extension deadline (Oct 15), I had my broker (Schwab) process a "return of excess…
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