After entering an RMD on an IRA Turbo Tax has an entry for " the required minimal distribution by Dec. 31, 2024. " I took the full distribution amount. Is that the number to be entered ? Also they ask the same question for my pension. Do you enter the amount of the pension for the year or 0.00 since the pension is not an…
Does FreeTaxUSA software include "Medicaid Waiver Payments is Excludable From Income"?
In my tax return, have to take RMD from inherited IRA and Roth IRA. I accidently under withdraw last year resulting in an excess accmulation, which I then made up in 2025 within the correction window. On the software, I enter the following screens: The form generated shows: So how are 52a, 52b, 53a, and 53b generate?…
I had an RMD for 2024 of about $4500, but I took the distribution (my 1st) in Feb of 2025. However, Fidelity did not offer (online) for a way to attribute the distribution to the year 2024, so now, when I called Fidelity asking how I show in my 2024 tax return that I took my 1st RMD in 2025, they said they wouldn't…
Has the IRS been changing tax rates for normal retirees? My income is fixed and changes only by cost-of-living adjustments. However, each of the last 4 Federal filing years have had much smaller refunds. We are talking $100s less each year until almost nothing this year. The State tax refund has remained constant. The…
This year I both contributed a non-deductible amount into my traditional IRA ($7,000) and also converted an existing deductible amount of my traditional IRA to a Roth IRA ($15,000) so I will need to pay taxes on the amount of $15,000. I'm not sure where to find a box to indicate that the $15,000 is the existing traditional…
I am working part-time. I have an IRA with one online broker, a 401 K from a former employer with their custodian, and a 401 K with my present employer. I turn 74 this year. When I log into my accounts of the first two, it tells me the amount that I should take for the RMD. I took the RMD for last year and this year for…
I turned 73 this year and read I must receive my first RMD by 4/1/2025, is this correct and what date should I use for the RMD calculation? Also what's the RMD date in subsequent years?
I overcontributed to my company's 401(k) for the 2023 calendar year by $130, and the excess deferral plus earnings are set to be distributed to me this month. I understand that I will not receive the 1099-R for the distribution until January 2025; however, I also understand that I am required to report the excess deferral…
I retired from both state and city government agencies and my contributions were deducted on a pre-tax basis. My employers also contributed to my retirement. They are deducting taxes on my monthly pension checks and I am a single filer. When I file my taxes for 2025, will I be subject to increased withholding because my…
It looks like you're new here. Sign in or register to get started.