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How are line 52 and 53 in Form 5329 generated
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?…
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1st RMD taken in the following year, after turning 73
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…
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Jim Petro
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…
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Where do I report a traditional IRA to Roth IRA conversion?
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…
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RMD Distributions
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…
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IRA RMD
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?
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How to properly reflect 2023 excess 401(k) deferral in FreeTaxUSA software
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…
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Retirement Income
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…
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Recording IRA distributions on Federal 1040
In 2023, at age 62, I cashed in 2 IRAs (total distribution). Both 1099-Rs have code 7 in box 7 and both have an amount listed in box 4 (I had 10% held each time). On my federal 1040 line 4a, I recorded the amounts from the 1099-Rs (line 1) and also carried that same amount to 1040 line 4b. Instead, are the amounts on the…
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IRA withdrawal fees/penatlies?
I am 58-years-old and own two retirement accounts: (1) a Rollover IRA and (2) a Roth IRA; together they total just under $24,000. I’ve been disabled, on Social Security Disability for 12 years, and therefore not permitted to contribute to either account. If I were to take any money from either account, would I be subject…