I overcontributed to my Roth IRA for 2024 and will be requesting return of excess contributions before the tax deadline this April 2025. I understand I will be avoiding the 6% tax penalty and 10% early withdrawal penalty due to this on time corrective action. I also understand I have to report and pay taxes not on the…
My wife over-contributed to her employer 401(k) in 2023. The excess contribution was withdrawn before April 2024, and the income was accounted in our 2023 taxes on form W-2. In 2025, we received a 2024 1099-R which lists the full withdrawal as taxable (Box 2a). The 1099-R Box 7 code is "E." When this is input to…
We are eligible to make a larger catch-up IRA contribution this year, but won't be able to contribute the full amount. If we make a smaller contribution this year, will we be able to do a catch-up in a later year?
I have only SocSec and 1099-R(pension) income yet the software allows me to take an IRA contribution deduction I thought the deduction was allowed only on W-2/Earned Income
my wife passed in2024. since I know the exact amount of her SS disbursement and Medicare part B premiums, do I still need to request form1099 from SSA in order to efile using Freetax USA?
I worked two jobs and between the two, I over contributed about $500 on the sum of both 401(k)'s. Unfortunately since neither job say I over contributed on their individual plans, both are denying my ask for a distribution to correct the excess contribution. Since the overage won't be withdrawn, do I simply need to report…
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…
Made a big mistake and contributed to the max limit for Roth IRA for 2023, 2024, and 2025. Found out I wasn’t supposed to after speaking with a friend. I didn’t know that you need to earn income to contribute. I know…it was dumb and I should’ve done my research before listening to someone else’s advice. :\ I am not working…
In 2024 I contributed $7000 to a traditional IRA and immediately converted that $7000 to a Roth IRA. I have now received a 1099-R saying: 1 Gross distribution = $7000 and 2a Taxable amount = $7000 Then on freetaxusa it asks is this a roth conversion? I select YES and enter $7000 as the distribution conversion amount. Here…
I am recently retired. I receive Annually approximately $23,000 in Social Security, and a Small Pension of approximately $12,000. I want to take money from an IRA account that I set up after transferring funds from my 401k plan. I am single and plan to take the Standard Deduction Exemption on my taxes. What is the maximum…
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