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…
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…
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…
I made withdrawals from an IRA this year and spent those on college tuition. My understanding is that such use is permitted and exempt from penalty. Your software only prompts me to respond whether I converted the funds to a Roth or rolled the funds over into another qualified account within 60 days. How can i use your…
I am a senior, and have not had to pay federal taxes for years. I took $30K out of my 401K to by land to put a new double wide mobile home on, (this is my permanent home). Do I have to pay federal taxes on this withdrawal?
If you withdrawal from a Roth IRA but the amount was from previous IRA contributions, then the withdrawal is not taxable and not penalized. My brokerage has no way of knowing how much I've contributed previously in all my prior tax years, so they always indicate the withdrawal as 100% taxable even if it isn't. TurboTax has…
I have not printed the form yet!!
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…
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