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…
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 The excess contribution was withdrawn before April 2024, and the income was accounted in our 2023 taxes on form W-2.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 Since the overage won't be withdrawn, do I simply need to report…
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