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…
I had a high efficiency furnace installed this year. It qualifies for a $600 Federal tax credit. My only income was Social Security and interest income i made. I still have no tax due. Can I still get the $600 dollar tax credit?
I started working as a self-employed contractor in December and made a $1000 initial funding for 2024 as an employee. I realize that the client pays me in January for my December’s work, so my business income is $0 and I’m not eligible to make any contributions for 2024, and thus I over-contributed to my Solo 401k by…
As a retired person, I receive social security, and 2 VA pensions. I was in the service for 8 years & in the Korean war? Are veterans taxes on their pensions?
Roth IRA income limitations
Hello, wondering if matching contribution my employer makes via a Thrift Savings plan are considered as part of my total contributions to Roth IRA in the tax year?
how to reduce the tax impact of ira rmd's?
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