We want to take advantage of the additional $6,000 deduction (per 65+ person, married filing jointly) in 2025, and maximize the withdrawal within the 12% tax bracket. To calculate how much I can withdraw within the 12% bracket it seems to me that I will add: $94,300 (the maximum adjusted income within the 12% bracket)…
Hello, I need help ensuring I am correctly reporting a transaction for my 2024 tax return. The Situation: In 2024, I contributed $6,999.96 to a Roth IRA but had no earned income for the year. In September 2025, before my tax filing extension deadline (Oct 15), I had my broker (Schwab) process a "return of excess…
I turned 73 in 2024 so was required to take my first RMD by April 1 of this year. However, I misunderstood the instructions and thought I had until the end of this year to take it. I am today completing the paperwork to receive the RMD. I filed for an extension to file my 2024 tax return (for reasons unrelated to the RMD…
79 worked all of 2024 company 401k,direct rollover to ira 2025 retired 2025 is first rmd due the year you retire ? thanks,marty
My husband contributed of $7000 to his Roth IRA 2024 in 2/22/24 but our income was over the limit. So he sold and withdrew $11k of his contribution and earning on 3/21/25. When I file tax, freetaxusa website said I need to fix the withdraw amount (it can not be over the contribution of $7000). How can I file tax in this…
In 2024, i had one after tax contribution which didnt have automatic in plan conversion. So i transferred that directly to my Roth IRA After i enabled in plan converstion, i rolled them over to Roth IRA a few times. Now i have received 1099-R G and 1099-R H forms When i fill it in freetax usa it asks me if the 1099-R G…
After entering an RMD on an IRA Turbo Tax has an entry for " the required minimal distribution by Dec. 31, 2024. " I took the full distribution amount. Is that the number to be entered ? Also they ask the same question for my pension. Do you enter the amount of the pension for the year or 0.00 since the pension is not an…
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?…
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…
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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