I inherited a Roth IRA in 2019. Under the 5 year inheritance rule I need to empty the account by the end of this year. However, I have read that because of the emergency covid law, not requiring RMDs in 2020, that the 5 year period determination does not include 2020, so I have until the end of 2025. Is there a…
how does converting a traditional Ira to a Roth IRA impact tax filing and how would I include it
I have a question regarding the backdoor Roth IRA process (contribute max out $7500). If there’s some interest generated in the IRA account and it doesn’t zero out the account, what are the tax consequences? Thank you for your assistance!
My wife and I are retired. In 2025 I would like to sell some stocks but pay minimum income tax. Our SS and pension income is around $50K. Is there a maximum income bracket that would be beneficial for us not to exceed?
This year I converted a traditional IRA to a Roth IRA so I will need to pay taxes on that amount. Which form will I expect to receive and does your software support the use of that form? I am hoping I can use FreeTaxUSA rather than paying an individual to prepare my 2024 tax return. Thank you!
I have a traditional IRA that I wish to roll into a Roth. I have an existing Roth, but want to roll it over to a new Roth. Will that trigger a new 5-year withdrawal penalty or does it go by the date I made the original old Roth which is 10 years ago?
Up until last year I was paying her spousal support. I did take the deduction for those payments. Our divorce was finalized in 2016 to add context to my question
I do not get a W2 or 1099.
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If I take money from my 401(k) and pay taxes on it, do I have to pay taxes on it again and claim it on my income tax
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