If I receive a K-1 Form (I believe this is name) and I received a lump sum retirement certificate benefit from CalPERS due to my mother dying in 2023 and she had a living trust in which I was a beneficiary, can I still do my taxes on FreeTaxUSA?
Also, I made contributions to the IRA after I was 70 1/2.
I have heard that rules have changed and I may be required to take an RMD this year or face a 25% penalty. The IRA Custodian provides estimates for RMDs that I should take in 2024 (and RMDs for 2023 and 2022 that I hopefully didn't miss already.) However, when I looked more closely, there is an assumption that the "RMD…
I have a variable annuity that was funded with after tax money. The earnings have never been taxed. I am just turning 73, are RMDs required? Is withdrawn money taxed as a capital gain or as regular income? Can the withdrawn money all be original money (non taxable) or all earned money (taxable) or is it apportioned between…
I want to withdraw Traditional IRA funds this month for potential use in 2025. I am am not 59 1/2 yet. I am debating doing a Roth rollover vs paying the 10% penalty now. I have rolled funds over in 2021, 2022 and 2023. If I do a rolllover this month and decide to withdraw those same funds in 2025 (paying the penalty), do…
I inherited 2 Roth IRAs in 2019. The calendar would indicate I am at the end of the 5 year inheritance rule, but the 2020 covid law may mean I have until the end of 2025 to distribute the accounts. Is that true?
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?
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