Hello, In 2025, I rolled over my traditional 401k to my Roth IRA. I just received my 1099-R, and the taxable amount on there is 0, box 2b is empty, and box 7 is marked with G. This is likely because the originating institution could not know whether I would rollover the money into a trad or Roth account, which makes sense.…
Just last month the IRS announced new limits for 401k and IRA contributions. Check out this press release from the IRS for all the details. A few of the highlights from the release include- "individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025." "The catch-up…
I contributed to both Traditional IRA and Self Employed 401K accounts for 2024. FreeTaxUSA factored in a deduction for both the IRA and 401K. After filing my 1040 I've received a notice from the IRS that you cannot take the IRA deduction if you've contributed to your 401K and MAGI is over a certain limit. IRS is now asking…
I am married, filing jointly. I have a job in which I receive a W2, but I am technically self-employed as an independent contractor. I am a personal services contractor with the US federal government, for context. I have a solo 401k for which I have contributed the maximum amount. However, when I try to enter my solo 401k…
I withdrew early from my 401k. I have the exact amounts. I'm sure that I'm supposed to pay an additional 10% tax on top of the 20% early withdrawal fee. I just didn't see anywhere to do it on the freetax return . How should I enter that info?
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 The excess contribution was withdrawn before April 2024, and the income was accounted in our 2023 taxes on form W-2.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…
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 Since the overage won't be withdrawn, do I simply need to report…
I get 1099 NEC income. Can I contribute to my 401k from this income?
I left an employer and decided to withdraw my funds as I couldn’t roll them into my new employers account. I am under 25 so I assumed a penalty. I had additional federal withholding held, should I have also withheld additional for state (Oregon) to reduce my tax liability? What form will I receive in the mail for this?
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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