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 The excess contribution was withdrawn before April 2024, and the income was accounted in our 2023 taxes on form W-2.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 Since the overage won't be withdrawn, do I simply need to report…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
I had to cash in my 401k to put a roof on my house. Can I claim a hardship so I don't have to pay taxes on the withdrawal?
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