In 2024, my wife took a once-in-a-lifetime IRA to HSA rollover. The money was transferred directly from a traditional IRA at one custodial company to an HSA at another custodial company. The 1099R for this rollover shows: The Distribution Amount, Taxable Amount not Determined is checked, Distribution Code 7 (normal…
I have an inherited IRA. My mother passed away in June of 2023. We did take out an RMD in 2023 and settled that. But by the time the estate was settled, I didn't inherit the money until January of 2024. We haven't taken the distribution yet for 2024, we thought we had until 2025. Is there a grace period? Or are we correct…
We are eligible to make a larger catch-up IRA contribution this year, but won't be able to contribute the full amount. If we make a smaller contribution this year, will we be able to do a catch-up in a later year?
I started my Traditional IRA account back in 2023. During that year I contributed $3.5K, all the funds were non-deductible due to my AGI. Unfortunately, I made a mistake in my 2023's 8606 form and specified only $3K of non-deductible contributions. I bought $500 of FMSDX and didn't realize that Fidelity doesn't show money…
I am recently retired. I receive Annually approximately $23,000 in Social Security, and a Small Pension of approximately $12,000. I want to take money from an IRA account that I set up after transferring funds from my 401k plan. I am single and plan to take the Standard Deduction Exemption on my taxes. What is the maximum…
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?
My mom moved from PA to AL in 2024, She has IRAs that were funded in PA, and are not taxable in PA. Are they now fully taxable to AL or do they have a basis and just subsequent earnings will be taxable to AL?
I will open an IRA Roth CD with $500 minimum deposit with a 1-time additional deposit in first 60 days prior to the next Fed Meeting on 12-17-24. My IRA Traditional CD matures on Dec 28, 2024 with a 10-day renewal grace period. On Jan 3, 2025 I will convert the IRA Traditional CD to the IRA Roth CD.…
do traditional IRA withdrawals count as earnings as far as social security is concerned? If not, how do I make sure it’s not counted? Is there a certain code I’m supposed to be using?
I turned 73 this year and read I must receive my first RMD by 4/1/2025, is this correct and what date should I use for the RMD calculation? Also what's the RMD date in subsequent years?
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