I overcontributed to my company's 401(k) for the 2023 calendar year by $130, and the excess deferral plus earnings are set to be distributed to me this month. I understand that I will not receive the 1099-R for the distribution until January 2025; however, I also understand that I am required to report the excess deferral…
I overcontributed to my Roth IRA for 2024 and will be requesting return of excess contributions before the tax deadline this April 2025. I understand I will be avoiding the 6% tax penalty and 10% early withdrawal penalty due to this on time corrective action. I also understand I have to report and pay taxes not on the…
I had a Roth distribution in 2024. On the 1099-R, the gains are listed as a taxable amount. But, given this is a from a qualified retirement plan, none of it should be taxable. From the IRS website(https://www.irs.gov/instructions/i5329) I have to fill out a Form 5329. Quote: You received a distribution subject to the tax…
I plan on retiring early and potentially pulling contributions from my roth IRA before the 59 1/2 year mark, since those can be distributed without the penalty. Besides the obvious contributions (directly adding cash from personal funds), does anything else count as a contribution? For example, when rolling over from roth…
How do I deduct the health care & dental premiums that I pay in retirement utilizing the HELPS retiree Improvement Act. I retired as federal LEO in August. Thank you
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?
I do not get a W2 or 1099.
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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?
Hi everyone, I need some advice regarding a Roth IRA issue. In 2022, I contributed $6,000 to my Roth IRA, but I didn't have any earned income that year, and I didn't file a tax return myself. I'm aware that contributions without earned income are not allowed, so I have already withdrawn the $6,000 excess contribution from…
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