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 have an employer-sponsored SIMPLE IRA (3% match) with both of my W-2 employers (reported in Box 12a). Do I answer "Yes" to the question "Did [name] make any traditional or Roth IRA contributions during 2024?" and then enter the combined totals from the two W-2s on the next screen?
Hi, I have a similar problem as a recent user. I was paid $460 as a poll worker in 2024, but they (legally) didn't withhold any tax at all, and because it's under $600, I didn't receive a W-2. However, I completed a W-4, and the election board confirmed the above information, so I know these payments are considered wages.…
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.
answer
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