Detailed record-keeping is not required when you withdraw from a Roth IRA after age 59-1/2. See a walkthrough in TurboTax and H&R Block tax software.
Tax Planning with TurboTax What-If Worksheet: Roth Conversion
After you file your taxes with TurboTax, use the hidden What-If Worksheet to plan for the current year. See how to use it to plan for a Roth conversion.
Get Rid of Estimated Tax Payment Vouchers from TurboTax
Seeing estimated tax payment vouchers (Form 1040-ES) from TurboTax doesn’t mean you must pay estimated taxes now. You can remove them to avoid confusion.
Opt Out of Underpayment Penalty in TurboTax and H&R Block
Decline the help from tax software in calculating the underpayment penalty. Let the IRS calculate the penalty and bill you when necessary. They often won’t.
One 1099-R Form for Two Rollovers in TurboTax and H&R Block
How to enter a combined 1099-R form for two rollovers in the same year to both Traditional IRA and Roth accounts in TurboTax, H&R Block, and FreeTaxUSA.
How to Enter 2024 Mega Backdoor Roth in FreeTaxUSA (Updated)
Follow these easy step-by-step explanation with screenshots when you enter the 1099-R form for your mega backdoor Roth into FreeTaxUSA.
Roth Conversion with Social Security and Medicare IRMAA
A step-by-step walkthrough of how to estimate tax rates on Roth conversion with Social Security and Medicare IRMAA.
An Unusually High Marginal Tax Rate Means Paying Lower Taxes
An unusually high marginal tax rate isn’t a problem. You’re rewarded with paying lower taxes. You live on after-tax dollars, not rates.
The Best Tax Software for Foreign Tax Credit (IRS Form 1116)
I tested TurboTax, H&R Block, FreeTaxUSA, and OLT on doing a Form 1116 for the foreign tax credit. Four software packages gave three different answers.
Too Much Hassle in Claiming Foreign Tax Credit on IRS Form 1116
Holding international stock funds in a taxable account gives you foreign tax credit, but claiming it on IRS Form 1116 has become too much hassle.
When TurboTax and H&R Block Give the Wrong ACA Subsidy
If you’re self-employed on ACA health insurance, TurboTax and H&R Block software may give wrong numbers for the subsidy. Use this calculator instead.
Backdoor Roth: Planned vs Unplanned
If you did an unplanned backdoor Roth, clean up and make it planned from now on.