Preheat oven to 350 degrees.
Grease and flour a bundt pan or use baking spray with flour and spray well.
Using a stand mixer with a paddle attachment or a hand mixer, beat butter and sugar until light and creamy.
Mix all the dry ingredients together. Add 1/2 of the dry ingredients to the batter with 1/2 the sour cream, and beat. Add remaining dry ingredients and sour cream, and beat until smooth.
Mix a 1/2 cup of finely chopped walnuts with 1 1/2 cups of raspberry preserves. Pour just over 1/3 of the batter into the bundt pan. Carefully spread 1/2 of the preserves mixed with the nuts over the batter.
Pour another layer of batter, another layer of preserves and another layer of batter.
Bake for 55-60 minutes or until a toothpick inserted into the center comes out clean.
Let cool in the pan for 15-20 minutes.
Gently shake the cake to help remove it from the pan. Place a large plate over the top of the bundt pan and flip.
Continue to cool. Once cooled, sprinkle with powdered sugar.
Cut into slices, serve and enjoy!
Cover leftovers for up to 3 days. To freeze, cover cake with heavy duty foil (wrap well) for up to 3 months. Let thaw at room temperature before serving.