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Thursday
No, it is not needed. I can't explain why it is asking for the basis, as it's not relevant after age 59 1/2 and the account has been open at least five years. I recommend you enter an amount at lea...
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No, it is not needed. I can't explain why it is asking for the basis, as it's not relevant after age 59 1/2 and the account has been open at least five years. I recommend you enter an amount at least as much as the amount of the distribution. The information you enter isn't used for anything except to determine if there is a penalty when the distribution is prior to age 59 1/2. It's is not included in your tax return; therefore, just enter the same amount (or more) as the distribution to get past that screen.
Thursday
Yep...You are correct. Got myself turned around on this one and should have known better. Thanks @VolvoGirl
Thursday
@DanaB27 1326327 thank you!!
Thursday
I purchased TurboTax 2025 Home & Business from Costco. I downloaded the installation file from InstallTurboTax.com without issues. Installation succeeds regardless of running installation either in a...
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I purchased TurboTax 2025 Home & Business from Costco. I downloaded the installation file from InstallTurboTax.com without issues. Installation succeeds regardless of running installation either in admin mode or not. However, after installation, when I start TurboTax 2025, I get an error message saying "We've hit a snag activating your product...". This error message shows up BEFORE the screen asking for the activation key comes up. So the issue could not be with a bad activation key. See the below picture. I tried troubleshooting this myself following the directions at Troubleshoot TurboTax Desktop for Windows issues but to no avail. I called the TurboTax support line, and spent 6hrs with an agent and a supervisor trying to fix the issue. I shared my screen with them so that they could see exactly what I was doing. They tried many different things, but nothing worked. They even asked me to take my screen resolution down to 1280x1024 but that failed as well. They told me that the TurboTax I got from Costco was a problem and that I need to buy a new one directly from them at a much higher price. They sent me a new copy of TurboTax 2025 Home and Business which I downloaded from Intuit's internal site. When we tried to install that one while the agents were monitoring, I still got the exact same error. We tried: running turbotax program in admin mode running installation in admin mode downloading installation multiple times from the 2 different sites (InstallTurboTax.com and internal intuit site) running turbotax in selective startup mode installing turbotax in selective startup mode running turbotax with BitDefender and Windows Defender antivirus disabled installing turbotax with BitDefender and Windows Defender antivirus disabled windows was already up to date drivers were already up to date we ran dism utility and sfc utility. After that we again tried: running turbotax program in admin mode running installation in admin mode downloading installation multiple times from the 2 different sites (InstallTurboTax.com and internal intuit site) running turbotax in selective startup mode installing turbotax in selective startup mode running turbotax with BitDefender and Windows Defender antivirus disabled installing turbotax with BitDefender and Windows Defender antivirus disabled we created a new temporary admin user and tried installing under that I tried installing on another laptop from a different manufacturer but with similar Windows version, antivirus software and windows security settings Everything failed. After 6hrs they gave up and said the issue was due to my BitDefender Antivirus, even though the antivirus was actually disabled. After hanging up with them, I completely uninstalled BitDefender. The only antivirus software I now had was Widows Defender. I again tried everything, but still got the same error after installing TurboTax 2025 every time. I even tried installing other versions of TurboTax 2025, like Business, Deluxe, etc. and got the same exact error with every single one of them. I again followed all the steps above and the directions at Troubleshoot TurboTax Desktop for Windows issues and got the same failing results. I re-installed windows. This process deletes all 3rd party apps but leaves my data on the HDD intact. Before installing anything else, even my BitDefender Antivirus, I again tried to install TurboTax 2025 and again got the failure. I again followed all the steps above and the directions at Troubleshoot TurboTax Desktop for Windows issues but still no luck. A point to note here: I did see that re-installing windows did not reset my windows security settings. Finally, I reformatted my PC by resetting to factory default settings. This erased all my applications and data. I reinstalled everything, recopied all my data back to my notebook and got all my programs setup and customized as I like them. Only after I had everything else working as I wanted it to, I finally went and installed TTurboTax 2025 Home and Business again. I did NOT disable Windows Defender or my other antivirus, BitDefender. This time I was successful in installing and activating TurboTax 2025 Home & Business. However, there were 2 things that I did differently: I set my display resolution down from 2880x1800 to 1024x786 before starting the installation of TurboTax 2025. I left Windows Security settings at default. For example, By default Smart App Control is switched Off. Before reformatting my PC, I had this turned On. Similarly, by default some of the Exploit Protection features are turned Off by default. I had all of them turned On earlier. Many Core Isolation settings also turned Off by default in Windows 11 Pro. I had every one of these turned On before reformatting my PC. Device/Data Encryption is turned Off by default. I had that turned On earlier. I do not know which of these 2 changes helped, but I suspect that the 2nd point above made the biggest difference. Windows Security allows users to improve security of their system. App and Browser Control settings help ensure that apps cannot make unexpected changes to kernel or do not have unhindered access. Device Security settings help isolate the core, and enable low level protections. Maybe TurboTax 2025 cannot work with improved security settings in Windows Security. This is something that Intuit needs to investigate and fix. Following are the system configurations: Samsung Galaxy Book 5 Pro 360 Intel Core Ultra 7 256V @ 2.2Ghz 16GB RAM @ 8533 MT/s Samsung 990 Pro 2TB NVME with 1TB of space 64 bit Windows 11 Pro 25H2 OS Build [removed] Display Resolution: 2880x1800 Scaling: 250% Please let me know if you need any other information to help root-cause and fix the issue.
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Thursday
what platform are you using - Online or Desktop ? (your posting shows "online")
Thursday
Thank you for the response and screenshot. I reworked my HSA interview but still did not have a screen asking if I contributed to my own HSA. I may need to remove the form and work it again.
Thursday
1 Cheer
@tdrcsr wrote: Can @CatinaT1 or @MarilynG1 please clarify if Merrill and other institutions not on dropdown list because all 1099s not ready? I already asked @GabiU (Admin of this board) to ...
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@tdrcsr wrote: Can @CatinaT1 or @MarilynG1 please clarify if Merrill and other institutions not on dropdown list because all 1099s not ready? I already asked @GabiU (Admin of this board) to look into this matter. I also have a call in to several FAs with Merrill. Keep in mind that the absence of Merrill Edge in the import dropdown is NOT limited to TurboTax.
Thursday
Online is updated, Desktop should have it over the weekend.
Be sure to update your Desktop program.
Click "Online" on the top left black menu bar to open
Select "Check for updates"
Thursday
TurboTax doesn’t file those forms with the state. You have to mail them.
Thursday
Mine is having the same issue. I have reinstalled turbotax and did both of the steps provided. The program is still closing after clicking on transmit returns now.
Thursday
I agree with @v8899 . From what I can find online, the NYS inflation refund checks appear to be taxable at the federal level, for everyone. Per the NY.gov site, link below, the refund was based on...
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I agree with @v8899 . From what I can find online, the NYS inflation refund checks appear to be taxable at the federal level, for everyone. Per the NY.gov site, link below, the refund was based on your income and filing status, not whether you itemized deductions. Per several articles online, two links below, the state could have structured the refund program differently to potentially avoid federal taxation, but they didn't do so for whatever reasons. I may be mistaken, but that's how I'm interpreting it. @princkbk https://www.tax.ny.gov/pit/inflation-refund-checks.htm https://www.syracuse.com/politics/2025/10/ny-inflation-refund-checks-are-taxable-what-you-need-to-know.html https://www.wxxinews.org/new-york-public-news-network/2025-10-01/you-should-report-gov-kathy-hochuls-inflation-refund-checks-on-your-taxes
Thursday
To be eligible for the reduced tax rate, a sole proprietor must:
Have qualifying business income from the sole proprietorship;
Materially participate in the business; and
Employ one or...
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To be eligible for the reduced tax rate, a sole proprietor must:
Have qualifying business income from the sole proprietorship;
Materially participate in the business; and
Employ one or more employees in Oregon who meet the employee requirements explained in the instructions for Schedule OR-PTE.
Qualified business income reduced tax rate (QBIRTR)
How to delete forms in TurboTax Online
How to delete forms in TurboTax Desktop
Thursday
1 Cheer
Can @CatinaT1 or @MarilynG1 please clarify if Merrill and other institutions not on dropdown list because all 1099s not ready? or what is the status with partners listed on TT website but not in dro...
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Can @CatinaT1 or @MarilynG1 please clarify if Merrill and other institutions not on dropdown list because all 1099s not ready? or what is the status with partners listed on TT website but not in dropdown?
Thursday
Thank you very much!
Thursday
Thanks but im concerned because my understanding is that I must submit for 8606 with my 1040 since the 1099 reflects am x in box 2b and a t for box 7 when this in fact is a qualifoed distribution (sa...
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Thanks but im concerned because my understanding is that I must submit for 8606 with my 1040 since the 1099 reflects am x in box 2b and a t for box 7 when this in fact is a qualifoed distribution (satisfied both the age and 5 year rule requirements)
Thursday
You should allocate the capital improvements based on the property’s status at the time the work was performed. Since you retired the property from business use in 2009 and performed these $30,000+ r...
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You should allocate the capital improvements based on the property’s status at the time the work was performed. Since you retired the property from business use in 2009 and performed these $30,000+ renovations during its 100% personal use phase, those costs belong to the Personal Use side of the basis. You will need to enter the depreciation amount you took up to year 2003. The depreciation is now captured and reported in your 2025 return. You will report this as a home sale. When the software asks if you ever used it for business or took depreciation, you say Yes. You will then enter the total depreciation you took from 1984–2003. What will happen is that there is no 4797 generated. Instead it will be reported on Schedule D and form 8949 as a captial gain. The depreciation will reduce your original basis in the house thus increasing your captial gain because of the depreciation recapture.
Thursday
Turbo Tax is showing a 10% penalty on a 401k withdrawal that I made last year. I am 68 years old. Why would my withdrawal be subject to a penalty? The box 7 has a 7 in it and the SEP/IRA/Simple box i...
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Turbo Tax is showing a 10% penalty on a 401k withdrawal that I made last year. I am 68 years old. Why would my withdrawal be subject to a penalty? The box 7 has a 7 in it and the SEP/IRA/Simple box is unchecked.
Thursday
Based on your post, it sounds like you transferred ("rolled over") an IRA from custodian A to custodian B. Since the RMD for 2025 is based on the year end value from custodian A on 12/31/24, then th...
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Based on your post, it sounds like you transferred ("rolled over") an IRA from custodian A to custodian B. Since the RMD for 2025 is based on the year end value from custodian A on 12/31/24, then the total withdrawals from both A and B added together need to equal the RMD as calculated from the 2024 year end value of A to avoid a penalty for not removing at least the RMD amount.
Let's say that your RMD for A was $10,000, and you took out $6,000 from when it was "A" and $4,000 from when it was "B", when you report these in Turbo Tax, you would say that the RMD for A was $6,000 and the RMD for B was $4,000.
As another example, let's say your RMD for A was $10,000, but you only took out $6,000 from "A" and $3,000 from B. Since you did not satisfy the RMD, you could report the RMD for A at $6,000 and the RMD for B at $3,000 in TurboTax to arrive at an insufficient RMD withdrawal of $1,000.
If you have multiple IRA accounts, the sum total value of all of the accounts is used to calculate RMD. You also do not need to take money out of each individual IRA. For example, If you have 2 IRA accounts subject to RMD, you determine your total RMD withdrawal for 2025 based on the 2024 year end value of the accounts, but you are able to only take that calculated RMD out of only one of the accounts and still satisfy the RMD.
Thursday
This is the U.S. TurboTax public user forum. For help with Canadian taxes, please post your question in the Canada TurboTax user forum., at the following link.
https://turbotax.community.intuit.ca/...
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This is the U.S. TurboTax public user forum. For help with Canadian taxes, please post your question in the Canada TurboTax user forum., at the following link.
https://turbotax.community.intuit.ca/community/turbotax-support/help/03/en-cahttps://turbotax.intuit.ca/tax-software/index.jsp