All Posts

I was able to find it, thank you.  I do wish Turbo Tax would describe it better in the wizard though.  They should say something like "Did you contribute to a NM 529 College Savings account in 2024?". 

I am suggesting that you follow the steps above as DaveF1006 posted to enter your 1099-K.  There is nothing else you need to do after you follow those steps.  TurboTax will properly report the 1099-K but you will not be taxed on it. 

Generally, if you had withholdings equal to 100% of last year's tax obligation, you might have avoided the underpayment penalty, provided your adjusted gross income (AGI) was $150,000 or less. The IRS allows taxpayers to avoid penalties if they pay either 90% of the current year's tax or 100% of the prior year's tax, whichever is smaller.   However, if your AGI exceeded $150,000, the threshold increases to 110% of the prior year's tax. Additionally, the IRS requires estimated tax payments to be made quarterly, so even if you met the withholding requirement, timing could still impact whether a penalty applies.   Your IRA custodian's rules on withholding are important here. Some custodians let you set withholding amounts, while others may have limits. You need to contact them to find out what their policy is in regards to setting your withholding amounts.    Underpayment of estimated tax by individuals penalty   @crash345u 

I finally discovered what was going on with mine. When I originally installed Turbotax, it picked up my previous file from my Windows File backup location, so it continued to save everything in that location, not the actual active file location. I just have to remember to check that next year.

If you're a business owner, you may need to create W-2 and 1099 forms (including 1099-NEC and 1099-MISC) for your employees or contractors. Create a 1099-NEC/W-2 on TurboTax Desktop: Open TurboTax. Select File. Select Create 1099s/W-2s. Follow the instructions to create forms online for your employees or contractors.'' TurboTax FAQ: How do If create W-2 and 1099 forms for my employees or contractors?

I’ve checked that as well as tried adding spaces, adding a middle initial, etc.  Nothing has worked.  I just went back to my Illinois state return and am now getting an error that wasn’t there until I chose to e-file.  It states “Information Worksheet: _ should not be entered directly on the Illinois Information Worksheet for electronic filing.  You must complete the Federal Personal Information Worksheet.” And it lists the taxpayers first name box but it’s already filled in.  The federal personal information is already complete.  The federal return has already been e-filed and accepted.

No, state returns cannot be electronically filed on their own without the Federal return being filed also.   See the following TurboTax help article to learn more:   Can I prepare and file just my state return using TurboTax?  

I have the exact same problem. I read somewhere that if the foreign tax is less than $600 you don't have to fill out form 1116. Ours is $944 this year.  I read if you override the information on the form, then you can't file electronically.  I am thinking about deleting the 1116 forms and see what happens.  I have chosen RIC, but the Federal Review still shows an error in the return. Have you been able to file your return?