All Posts
March 12, 2026
11:16 AM
Is there a way to do this like we can do for stocks/mutual funds from 1099-B? I have a single sale on 1099-DA but it is composed of thousands of tiny chunks acquired over the years. They are all long...
See more...
Is there a way to do this like we can do for stocks/mutual funds from 1099-B? I have a single sale on 1099-DA but it is composed of thousands of tiny chunks acquired over the years. They are all long-term. As per 8949 instructions, we should be allowed to enter the date as VARIOUS instead of reporting it on hundreds of pages of 8949. NOTE: Using TurboTax Premier 2025 on a Mac
March 12, 2026
11:15 AM
2 Cheers
When you get your 1099-R, here is how to report it:
Go to Deductions & Credits > Traditional and Roth IRA Contributions.
Select that you contributed $7,000 to a Roth IRA.
The software will...
See more...
When you get your 1099-R, here is how to report it:
Go to Deductions & Credits > Traditional and Roth IRA Contributions.
Select that you contributed $7,000 to a Roth IRA.
The software will ask if you changed your mind and recharacterized it. Say Yes.
Enter the amount you contributed ($7,000) and the amount that was actually transferred ($6,907.68).
For your Explanation Statement: you can write: "Original 2025 Roth IRA contribution of $7,000 was recharacterized to a Traditional IRA on xx/xx/2026. The transfer included a loss of $92.32, making the total amount transferred $6,907.68."
Because you recharacterized the Roth contribution, the IRS now views it as if you made a $7,000 nondeductible contribution to a Traditional IRA on day one. Your basis is based on the cash you put in, not the diminished value. On your 2025 Form 8606, look at Line 1. It should show $7,000. Look at Line 14. It should also show $7,000. This is your total basis carrying forward.
The actual conversion step (moving the money from the Traditional IRA back to the Roth) happened in 2026, so you will report that on your 2026 tax return next year. Your pre-tax IRA balance will be $0 on December 31, 2026, so the pro-rata rule does not apply to you. You successfully isolated your after-tax money.
When you file your 2026 taxes, your Form 8606 will pull everything together to protect you from being taxed:
Line 2 will pull in your $7,000 basis from 2025.
Line 1 will show your new $7,000 nondeductible contribution for 2026.
Line 3 (Total Basis) will be $14,000.
You have a total tax-free basis of $14,000, but you only converted $13,707.65. That leftover $292.35 of unrecovered basis does not disappear. It will remain on your 2026 Form 8606 on Line 14.
It carries forward indefinitely. If you make future nondeductible contributions and the market is up, that $292.35 acts as a tax-free shield against future gains.
March 12, 2026
11:15 AM
I have tried to send an amended 2023 tax return (have 2024 to do next). I filed electronically for 2023 and 2024 using turbo tax. When I go to actually e-file the 2023 1040X it will not accept tod...
See more...
I have tried to send an amended 2023 tax return (have 2024 to do next). I filed electronically for 2023 and 2024 using turbo tax. When I go to actually e-file the 2023 1040X it will not accept today's filing date. It says your signature date must be between Jan 1 2024 and Dec 31 2024. It will not allow you to move forward by entering today's date (Mar 12 2026). From what I have read in previous questions and answers it appears "Turbo Tax" does not know what it is doing. I have used TurboTax for many years now and what I am seeing is that it is time to find a different software vendor for the 2026 tax year.
March 12, 2026
11:15 AM
I am having the same issue. Both spouses have earned income. Child is 3. Money paid to provider. Positive AGI and tax owed. System STILL says we do not qualify for the credit?!?!?!!?
March 12, 2026
11:15 AM
When you try to transfer your 2024 file, what happens? If you have TurboTax 2024 on your computer, try opening it and re-saving your tax file to your desktop. When you start a new return for 2025, t...
See more...
When you try to transfer your 2024 file, what happens? If you have TurboTax 2024 on your computer, try opening it and re-saving your tax file to your desktop. When you start a new return for 2025, transfer this file.
@vargyiowatele2012
March 12, 2026
11:15 AM
No, you do not want to check the box because your two entries do add up to the correct amount. The IRS is matching totals. Checking the box means it is legally incorrect - the bank is wrong, you are ...
See more...
No, you do not want to check the box because your two entries do add up to the correct amount. The IRS is matching totals. Checking the box means it is legally incorrect - the bank is wrong, you are splitting with a co-owner, etc.
March 12, 2026
11:15 AM
What state do you live in? Did you double check your address?
March 12, 2026
11:14 AM
Further to previous: This may be connected to another bug I discovered when both personal and business products are on the same computer. Each time you close the program it saves a file on ...
See more...
Further to previous: This may be connected to another bug I discovered when both personal and business products are on the same computer. Each time you close the program it saves a file on your computer. You can reopen TurboTax either using the icon on your desktop, or by clicking the saved file. But if both personal and business are installed, clicking on the personal file always opens the business version. Even though the programs are in different folders. Therefore I always have to open the personal program from the icon. (Windows version). I'vereported this several times but it's never been corrected.
March 12, 2026
11:14 AM
I'd like to review your tax return that is experiencing this issue but will need you to create a copy that doesn't have any of your personal information. To create this diagnostic file, follow the i...
See more...
I'd like to review your tax return that is experiencing this issue but will need you to create a copy that doesn't have any of your personal information. To create this diagnostic file, follow the instructions below to send it to us.
For TurboTax Online:
Sign into your TurboTax Online account
Scroll down to Tax Tools from the menu side
Select Tools from the dropdown
On the pop-up screen, select Share my file with agent
A message that a diagnostic file gets sanitized and transmitted to us appears
Provide the Token Number that was generated in this thread.
TurboTax Desktop Steps
Open your return
Click Online in the top menu bar
Select Send Tax File to Agent
Follow the prompts to generate the token number
Provide the Token Number that was generated in this thread.
March 12, 2026
11:10 AM
Hi there, Wow, I just wanted to say thank you so much for your swift response and helpful advice. Everything you shared was absolutely crystal clear, and I really appreciate how quickly you got b...
See more...
Hi there, Wow, I just wanted to say thank you so much for your swift response and helpful advice. Everything you shared was absolutely crystal clear, and I really appreciate how quickly you got back to me. Once again, thank you for your support!
March 12, 2026
11:10 AM
You have two primary options (This is assuming you do not refine and market):
Expense Them (Immediate Deduction): You can deduct up to 100% of the IDCs in the year they are incurred.
Capita...
See more...
You have two primary options (This is assuming you do not refine and market):
Expense Them (Immediate Deduction): You can deduct up to 100% of the IDCs in the year they are incurred.
Capitalize and Amortize: You can choose to spread the costs over a 60-month period (5 years). This is often done to avoid triggering the Alternative Minimum Tax (AMT).
If option 1 causes AMT, use both options by deducting some now and amortizing the rest. You may want to move around the numbers to see what works best for you.
For example: K-1 box 13 is $8,000. The full amount deducted causes AMT. Try a smaller amount like $5,000 deducted and $3,000 amortized.
March 12, 2026
11:10 AM
1 Cheer
Yes, you can sometimes deduct a short‑film investment on your personal tax return, but only if the investment meets specific IRS rules. Most casual or informal film investments do NOT qualify for a p...
See more...
Yes, you can sometimes deduct a short‑film investment on your personal tax return, but only if the investment meets specific IRS rules. Most casual or informal film investments do NOT qualify for a personal write‑off. The tax treatment depends on how you invested, what type of entity the film project used, and which section of the tax code applies.
When an investment can be written off.
You invested through a business or partnership (LLC, S‑Corp, or partnership)
If the film project was structured as a partnership or LLC, you may receive a Schedule K‑1. In that case:
Your investment is treated as a business investment, not a personal hobby.
Losses may be deductible on Schedule E (passive activity losses).
The deduction depends on:
Whether the project generated income
Whether you materially participated.
Passive‑loss limitations
The project qualifies under Section 181 of the IRS code. Section 181 allows investors to deduct qualifying film/TV production costs in the year of investment, instead of waiting for amortization. To qualify:
The film must be a U.S. production
Production costs must generally be under $15M (or $20M in certain areas)
The production company must elect Section 181
You must receive documentation showing your share of deductible costs
If the project elected Section 181, you may be able to deduct your investment on your return as a federal production deduction. This is typically reported through a K‑1 or a statement from the production company.
You generally cannot deduct the investment if:
You simply gave money to a friend’s film project without formal investment paperwork
You did not receive a K‑1 or other tax reporting documents
The project was not structured as a business entity
You were promised “profit participation” but not actual ownership
It was a donation, contribution, or informal agreement
March 12, 2026
11:09 AM
Is NYS Inflation Refund taxable when itemizing deductions? If it is, where does it have to be entered? Thank You.
March 12, 2026
11:09 AM
Yes a lot of people are missing the Foreign country question or answering it wrong. After you enter SS keep going. Starting in 2024 there is a new question asking if you lived in a foreign country...
See more...
Yes a lot of people are missing the Foreign country question or answering it wrong. After you enter SS keep going. Starting in 2024 there is a new question asking if you lived in a foreign country. People were answering it wrong or skipping it. Go back through the Social Security entries and check, check for each spouse if married. If the IRS adjusted your return you do not need to amend.
March 12, 2026
11:09 AM
Thought I would let you know what happened. I am not sure who is at fault but I did have to spend some time on the phone with Colorado Dept of Revenue to figure this out. 1) e-filed federal a...
See more...
Thought I would let you know what happened. I am not sure who is at fault but I did have to spend some time on the phone with Colorado Dept of Revenue to figure this out. 1) e-filed federal and Colorado with Turbotax online 2) I had annualized my Colorado estimated taxes. 3) I did not pay Federal estimated taxes because I knew the tax bill would be below $1000 4) Turbotax did file DR0204 which should have removed the underpayment penalty by showing the annualization amounts. 5) Colorado still assessed a penalty. After calling the state dept of revenue, they said the penalty was because they needed to see form 2210 in my federal tax return to confirm my annualization. I don't believe Turbotax filed a 2210 since I was below $1000 in tax owed or did not pay federal estimated taxes. I don't see form 2210 in my print out of my taxes. Anyways they assessed a penalty because even though they had Form 0204, they did not have a federal 2210. After telling them what happened, the representative removed the penalty but could not guarantee that it would not undergo another review and I might have to supply a 2210 at that point.
Topics:
March 12, 2026
11:09 AM
You may not be able to save tax files due to permission errors, read-only folders, or security software blocking access. To fix this, try saving to your desktop, running the application as an adminis...
See more...
You may not be able to save tax files due to permission errors, read-only folders, or security software blocking access. To fix this, try saving to your desktop, running the application as an administrator, ensuring you have the latest updates, or disabling Controlled Folder Access in Windows.
Use "Save As": Select File > Save As and choose your Desktop as the location to bypass folder permission issues.
Run as Administrator: Right-click the TurboTax icon and select "Run as Administrator".
Check Windows Defender: Go to Windows Security > Virus & Threat Protection > Manage Settings > Controlled Folder Access and turn it off, or allow TurboTax through the firewall.
Check File Properties: Right-click the folder where you are saving, select Properties, and uncheck "Read-only".
Update Software: Run all available updates under the Online link at the top.
@user17732582275
March 12, 2026
11:08 AM
Yes, if the discrepancy is because of unreported tip income or allocated tips; Turbotax does generate a Form 4137.
March 12, 2026
11:07 AM
If you are using the desktop version of TurboTax, you can do this by using the What-If worksheet. This can be found in forms mode. After going to forms mode, select Open Forms>>Type in What If>>cli...
See more...
If you are using the desktop version of TurboTax, you can do this by using the What-If worksheet. This can be found in forms mode. After going to forms mode, select Open Forms>>Type in What If>>click on the worksheet and then enter your information.
March 12, 2026
11:06 AM
They are not going to remove all the prior year answers that are not current now. That would be almost all the posts in the forum. That post above is 2 years old from 2024. It's hard enough keepi...
See more...
They are not going to remove all the prior year answers that are not current now. That would be almost all the posts in the forum. That post above is 2 years old from 2024. It's hard enough keeping the FAQs updated and some of them are still out of date or wrong.
March 12, 2026
11:06 AM
1 Cheer
If NUA shares are rolled over to another qualified retirement account such as an IRA, they no longer qualify as NUA shares. To qualify as NUA shares, they must be deposited into a nonqualified accou...
See more...
If NUA shares are rolled over to another qualified retirement account such as an IRA, they no longer qualify as NUA shares. To qualify as NUA shares, they must be deposited into a nonqualified account such as a taxable brokerage account. A deposit into a nonqualified account (a taxable brokerage account) is not a rollover. If your Form 1099-R includes both NUA shares that were not rolled over and other funds that were rolled over, you must split the form into two to accommodate TurboTax, one for the NUA shares and another for the portion that was rolled over.