All Posts

You need to click "Continue" after you entered all Form 1099-R to get to the 10% early withdrawal exception screen:   Click on “Jump to 1099-R”  and enter your 1099-R Click "Continue" after all 1099-R are entered and answer all the questions. Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of higher education expenses.   Note, if this was from a Roth IRA and you only withdrew contributions then your distribution isn't taxable and not subject to the 10% early withdrawal penalty. Then you will not get the "Did you use your IRA to pay for any of these expenses?" screen.

Yes, even if you don’t receive the appropriate forms, you’re still responsible for paying taxes on all of your taxable income. If you didn't make more than $5,000, PayPal doesn't send you a form. If you didn’t receive a 1099 form, you still need to report the amount of income on your tax return.    Refer to the TurboTax article What is Form 1099-K? for more information and instructions to enter your income.  

You don't need to change the returns. Since you were married before the end of the year, and your spouse has lived in California since the latter part of the year, you can file a joint Nonresident return for New York and joint Resident return for California.    New York has one form, Form IT-203, Nonresident and Part-Year Resident Income Tax Return, that covers taxpayers who were nonresidents either part or all of the year. See this New York webpage for more information.  

Thanks. So the funds were for Preschool. The Preschool charged a penalty for paying monthly. So if you made two lump sum payments, you dont have the penalty. Thats what we did.   The 23-24 school year, one payment was made in July 2023 and another in December 2023. I was advised to put it on the 2023 returns since payments were made in 2023.    The dependent care funds, via a FSA, had no choice but to take out evenly (26 payments) from July 1-2023, June 30 2024. Therefore, the 2024 return shows half of dependent funds (Jan 1-June 30 2024).    Any advice as to what to do, moving forward? I did pay a total of $25 in 2024, due to fees.   Thank you  

To look at this in detail and to report a possible product defect, we would like to see a diagnostic copy of your return. The information in this file is a sanitized copy meaning there is no personal information, only numbers so that we can troubleshoot in depth, check for calculation issues, and to see how certain items are applied. Here is how to order.    For Turbo Tax online, go to tax tools>tools>share my file with agent.  When this is selected, you will receive a token number.  Respond back in this thread and tell us what that token number is.    If you use the desktop version, go to the black stripe at the top of the program, click on online, and then select send tax file to agent. Let us know what the token number is.  

Your Arizona state tax withheld would be listed in boxes 17 and 19 on your W-2 form. There would be a similar entry on Forms 1099, of which there could be several types. You would also see the taxes withheld and paid on lines 53 - 55 of Arizona Form 140.

Yes, it will impact the overall gain or loss if a wash sale is still in play on December 31st. The information below should help clarify the rules of wash sales.   Wash sales cannot be combined into section totals.  They should be entered individually so that you can track your cost basis and know when you are allowed to use the information on a final sale. Only you know the cost basis and the financial company only knows when a wash sale occurs, not when it ends.   Wash Sale Rule Defined: A wash sale occurs when an investor sells or trades a security at a loss, and within 30 days before or after, buys another one that is substantially similar. It also happens if the individual sells the security at a loss, and their spouse or a company they control buys a substantially similar security within 30 days. The wash-sale rule prevents taxpayers from deducting a capital loss on the sale against the capital gain of other stock. Affect on Cost Basis: The loss that occurs on a wash sale is added to the cost basis of the shares purchased that created the wash sale. When all shares are sold and there is no repurchase, that increased cost basis will be used in full and used to determine gain or loss. As long as you are tracking the wash sales and are not using them on the tax return when you are not allowed, then you can simply enter the same cost basis as the selling price. This will  reconcile your tax return with your Form 1099-B Proceeds which is what the IRS is comparing.   Wash Sale ends: The wash sale disallowed is not added to the net gain/loss rather it is adjusted and suspended so that it does not affect the total gain or loss for any pending wash sales.  The rub is that the broker only knows when a wash sale occurs, not when a wash sale no longer exists. This can spill over between two tax years.  Likewise you can have a wash sale during a tax year, and then fully dispose of the stock in the same year which would eliminate the wash sale rule for the final sale of the same stock.    It's up to you to know when you no longer have to consider the wash sale rule.    Example:  X bought 5 shares of ZZZ stock, at $5 per share, then sold it for $3 per share, however immediately before the original 3 shares were sold, X bought another 5 shares at $5.00 per share.        $25 for the first block of shares        15 is the proceeds creating a $10 loss  The $10 loss is now added to the cost of the new shares for an overall cost basis of $35.     Once the second block of shares is sold (5 shares with cost basis of $30) without any repurchase with in the 60 day window (30 days before or 30 days after the sale), and if they are sold at a loss, then no wash sale exists on the sale, and a loss is allowed.   @Mitzy20 

You will need to file a part year NY return and a part resident NC return.  You must inform your employer where you are working- the physical location.  They have withholding obligations. @hellotax1111 

Where did you enter it and did you tell TurboTax you itemized your return last year?   If your total itemized taxes were more than $10,000 and the refund only makes up the amount that would be over $10,000 then it would not be taxable income.   If it was part of the $10,000 then it would be taxable income.    If it is not be sure that you enter it as State and local refund 1099-G and then say that you itemized your return. 

I am going to suggest these steps below. I think you might be having an issue other users have experienced with installing when using Windows 10. Type "environment" in the windows search bar.  This will bring up "Edit the System Environment Variables" as a match.  Clicking on it takes you to the "Advanced" tab of a dialog box titled "System Properties."  Near the bottom of the dialog box, click on the pushbutton labeled "Environment Variables...".  This brings up a separate dialog box that shows the current values for user environment variables at the top and system variables at the bottom. In the list of user environment variables, you should see both TEMP and TMP, and their current values.  Click on each, then click on the "Edit..." pushbutton.  This brings up another dialog box in which you can change the "Variable value" to "C:\Temp" (be sure to change the variable value, not the variable name).  This folder must, of course, exist for this step to work properly.  OK out of all the dialog boxes and retry the install.      Environment variable changes take effect immediately, so if this is the only change you make, it's not necessary to reboot.     

If you prepared your Ohio return within TurboTax, you will need to print out Form OH IT-NRC as it is not supported for electronic filing.   Here is a link to download, prepare,  and print the form.  Once you complete the form and enter the result on line 3 of the 1040, you can send in the amended return. Here is how to begin the amendment process.   To amend your return using Turbo Tax Online. Log into Turbo Tax Select Scroll down Your tax returns & documents in your landing page. Select Amend (change) 2024 return.   To amend using the 2024 Desktop Software, go to: Federal Taxes Other Tax Situations>other tax forms Amend a return As an FYI, I would suggest enlisting a Live Tax Advice expert to help you with this process just to get you over this hurdle.

If you entered an amount in the HSA section,  Open your return  Go to Deductions and Credits  Scroll down to Medical  Select Update/Revisit next 1099-SA, HSA, MSA Select Edit on the HSA summary screen Continue until you get to the screen Let's enter your HSA contributions