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April 8, 2025
10:38 AM
The net operating loss means that all of your income for the year would become negative. You aren't allowed to do that with this carryback. Causing all of your capital gains to become negative does...
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The net operating loss means that all of your income for the year would become negative. You aren't allowed to do that with this carryback. Causing all of your capital gains to become negative does not necessarily result in a net operating loss. But if you only had $2000 in other income and then this loss caused a negative overall income that would be a net operating loss.
It depends on the state. You will have to do some research on your state. But probably you will have to amend the state return as well.
No. You use the maximum allowable in each year before you are able to carryback any more into another year.
Yes. You should file the current year return to generate the loss first and make the election. Then you will file any prior years' returns to use the loss. If those returns are rejected that means the election was rejected (I don't know why it would be). In that case the loss would be carried forward instead of back. You wouldn't do anything except carry the loss forward.
@lucyx513
April 8, 2025
10:38 AM
I have Section 988 income reported to me on line 11A as Other Income on my a k-1. Does this amount end up on Schedule E , Part II or should it go to Schedule 1, Part I, line 8z?
April 8, 2025
10:37 AM
I had posted this in another thread, still unsolved--the sanitized copy number is there. Help! https://ttlc.intuit.com/community/state-taxes/discussion/re-this-is-likely-correct-but-it-does-depe...
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I had posted this in another thread, still unsolved--the sanitized copy number is there. Help! https://ttlc.intuit.com/community/state-taxes/discussion/re-this-is-likely-correct-but-it-does-depend-your-nyc-wag/01/3633399/highlight/false#M179001
April 8, 2025
10:37 AM
Also, I cannot find any VA state form listed in TT that shows the penalty calculation. How is the penalty calculated?
April 8, 2025
10:37 AM
That didn't work. It's still asking for snag and try it again
April 8, 2025
10:36 AM
Please call TurboTax Customer service. Here is a link: Turbo Tax Customer Service
April 8, 2025
10:36 AM
in 2023 so should have more I can use for 2024. With the section for windows and doors, I do not see a line for carryforward.
Topics:
April 8, 2025
10:36 AM
how to import 1099 CSV file from broker
April 8, 2025
10:36 AM
Yes. You can clear and start over
Click on the link below for instructions on how to clear and start over. Choose whether you are using the Online or Desktop version.
How do I clear and...
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Yes. You can clear and start over
Click on the link below for instructions on how to clear and start over. Choose whether you are using the Online or Desktop version.
How do I clear and start over?
If you are using the Online Version, and don't see Left Panel Menu, Tax Tools, right away, open any section of your return, for example your W-2 section, then try again to locate the left panel)
April 8, 2025
10:35 AM
Please enter the spouse's net contributions prior to 2024 when asked in the follow-up questions:
Click on "Search" on the top and type “1099-R”
Click on “Jump to 1099-R” and enter all yo...
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Please enter the spouse's net contributions prior to 2024 when asked in the follow-up questions:
Click on "Search" on the top and type “1099-R”
Click on “Jump to 1099-R” and enter all your 1099-Rs
Click "Continue" on the "Review your 1099-R info" screen after you entered all you Form 1099-R
Answer "Owned Any Roth IRA for Five Years?" screen
Continue through the questions and make sure you enter the net contributions prior to 2024 on the "Enter Prior Year Roth IRA Contributions" screen
On the "Any Roth IRA Conversions?" screen answer "Yes" if you made conversions before 2024
Continue through the questions.
April 8, 2025
10:35 AM
You will need to contact the IRS for information. It might be easiest to set up an account with them.
IRS Individual Online Account
Taxpayers with a Social Security number or an Individu...
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You will need to contact the IRS for information. It might be easiest to set up an account with them.
IRS Individual Online Account
Taxpayers with a Social Security number or an Individual Taxpayer Identification Number can create or access their IRS Individual Online Account to get information they need to file their return.
With an IRS Individual Online Account, people can:
View balance owed, payment history and schedule payments.
Cancel scheduled payments.
Get transcripts.
View or create payment plans.
See digital copies of some IRS notices.
View key data from their most recently filed tax return, including adjusted gross income.
Validate bank accounts and save multiple accounts, eliminating the need to re-enter bank account information every time they make a payment.
View, approve and electronically sign power of attorney and tax information authorizations from their tax professional.
April 8, 2025
10:35 AM
Yes, after going to federal review it is showing unemployment income and below shows the same amount for other income and is increasing my total income. 1099G was entered in the other income section ...
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Yes, after going to federal review it is showing unemployment income and below shows the same amount for other income and is increasing my total income. 1099G was entered in the other income section under 1099G forms.
April 8, 2025
10:34 AM
Here are a few solutions from other users:
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 loc...
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Here are a few solutions from other users:
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.
https://ttlc.intuit.com/community/taxes/discussion/re-tax2023-file-disappeared/01/3315626#M1220196
https://ttlc.intuit.com/community/taxes/discussion/re-2023-tax-file-missing-after-extended-search-through-hard-drive/01/3632186#M1341337
April 8, 2025
10:34 AM
Here is my token number 1301613.
April 8, 2025
10:33 AM
If you're using TurboTax Online, clear your Cache and Cookies. Then in the left-side menu, go to Tax Tools > Tools and select View Tax Summary from the pop-up menu. Back at the left-side menu, choo...
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If you're using TurboTax Online, clear your Cache and Cookies. Then in the left-side menu, go to Tax Tools > Tools and select View Tax Summary from the pop-up menu. Back at the left-side menu, choose Preview My 1040. You can scroll through your return to see if the Safe Harbor form is included.
If you're using TurboTax Desktop, try a Manual Update and then check your list of forms in FORMS mode again.
@sunshine39
April 8, 2025
10:33 AM
After rereading my question, I realized I had inadvertently removed the part about my question being related to payment to an illustrator for their services. I presume the answer is still the same, ...
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After rereading my question, I realized I had inadvertently removed the part about my question being related to payment to an illustrator for their services. I presume the answer is still the same, however?
April 8, 2025
10:33 AM
I am puzzled. The IRS, in your transcript, seems to have applied the 60% limit on the total of your contributions, which is not the same method described in Pub 526.
Your transcript states "tot...
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I am puzzled. The IRS, in your transcript, seems to have applied the 60% limit on the total of your contributions, which is not the same method described in Pub 526.
Your transcript states "total contributions per computer" equals $51,022. This is exactly 60% of the return's AGI of $85,037. But this is NOT how charitable contributions are limited.
In Pub 526, The calculations for limits is applied first to cash, then to non-cash, then to other categories (which don't apply here), then finally to carryovers.
TurboTax enters $2,435 for current year cash contributions on line 11, then $9,305 for current year non-cash contributions on line 12, then on line 13, it enters $48,587 as the limited cash carryovers. This number is calculated on "Charity Limit 2" which can be found in Forms mode on your return. It is the amount of the carryover which can be used in 2024, allowing for the current year cash contributions.
So, ($2,435 plus $48,587) times 60% equals $51,022.
THEN, the noncash contributions get to be added from line 12.
So the total deductible amount as limited, is $60,327, not the $51,022 that the IRS calculated.
Please tell me if you disagree.
April 8, 2025
10:33 AM
1 Cheer
What sort of error are you getting? What does it say and where is it appearing?
April 8, 2025
10:33 AM
Turbo tax is not asking me if I itemized or not. I have entered it under state and local tax refund and it still doesn't ask if I itemized or not. I'm also stuck in a loop where it says i have alread...
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Turbo tax is not asking me if I itemized or not. I have entered it under state and local tax refund and it still doesn't ask if I itemized or not. I'm also stuck in a loop where it says i have already entered this info for this state yet again it doesn't show up on schedule 1.
April 8, 2025
10:33 AM
1 Cheer
Unfortunately, the deadline to correct a 2023 excess was April 15, 2024 (or in some cases, October 15, 2024). It is too late to use this procedure to remove the excess contribution.
For 2023, ...
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Unfortunately, the deadline to correct a 2023 excess was April 15, 2024 (or in some cases, October 15, 2024). It is too late to use this procedure to remove the excess contribution.
For 2023, you need to report the excess contribution and pay a 6% penalty. Why was this not done on your 2023 return, what software did you use and how was this missed? (Are you sure you even have an excess contribution?)
For 2024, you file a normal return and report the excess carryover of the $1035 excess from 2023. What happens next depends on whether or not you were eligible to make contributions in 2024, and how much you contributed.
If you are not eligible to contribute in 2024, then you pay another 6% penalty on the excess that was carried forward.
If you were eligible to make contributions in 2024, you can "use up" the 2023 excess by applying it to your 2024 limit. For example, if you are covered by a single HDHP and are under age 55, your limit for 2024 would be $4150. That means you can contribute up to $3115, and the $1035 excess from 2023 will be considered a 2024 contribution and that will remove the excess (but it needs to be properly reported.
If you already contributed the full amount of $4150 for 2024, then you can remove $1035 of excess 2024 contributions before the April 15, 2025. (This is an important difference. You can remove 2024 contributions before April 15, 2025, if you made any. But you can't remove 2023 contributions because its too late.)
If you remove 2024 contributions before April 15, 2025 so that your excess from 2023 will be rolled into 2024, you also need to report any earnings (interest) that are attributed to the excess contribution (the bank will calculate the amount for you). This is reported as bank interest not reported on a 1099-INT in the Interest Income section. If you contributed by payroll deduction, the excess contribution is added back to your taxable income and this is done automatically by Turbotax.
For 2025, it depends on what you can do for 2024. We can talk about that after you tell us about your 2024 contributions.
Your 2023 return will show a 5329 for the penalty and an 8889 that calculates the excess.
Your 2024 return will have an 8889 that either calculates the new excess, or calculates the resolution of the excess, and a 5329 that either pays a new penalty or reconciles the excess and shows no further penalty owed.