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Is it possible to not have federal and state taxes withheld from monthly pension payments if you plan to deposit the entire payment into a traditional IRA within 60 days of receipt?  Right now, we're having federal and state taxes withheld each month, and we're contributing the net amount into the IRA.  We have to come up with the taxed amount to equal the gross amount for it not to be taxed further.  We're paying taxes on it each month and when it's time to have the distributions from the IRA several years down the road, we'll be taxed on the distributions yet again.  BTW, they will not do a direct rollover.  Thank you for your help.

My AGI is over $1mil and I have a substantial amount of mortgage interest, investment interest expense, and charitable donations totaling close to $100k. When I file for NYS, for some reason, turbo tax is defaulting to standard deduction around $11k. I am aware that the itemized deduction amount is reduced after $1mil threshold but I should still come out much better with itemized deduction. I looked around for solutions to override this on Turbotax Desktop and it isn't letting me on NYS form. In federal work sheet there is an option to choose "itemize even though it's less than standard deduction" and I re-did my NYS worksheet with no change whatsoever. Since it's defaulting to the standard deduction, I can't even access my IT-196 form. If anyone had a similar experience, please let me know!

When filling out the final 1040 for a Decedent and the Initial 1041 for the Decedent’s Trust is there anywhere on the 1040 where it asks if the RMD for the Decedent’s IRA was taken before the he passed away? If not, is there a place on the 1041 where it asks if the Trustee took the RMD from the Inherited IRA for the RMD which wasn’t taken before the Decedent died? Thanks!

My 1099 oid only has numbers in  box 6. I get the following error when running Smart Check: The acquisition premium adjustment of $$ reported on this form 1099-OID is greater than the interest income reported in Box 1, Box 8, and Box 11 on this 1099-OID of $0.00. You must reduce the acquisition premium reported on this 1099-OID to the amount of interest income and report any excess on Schedule A. How do I handle this?

Subject: Trouble Reporting Home Sale on 1099-S When I Received $0 Proceeds (Divorce-Related)   I'm using TurboTax Deluxe 2024 to file my 2024 return and am running into a problem with reporting a home sale. Background: I divorced in 2024. TurboTax recommends I file as "Single." Before the divorce was finalized, my ex-spouse and I sold our jointly owned home. Per the divorce judgment, I received $0 proceeds from the sale. The 1099-S I received reflects $0 in proceeds, as expected. The Issue: TurboTax asks if I received a 1099-S. When I say "yes," it forces me to enter all home sale info: purchase price, sale price, address, etc. Nowhere does it allow me to indicate that I received no proceeds or had no capital gain. On Schedule D, Worksheet 1 (d), it labels the field as “Proceeds (selling price),” which adds confusion — "proceeds" and "selling price" are not the same in this case. I tried to adjust the sale info or basis to reflect that I had no financial gain, but TurboTax still calculates a large capital gain and taxes it. I am not claiming the $250,000 exclusion — I just want the sale properly reflected as generating no gain to me. Support Experience: A TurboTax agent told me that I shouldn’t need to report the sale at all and that I could simply mail the 1099-S to the IRS with a note — but I was disconnected before she could confirm or explain further. My Questions: Has anyone dealt with a similar situation (divorce + 1099-S + no proceeds)? How did you report it properly in TurboTax? Is there a way to enter an adjustment (e.g., Code "O" or similar) to offset the gain on the home sale? Any help or clarification would be appreciated. Thanks!

Can't update old email address that is being printed by TurboTax on MN State form M1. Can't change it in Forms mode either.  The email comes up in a blue highlighted area that is not editable.  Apparently, this problem has been reported in 2021, but I am having the problem with Home and Business 2024! -Aadro