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April 7, 2025
12:21 PM
Hey so I actually got my stuff sorted out last week. Keep calling and pressing 5. I had to call like 65 times for them to respond rather than get a dumb automated reply. The guy on the phone confirme...
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Hey so I actually got my stuff sorted out last week. Keep calling and pressing 5. I had to call like 65 times for them to respond rather than get a dumb automated reply. The guy on the phone confirmed a few things with me (routing number, name, address, social security #) and he found out there was no issues and he said he sent it over. It’s now in the “checking for accuracy” phase. All in all, just keep calling, they’ll eventually pick up.
April 7, 2025
12:21 PM
So you are saying that you want to deliberately increase the excess contribution calculation by TurboTax to where it matches $Y, so the excess will be correct? Well, this is surely not what the ...
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So you are saying that you want to deliberately increase the excess contribution calculation by TurboTax to where it matches $Y, so the excess will be correct? Well, this is surely not what the IRS had in mind... You will add this contribution as a "personal contribution". Add it first in TurboTax, to see if you get the results you want, then if you do and the HSA custodian is willing, then go for it... Oh, and remember to do this before April 15th AND to tell the HSA custodian that this last contribution is for 2024 (otherwise, they will assign it to 2025). Again, document document document so that if anyone ever asks, you can refer to exactly what you did and why.
April 7, 2025
12:20 PM
Topics:
April 7, 2025
12:20 PM
Thanks for the clarification!
April 7, 2025
12:20 PM
thanks I did use the info from 2023. they accepted me and rejected my wife with the same number. I also double checked that the pin matched from 2023. I also checked the both returns had the exact pe...
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thanks I did use the info from 2023. they accepted me and rejected my wife with the same number. I also double checked that the pin matched from 2023. I also checked the both returns had the exact personal info on both returns and drivers license. Still no good. I have been efiling for years with no issues. I just sent in the return by mail.
April 7, 2025
12:19 PM
When I try to efile I get the following message - 4/7/25 - Your transmission didn't go through We could not e-file your return for the following reason: Our records indicate that you ar...
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When I try to efile I get the following message - 4/7/25 - Your transmission didn't go through We could not e-file your return for the following reason: Our records indicate that you are not entitled to e-file one or more formsets. I have done all the cookie resets, new tab, new browser, new search engine. This has got to be a problem with TurboTax - am I going to have to go find another free efile program and never use TurboTax again?? Someone has got to have an answer!!!!
Topics:
April 7, 2025
12:19 PM
It depends. If you're retired military and your pension is reported on a Form 1099-R, it is taxable income, although your State may exclude it (or a portion of it).
If you receive Veterans Disa...
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It depends. If you're retired military and your pension is reported on a Form 1099-R, it is taxable income, although your State may exclude it (or a portion of it).
If you receive Veterans Disability Pension benefits, that income would not be taxable.
Here's more info on Tax Tips for Veterans.
Thank you for your service.
@kenneth-myles1445
April 7, 2025
12:19 PM
First, when you get to the "Tell us about your business section" don't click the button that says 'My business carries an inventory'. Click 'My business buys and immediately resells goods'. Then le...
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First, when you get to the "Tell us about your business section" don't click the button that says 'My business carries an inventory'. Click 'My business buys and immediately resells goods'. Then leave any inventory numbers blank and it will ask about your 'Cost of Goods'. Enter the total print on demand costs as 'Cost of Purchases'. That will cover you.
@kari79349
April 7, 2025
12:18 PM
The underpayment penalty will be assessed if any of these apply:
"If you don’t pay enough tax through withholding and estimated tax payments, you may have to pay a penalty."
"You also may hav...
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The underpayment penalty will be assessed if any of these apply:
"If you don’t pay enough tax through withholding and estimated tax payments, you may have to pay a penalty."
"You also may have to pay a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return."
To avoid the under payment penalty:
The amount you owe is less than $1,000, after subtracting withholding and refundable credits.
You paid 90% of the tax that you owed for the current year.
You paid 100% of the previous year tax, (110% for higher incomes).
If your previous year's adjusted gross income was more than $150,000 you will have to pay in 110% of your previous year's taxes to satisfy the "safe-harbor" requirement.
"Typically, underpayment penalties are 5% of the underpaid amount, and they're capped at 25%.
Underpaid taxes also accrue interest at a rate that the IRS sets annually."
To avoid this situation it is recommended that you adjust your W-4 with your employer or pay estimated taxes.
Underpayment of Estimated Tax by Individuals Penalty
April 7, 2025
12:18 PM
1 Cheer
The workaround for this experience is to remove/delete the amount from the QBI column on the Carryovers to 2024 Smart Worksheet that appears with the Smart Check message. This edit will allow the wor...
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The workaround for this experience is to remove/delete the amount from the QBI column on the Carryovers to 2024 Smart Worksheet that appears with the Smart Check message. This edit will allow the worksheet to pass final review so you can file your federal return.
The amount of that carryforward is also recorded in the continuation of that table on the line for the year that generated the carryover. In future years, this carryover loss may be applied as allowed.
April 7, 2025
12:18 PM
April 7, 2025
12:18 PM
The zero needs to be deleted. Once both fields are blank, the error goes away.
April 7, 2025
12:18 PM
Got it. Thank so much, @DaveF1006 !
April 7, 2025
12:17 PM
Yes, you entered it correctly.
April 7, 2025
12:17 PM
You do not have to upgrade to include states on your tax return.
If your in the Online version of TurboTax.
On the left sidebar, Next to State Taxes,
Click the arrow to up
Select Prepar...
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You do not have to upgrade to include states on your tax return.
If your in the Online version of TurboTax.
On the left sidebar, Next to State Taxes,
Click the arrow to up
Select Prepare State
[Lets Get Started]
[Add Another State]
April 7, 2025
12:17 PM
I live in NY. I work in NJ. My New Jersey W-2 has the FLI and UI/WF/SWF in some of the state boxes (17 & 19) where they don't belong. One of the other posts said to move these items to Box 14 O...
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I live in NY. I work in NJ. My New Jersey W-2 has the FLI and UI/WF/SWF in some of the state boxes (17 & 19) where they don't belong. One of the other posts said to move these items to Box 14 Other where my retirement 414H is. I did that and now my New York return can't be filed electronically. What should I do to fix this so both states accept their returns? Or can I leave these 2 items off the W2?
April 7, 2025
12:16 PM
1 Cheer
You built an ADU and are renting it out. You are filling out the Sch E for your rental income and expenses. You built the ADU so all of the expenses to build it are added together to create the basis...
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You built an ADU and are renting it out. You are filling out the Sch E for your rental income and expenses. You built the ADU so all of the expenses to build it are added together to create the basis for your new asset. It won't have a land value. You will just be depreciating the asset with the lower of fair market value or what you paid to build it.
It is a rental unit and will be depreciated over 27.5 years. Enter the ADU as an asset. Enter furnishings as an asset to depreciate as well. Appliances are an asset to be entered. They can be part of the basis but you will replace them sooner so I prefer them as a separate asset from the ADU.
Follow these steps:
Open to federal income
Select rental
Rental and Royalty summary
select the property and Edit
Summary of your rental shows
Locate the asset/ depreciation section
Edit/Update
$2500 of items or less, select no to get to the house and get it added. You can come back later and say yes.
Make improvements- select no for now. Again, you can come back later and say yes.
Select to add an asset
Enter the house as an asset
select add asset
Enter any other assets/ improvements
done
April 7, 2025
12:16 PM
To clarify, what is the code in box 7 of your Form 1099-R?
If you had the Roth IRA for 5 years then your distributions should be Qualified Distributions and tax-free. Your Form 1099-R should ha...
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To clarify, what is the code in box 7 of your Form 1099-R?
If you had the Roth IRA for 5 years then your distributions should be Qualified Distributions and tax-free. Your Form 1099-R should have code T or Q. Please check your Form 1040 line 4b for the taxable amount.
To preview Form 1040 in TurboTax Online:
Click on "Tax Tools" in the left menu
Click "Tools"
Click "View Tax Summary" in the Tool Center window
Click on "Preview my 1040" on the left
April 7, 2025
12:15 PM
It depends. If you do not have any income on your Schedule C for self employment then you may not have a concern. The following questions will come up for a 1099-MISC (not Form 1099-NEC) when it is ...
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It depends. If you do not have any income on your Schedule C for self employment then you may not have a concern. The following questions will come up for a 1099-MISC (not Form 1099-NEC) when it is entered if the income is in Box 3. For Paid Family Leave it's important to answer the question(s) 'No'. It may depend which box the income is in (box 3 would be the normal place for this type of income).
Open your TurboTax Online/Mobile or TurboTax Desktop tax return
Search (upper right) > type 1099misc > click the Jump to... link
Begin your entry of the 1099-MISC.
Be sure to select No this did NOT involve work and No it did not involve an intent to earn money
Continue to complete this section.
@water-fire
April 7, 2025
12:15 PM
We cashed out a Traditional IRA this year. The amount invested was $10,000 post tax, filed form 8606, interest of $976. I am over 65 and Turbo Tax is saying I owe taxes on the full amount. I should o...
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We cashed out a Traditional IRA this year. The amount invested was $10,000 post tax, filed form 8606, interest of $976. I am over 65 and Turbo Tax is saying I owe taxes on the full amount. I should only owe on the interest amount as I paid taxes on the original investment. Plus, it appears to be charging a 30% penalty. Help!