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April 7, 2025
5:26 PM
I called 3 different TT experts who couldn't give me an explanation. On form 8995 from 2023, I ave 48k carry over losses. If I put this number in the box for QBI carryover loss it will wipe out most ...
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I called 3 different TT experts who couldn't give me an explanation. On form 8995 from 2023, I ave 48k carry over losses. If I put this number in the box for QBI carryover loss it will wipe out most of my W2 income which does not make sense at all. My modified gross income is 98k. Please let me what to do. Thanks
April 7, 2025
5:26 PM
You have to have marked NO on the following screen. If you marked Yes, the income would have shown as non-taxable.
April 7, 2025
5:26 PM
I am having issues with trying to figure out how to enter a 1099-R that we received in 2024 for a 2023 ROTH IRA overage contribution. Our income was too high and we were only able to contribute a por...
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I am having issues with trying to figure out how to enter a 1099-R that we received in 2024 for a 2023 ROTH IRA overage contribution. Our income was too high and we were only able to contribute a portion and the rest was REMOVED PRIOR to filing our 2023 taxes. I noted that when I went through the questions when filing 2023 taxes that we were removing before filing. Our 2023 taxes show we contributed only the amount that was allowed. In 2024 we received a 1099 showing the amount that was removed which was the overage + the interest made and that shows in box 1. In box 2 there is an amount of interest that should be taxable. The distribution codes are P & J I know we owe taxes on the interest portion but is it taxable in 2023 or 2024? If it is in 2024 which is when it was actually removed from our Roth IRA’s how do I enter the 1099 R? Do we not enter Box 1 and only enter box 2? Do we need to amend our 2023 taxes? I have read about doing a substitute 1099, etc but I don’t see where I needed to when doing our 2023 taxes. To make things worse, we did it again in 2024. I should note that we used the Home and Business Edition in 2023 but are using the Deluxe version in 2024.
April 7, 2025
5:26 PM
Farm expenses, farm vehicles and farm assets are 3 different categories in how they treat farm items. The type of vehicle does change the rules in effect. There are under 6,000 lb vehicles, then up t...
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Farm expenses, farm vehicles and farm assets are 3 different categories in how they treat farm items. The type of vehicle does change the rules in effect. There are under 6,000 lb vehicles, then up to 14,000 lb vehicles, then over 14,000 lb and excepted vehicles. Depreciation rules begin on page 37 of the farmer's tax guide. Publication 225, Farmer's Tax Guide states: Excepted vehicles. Other property used for transportation does not include the following vehicles. • Tractors and other special-purpose farm vehicles. • Bucket trucks (cherry pickers), dump trucks, flatbed trucks, and refrigerated trucks. • Combines, cranes and derricks, and forklifts. • Any vehicle designed to carry cargo with a loaded gross vehicle weight of over 14,000 pounds. For more information, see chapter 5 of Pub. 946. @NSUSA What are you trying to work around?
April 7, 2025
5:26 PM
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April 7, 2025
5:26 PM
This worked for me in 2025. I copied and pasted the control number from the online W2 box d into turbotax. Then I typed a "space" after it and then typed TXH and the turbotax form then accepted it.
April 7, 2025
5:25 PM
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April 7, 2025
5:24 PM
When going through possible credits, I was not asked about my property taxes paid.
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April 7, 2025
5:24 PM
The steps provided by AbrahamT will work to remove the flag. Follow these steps to correct the issue:
In TurboTax Desktop click Forms in the upper right corner
Scroll down and click the ...
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The steps provided by AbrahamT will work to remove the flag. Follow these steps to correct the issue:
In TurboTax Desktop click Forms in the upper right corner
Scroll down and click the Schedule B
Scroll down to line 7b and click the x
@murthydevarakonda
April 7, 2025
5:24 PM
ADDENDUM: In the interest of time, I'll add this: If the above info doesn't give any clue as to what's going on, here's how to phone TurboTax Support for assistance. Support hours are 5AM-9PM P...
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ADDENDUM: In the interest of time, I'll add this: If the above info doesn't give any clue as to what's going on, here's how to phone TurboTax Support for assistance. Support hours are 5AM-9PM Pacific, every day this time of year. FAQ: What is the TurboTax phone number? https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
April 7, 2025
5:24 PM
Not sure if this will help chi_johnson since this reply is around two months later, but in my case the problem was that I had a printout of an IP PIN issued by the IRS in October of 2024 that I thoug...
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Not sure if this will help chi_johnson since this reply is around two months later, but in my case the problem was that I had a printout of an IP PIN issued by the IRS in October of 2024 that I thought was valid for 2024 taxes. It turns out between October, 2024 and April, 2025 they had issued a new IP PIN for me, without sending any notification. So, once I logged into my IRS account and discovered the new IP PIN they had issued, I was able to update that on my return and it was finally accepted. Guessing maybe the IRS updates the IP PIN at the start of every calendar year? Anyway, be sure to check your IP PIN on the IRS website with your login credentials to be 100% sure you are using the most current one. Hope this is useful to someone to save them the 3 hours of frustration I went through earlier today!
April 7, 2025
5:24 PM
As you have probably learned by now, the guarantee is only for penalties and interest (and maybe a refund of the cost of the program)
April 7, 2025
5:24 PM
When is an HSA contribution considered overfunding?
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April 7, 2025
5:24 PM
If you enter Form 1099-MISC in the Other Common Income section, at the screenDoes one of these uncommon situations apply?" none of those are accurate. In the alternative, you can enter the a...
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If you enter Form 1099-MISC in the Other Common Income section, at the screenDoes one of these uncommon situations apply?" none of those are accurate. In the alternative, you can enter the amount under Other Reportable Income. In TurboTax Online: Go to Wages and Income Scroll down to Less Common Income Go to Miscellaneous Income Select Other Reportable Income and follow the prompts. Enter a description for the reason for the payment. this then goes down the path of reportable income, and will generate a schedule C. If you are in Review, you can return to the Income section to make any needed changes Can you detail specific accurate instructions. For special dividends?
April 7, 2025
5:23 PM
I got 3 K-1 forms for 2024, but have no idea what to do with them. Apparently info about them arrived with the downloaded tax info from Fidelity. TurboTax H&B says that since I earned money in anot...
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I got 3 K-1 forms for 2024, but have no idea what to do with them. Apparently info about them arrived with the downloaded tax info from Fidelity. TurboTax H&B says that since I earned money in another country, this credit could reduce my US taxes. Apparently this is a "foreign tax credit" which I've heard of but never dealt with. It mentions the K-1 form of which I have three this year. I checked "You have no more foreign taxes to enter other than those you've already entered on a 1099-div, 1099-int, 1099-OID, or a schedule K-1." Maybe that was incorrect but the other options seem even less likely. Then it says I have to complete form 1116 for the FTC, otherwise next option, deduction or credit. To try something I choose "take a credit" over "itemized deduction", because it sounds simpler (I don't itemize). Next it says I have to choose the countries I earned in. None of the K-1 forms spec a country. I have no idea what I'm supposed to do. Thanks for any help! edit: looking at the tax summary from fidelity, there is a foreign tax paid amount of $68. If the idea is to get a tax break on $68, and it's any trouble to implement, it'd be an option just to skip it, correct?
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April 7, 2025
5:23 PM
I had this same issue. Turbo Tax calculated 47% as taxable social security amount when further research indicates that this should have been 85%. Interestingly, our 2023 tax return in Turbo Tax shows...
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I had this same issue. Turbo Tax calculated 47% as taxable social security amount when further research indicates that this should have been 85%. Interestingly, our 2023 tax return in Turbo Tax shows 85%. I spent all afternoon trying to find someone at Turbo Tax to help with this. Now, I’ve decided that the IRS is right, so will pay per their notice.
April 7, 2025
5:23 PM
How do I erase my 2024 return and start over?
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April 7, 2025
5:23 PM
You would look at Line a of Schedule A to find how much state income tax you deducted for 2023. Lines b and c are for real estate taxes and personal property taxes.
If your deduction was limite...
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You would look at Line a of Schedule A to find how much state income tax you deducted for 2023. Lines b and c are for real estate taxes and personal property taxes.
If your deduction was limited to $10,000, use that instead but only IF your income taxes on Line a were over $10,000.
You only have to report a refund as taxable to the extent that you received a tax deduction for what you paid.
See this help article for more information on entering the form.
See this article for more information about Form 1099-G.
See this TurboTax help article for more information about whether you need to report your state tax refund from last year as income.
@terentia
April 7, 2025
5:22 PM
Assuming you meant a 1099-OID (Original Issue Discount)...
When you purchase a bond or note at a discount, you'll get Form 1099-OID (Original Issue Discount). The discount is taxable interest o...
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Assuming you meant a 1099-OID (Original Issue Discount)...
When you purchase a bond or note at a discount, you'll get Form 1099-OID (Original Issue Discount). The discount is taxable interest over the life of the bond, which gets reported every year you hold the bond, even if you don't actually receive any interest.
Follow these steps to enter your 1099-OID in TurboTax:
Open or continue your return.
Navigate to the 1099-OID section:
TurboTax Online/Mobile: Go to 1099-OID.
TurboTax Desktop: Search for this exact phrase (we recommend you copy/paste from here): 1099-oid original issue discount. Select the Jump to link.
On the Miscellaneous Investment Income screen, select the first box for Form 1099-OID.
Follow the onscreen instructions.
To remove an unwanted 1099-OID, follow the first couple of steps. This will bring you to the Form 1099-OID Summary screen where you can select Delete next to the unwanted 1099-OID.
TurboTax FAQ: Where do I enter Form 1099-OID?
April 7, 2025
5:22 PM
It sounds like you answered Yes on the following screen, or skipped over the question. When you entered your social security income, you would have been shown the screen below.