All Posts

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  

Eureka!  I just got it to work.  I had entered info manually last year and the shell form was in my return (but empty). I wondered if maybe it wouldn't import because of that, so I deleted the shell and tried again.  And it worked! Not sure if that was really the problem, but it's solved now.  

The "Do Not File" watermark should disappear once the form is finalized. This is expected soon.   If you are using the TurboTax Desktop, you will have to update your software. Always run all updates to your TurboTax program. Click here for information on manually updating TurboTax.   In the meantime, you can get the forms by clicking here.   Here is information for  mailing your 1040 ES.IRS - Where to Mail 1040-ES   Click here for Instructions to Form 1040 ES.

If you are no longer an educator, then this would not fall under the education expenses.  As mentioned above, you can use the value as a donation to charity if you itemize your return.    Itemized expenses include mortgage interest, gambling losses up to winnings,  charitable contributions, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss.     Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your expenses.    The 2024 Standard Deductions are as follows: Married Filing Joint (MFJ)              $29,200 Married Filing Separate (MFS)      $14,600 Head of Household (HOH)             $21,900  Single                                                 $14,600                                 Blind or over 65 and MFJ or MFS add $1,550 Single or HOH if blind or over 65 add $1,950     Standard versus Itemized Deduction     

If you would like to send us a “diagnostic” file that has your “numbers” but not your personal information it would help.  If you would like to do this, here are the instructions:  (Don't forget to give us the state)   TurboTax Online: Open your return -Go to the menu panel on the left side of your return and select Tax Tools.  Then select Tools below Tax Tools. A window will pop up which says Tools Center.   On this screen, select Share my file with Agent. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. Reply to this thread with your Token number and your state. This will allow us to open a copy of your return without seeing any personal information. TurboTax Desktop: If you like, you can send a copy of your return that will be scrubbed to eliminate your personal data by using these steps: Click on Online in the top left menu of TurboTax Desktop for Windows Select 'Send Tax File to Agent'* > Follow the prompts to reach the token number. Enter your email used for TurboTax > Enter your code > Send Write down or send an image of your token number and state then place in this issue. We can then review your exact scenario for a solution. Please also tell us any states included in the return. This is necessary for us to view the return. *If using a MAC, go to the menu at the top of the screen, select Help, then, 'Send Tax File to Agent')   We will be able to see exactly what you are seeing and we can determine what exactly is going on in your return to provide you with a resolution.

This conversion is taxable. And the tax due on this conversion depends on your tax bracket when you add the amount of conversion to your projected taxable income in 2025.   For example, if your marginal tax bracket for the conversion is 32%, then you'll owe $32,000 of additional taxes on a conversion of $100,000.   The marginal tax brackets for 2025 can be found in this IRS document.