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April 8, 2025
4:59 PM
I needed to add additional 1099R distribution so I filed electronic amended return but IRS rejected it since I didn't include copy of 1099R (I assume. They said my supporting information was incomple...
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I needed to add additional 1099R distribution so I filed electronic amended return but IRS rejected it since I didn't include copy of 1099R (I assume. They said my supporting information was incomplete. the amended return brought my income to $29,000. Now my new amended return STARTS with the $29,000 instead of going back to my original income. Now it says I owe because income is not correct. How do I clear out the wrong original income?
April 8, 2025
4:59 PM
See the link below for instructions on how to update your bank account.
How do I change my transferred direct deposit information?
If you still have issues, you might need to clear your...
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See the link below for instructions on how to update your bank account.
How do I change my transferred direct deposit information?
If you still have issues, you might need to clear your cache. This is to clean your temporary files, because a full or corrupted cache can cause problems in TurboTax. You can try these steps if you are using the online version:
Clearing your Cache and Cookies
Using a different browser
Opening an Incognito Window
Please reach out again if your problem persists.
April 8, 2025
4:58 PM
Topics:
April 8, 2025
4:58 PM
Forms 1099 do not show the amounts that rolled into another, or the same IRA unless it is a "direct rollover" - trustee to trustee. After you enter your 1099-R you will be on IRA summary screen. Be...
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Forms 1099 do not show the amounts that rolled into another, or the same IRA unless it is a "direct rollover" - trustee to trustee. After you enter your 1099-R you will be on IRA summary screen. Be sure to click on "Continue" and the answer the questions. One of the questions will be "What did you do with the money" and one of your choices will be rolled it all into another or the same IRA. Answering that question will keep your distribution from showing as taxable on your tax return.
You say "they did in fact claim me as a dependent last year".
I assume last year means 2024 (what we're working on now).
There are two education credits, American Opportunity Credit (AO...
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You say "they did in fact claim me as a dependent last year".
I assume last year means 2024 (what we're working on now).
There are two education credits, American Opportunity Credit (AOC) and Lifetime Learning Credit (LLC). The AOC is very generous (100% of the first $2000 expenses paid and 25% of the 2nd $2000). The LLC is 20% of tuition paid. There is a four time limit to claiming the AOC, Since graduation year is typically the 5th calendar/tax year, your parent have probably already claimed the AOC 4 times. You should verify that with them.
Using the gimmick of the student reporting some of his scholarship as taxable, so the parents can claim the credit, isn't as beneficial when they can only claim the LLC. The taxable scholarship is subject to the "kiddie tax" (the student pays tax at the parent's marginal tax rate).
You have to do the math to see if this is all worthwhile. Doing trial tax returns is easier using download TT, rather than online. You could try this tool, but it has limits https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1
Bottom line: you do need to report, at least $2775 of your scholarship as taxable. So, yes, you do need to enter your 1098-T. If box 5 of the 1098-T exceeds box 1, TurboTax (TT) will treat the difference as taxable income, unless you enter additional QEE at books and other expenses. It doesn't matter if a relative paid tuition and/or you never touched the money.
April 8, 2025
4:57 PM
I don't understand how you don't see a screen with the title of "Here's what you spent on care providers". After all, you are saying that one care provider that you don't want carried over from last ...
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I don't understand how you don't see a screen with the title of "Here's what you spent on care providers". After all, you are saying that one care provider that you don't want carried over from last year.
On the screen "Here's what you spent on care providers" that Leticia shows above, you have a table of care providers. You can click on delete to the right of a care provider to delete.
Please show us the screenshot of the screen that shows this care provider that you want to delete.
April 8, 2025
4:57 PM
In the Kentucky state income tax return, for a 75 year old taxpayer, Kentucky Schedule M automatically applied the pension income exclusion.
April 8, 2025
4:57 PM
Per Illinois Department of Revenue website:
With Payment:
PO BOX 19027 SPRINGFIELD IL 62794-9027
Per IRS website:
Internal Revenue Service P.O. Box 931000 Louisville, KY 4...
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Per Illinois Department of Revenue website:
With Payment:
PO BOX 19027 SPRINGFIELD IL 62794-9027
Per IRS website:
Internal Revenue Service P.O. Box 931000 Louisville, KY 40293-1000
IRS - Where to file paper tax returns with or without a payment
[Edited 4/08/25 | 5:08pm PST]
April 8, 2025
4:56 PM
You claim the solar panels in the year they were placed in service, even if you are paying over time (as long as it's not a lease agreement). If you can't use the entire credit in the first year, i...
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You claim the solar panels in the year they were placed in service, even if you are paying over time (as long as it's not a lease agreement). If you can't use the entire credit in the first year, it will carry forward.
To qualify for claiming the solar tax credit on your tax return, you’ll first need to meet some eligibility criteria:
Your solar equipment needs to be installed between January 1, 2017, and December 31, 2034.
The solar equipment must be located at a residence of yours within the United States.
The solar equipment is new or being used for the first time (meets the original installation requirement for claiming the credit).
From there, you’ll need to meet one of these two requirements to claim the credit:
Purchase the solar system with cash or through some form of financing that isn’t a lease or an agreement to pay a solar company for electricity generated by the system.
Purchase an interest in a community solar project that is separate from your residential property, if the electricity generated is credited against, and doesn't exceed your home’s electricity consumption.
Click here for Federal Tax Credit for Residential Solar Energy
April 8, 2025
4:56 PM
Unemployment income is generally considered 'Passive' income. You could choose 'General' if you like; it won't make a difference in the calculation of the Foreign Tax Credit amount. For reporting...
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Unemployment income is generally considered 'Passive' income. You could choose 'General' if you like; it won't make a difference in the calculation of the Foreign Tax Credit amount. For reporting your Canadian Unemployment Income as 'Other Taxable Income', you could use the description 'Canadian Unemployment Income'. You can use any description you like. Here's more detailed info on Claiming the Foreign Tax Credit and Form 2555. @Kat271
April 8, 2025
4:56 PM
In early 2024 I realized we had contributed too much to our Roth IRA in 2022 and 2023. We withdrew these excess contributions in January 2024 and received a 1099-R for each of the two separate year’...
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In early 2024 I realized we had contributed too much to our Roth IRA in 2022 and 2023. We withdrew these excess contributions in January 2024 and received a 1099-R for each of the two separate year’s withdrawals. Both 1099-R forms are for 2023. On our 2023 taxes the total of these two excess contributions was entered on line 18 of form 5329, and turbo tax placed the same amount on lines 22 & 24 of form 5329. We had an additional tax amount on line 25, which was paid with our 2023 bill. The excess contributions were withdrawn from our account no longer remains there. Now doing our 2024 taxes Turbo Tax is calculating that we owe this amount again, but we do not as the excess contributions were withdrawn from our account in January 2024. I was not given the opportunity to enter anywhere that we had withdrawn these contributions at any time while going through turbo tax in 2023. I am not sure how to correct this. Here are my questions: 1. Do the 2023 excess contributions need to be reported at all since they were withdrawn before the 2023 filing deadline of 4/15/2024? 2. If not do I amend my 2023 return and exclude the 2023 contribution withdrawal amount? 3. What do I need to do to get this off my 2024 return since we have already paid the penalty AND the excess contributions were withdrawn from our Roth IRA. 4. Since the remaining excess contributions belong to 2022, but were not withdrawn until 2024, does there need to be an amendment to my 2022 return?
April 8, 2025
4:56 PM
April 8, 2025
4:55 PM
Here is a FAQ:
How do I transfer last year's return into TurboTax Online?
April 8, 2025
4:55 PM
Topics:
April 8, 2025
4:55 PM
A DaveF1006 indicates, the transaction being reported on the code-W Form 1099-R not a rollover.
April 8, 2025
4:54 PM
Where is it incorrect? If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 and make sure ...
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Where is it incorrect? If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 and make sure it’s right. For 1099R check 1040 line 4a/5a and 4b/5b for any taxable amount. If it was a rollover it should say ROLLOVER by the “b” line and 0 taxable. After you enter the 1099R it will ask what you did with it. Pick I moved it to another retirement account even if you put it back into the same account. Oh what code is in box 7?
April 8, 2025
4:54 PM
I have had 7 Tax experts tell me that my situation is a system glitch. But that does not help me. What do I do to get it fixed?
April 8, 2025
4:54 PM
It says I can do it after I press Continue, but I don't see it? I have 24 listed, but will need another 40 rows or so.
April 8, 2025
4:54 PM
My husband passed away April 19, 2024. He worked for the State of New York. I received a one time payment of $3,000 as a survivor benefit. Where do I put this amount.
April 8, 2025
4:53 PM
Why are you filing separate returns? That is usually the worst way to file especially if you have children.
But if you are going to file MFS, then your spouse can claim the child and get the C...
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Why are you filing separate returns? That is usually the worst way to file especially if you have children.
But if you are going to file MFS, then your spouse can claim the child and get the CTC. Remember that the refundable additional child tax credit is based on income earned from working so if her income is low, she might not get the full amount. The child will have to be entered as your spouse's dependent in MY INFO, and there will be nothing at all about the child on your own separate return. Your wife cannot get the childcare credit or any earned income credit for claiming the child when you file separately.
If you were legally married at the end of 2024 your filing choices are married filing jointly or married filing separately.
Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $29,200 (+ $1550 for each spouse 65 or older) for 2024. You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit.
If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return.
Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states: AZ, CA, ID, LA, NV, NM, TX, WA, WI)
If you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice since with online, you get one return per fee.
https://turbotax.intuit.com/tax-tips/marriage/should-you-and-your-spouse-file-taxes-jointly-or-separately/L7gyjnqyM?srsltid=AfmBOopGqCNexowW0pYgvsf7ycIkrx4VjO_63UXv6vSnfu3UEGQiKQTh
https://ttlc.intuit.com/turbotax-support/en-us/help-article/income/getting-married-mean-taxes/L2RgmagpE_US_en_US?uid=m69on7t0
https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/married-filing-separately-community-property/L11CeLUMs_US_en_US?uid=m69ousyh