All Posts

my son is  PA. resident/full time student in MA.  made money in both Ca. and MA last year. the PA. return is only taking the tax credit from the higher earning job in Ca. and ignoring the tax paid from the MA. job?  he is getting refunds from both CA. and MA.  I would think TT Deluxe would also see the MA> tax paid and combine out of state taxes paid for a bigger credit. PA. also has local EIT and is asking to report the out of state income from the PA40 GL and out of state tax paid. I fear TT is limiting the tax credit for the local EIT as well.   I dont know how to fix this issue.  thanks everyone.

In 2024, I went to my bank that I have my RothIRA set up and contributed the full $6,500 for the past year, 2023. When doing my taxes on turbotax in April, it popped up that I had overcontributed by $2537. I informed my bank of this and asked them to remove both the overcontribution amount and any earnings (net income attributable). I had a lot of back and forth from the bank and it took them 6 months to do this for me. Below are the dates for everything.   2/9/24- $6,500 contribution last year for roth ira 2023 ("regular contribution last year") 3/31/24 and 6/30/24- Interest paid on the overcontribution 8/29/24- "withdrawal of excess contribution last year" ($2537 removed) 8/29/24-  "excess earnings withdrawal" ($67.78 removed)   I filed for extension for my 2023 taxes then after this was all done, submitted my taxes.    Turbotax had stated during the filing stage (not on a forum) the following: "If you made the contribution to your Roth IRA in 2024 (between January 1, 2024 and the 2023 filing deadline without extensions) but you designated it as a 2023 contribution and you withdrew it in 2024, the Form 1099-R you get will be for 2024. Include the Form 1099-R on your 2024 return. Your Form 1099-R will have code 8 and a code J in box 7."   This year, I received the 2024 1099-R form with the following listed: -Distribution codes of J and P (instead of J and 😎 -Box 1- gross distribution=$2604.78 -Box 2a- taxable amount=$0.00 -"Taxable amount not determined"=checked   I was informed to add this form on my amended 2023 taxes. I was advised to add the $67.78 to the 1099-R form even though it isn't listed. In adding this on the 2023 taxes, this would increase my income and then I would be in the same situation that started all of this with another overcontribution to my 2023 rothira. I have asked for an extension for my 2024 taxes and have not yet filed the amended 2023 taxes.   My questions are: 1) Where do I report the $67.78 to be taxed? Shouldn't it be on the 2024 tax form since that is the only year it was made?  2) Do I report the $67.78 as ordinary income in 2024 taxes? I read this on another tax forum. 3) If this $67.78 does need to be reported on 2023 taxes, then how do I go about correcting my rothira and reporting that on both my 2023 and 2024 taxes. And what forms would be needed?   Sorry for all the questions and I know I've asked them on other forums but since this situation has become more complex, I figured it would be easier to have all the information on one question.   Thank you! 

Hello, I've had a salary excess deferral of a few thousands dollars last year. I've changed jobs and overall I've over-contributed by about $3,500. I got a refund check by the plan administrator, accounting for a loss of $156 and federal tax withheld of $341. I will not receive the form 1099R before next year but as instructed by TurboTax, I've filed a 1099R as if I had received it (listing the total gross amount in boxes 1 and 2a and the amount of federal tax withheld in box 4; as well as code P in line 7). I marked it as a 2025 1099R form. I've also added the $156 loss in the less common income section.    I've tried to file by my returns have been rejected with error code  F1040-034-08 (Form 1040, 'WithholdingTaxAmt' must be equal to the sum of the following: [(1) all Forms 1099-R, 'FederalIncomeTaxWithheldAmt' and (2) all 'WithholdingAmt' in [OtherWithholdingStatement] and (3) all Forms W-2, 'WithholdingAmt' and (4) all Forms W-2G, 'FederalIncomeTaxWithheldAmt' and (5) Form 8959, 'AddlMedcrRRTTaxWithholdingAmt' and (6) 'TotalAmt' in [BackupWhSchedulesK1Statement] and (7) all Forms RRB 1042-S, 'FederalIncomeTaxWithheldAmt' and (8) all Forms SSA 1042-S, ('NetTaxWithheldAmt' if it has a non-zero value, otherwise 'FederalIncomeTaxWithheldAmt')] unless Form 8958 is present in the return. When evaluating this, a tolerance of $5.00 is allowed").    When I check my form 1040, the $341 of federal tax withheld from my 1099R is not listed in line 25b. I don't know why. This may be the issue but I'm not able to change this. If I override, I won't be able to e-file. I've tried to delete the 1099R and re-add it but still the same issue. The amount of tax withheld is not being reflected on the 1040. Can somebody help? Thank you