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April 12, 2025
2:54 PM
"I made excess contributions prior to 2023 " - What does this mean? For tax year 2022 or before?
Any excess contributions for 2022 needed to be withdrawn by April 15, 2023 (or whatever your due...
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"I made excess contributions prior to 2023 " - What does this mean? For tax year 2022 or before?
Any excess contributions for 2022 needed to be withdrawn by April 15, 2023 (or whatever your due date was). They cannot be easily withdrawn after that date. If you did withdraw 2022 excess on April 18, 2024, then the excess would be added to your income and you would be hit with a 20% penalty.
Only excess contributions contributed in tax year 2023 could be withdrawn by the April 15, 2024 due date.
So, if you had excess contribution prior to 2023 or if you had excess contributions for tax year 2024 and did not withdraw the in a timely manner (April 15th), the a form 5329 should be generated, because any excess that is not withdrawn in a timely manner is carried over to the subsequent year, and you are hit with a 6% penalty (on the 5329).
And if indeed, you have a carryover of excess contributions, then you should NOT answer Zero to the question of "Enter last year's excess contribution". This would be an error on your part.
The way that carryovers work is that they are applied to the next year as a "personal" contribution on line 2 on the 8889. This is why you can't contribute any more to the current year, because your current may already be max'd out with the carryover.
So we need to understand the source of the original excess. Based what you have said so far, it sounds like Turbotax is working correctly.
April 12, 2025
2:54 PM
Thank You! I really appreciate it! My company has a particular approach for tracking CA travel that uses the Nov 1 - Oct 31 timeframe, rather than Jan 1 - Dec 31 which is the tax year. I traveled...
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Thank You! I really appreciate it! My company has a particular approach for tracking CA travel that uses the Nov 1 - Oct 31 timeframe, rather than Jan 1 - Dec 31 which is the tax year. I traveled 27 days between Jan 1 - Oct 31, and 9 more days after, which is what I've been wondering if I should report or not; My company says the 2025 W2 year will include these 9 days, so it will get tracked eventually. The tax difference is marginal between the two, but I wasn't sure what the recommended approach is. I am leaning on going with the 36 days since I do have a way to support that number -- but would you recommend just sticking to whatever is on the W2 since it will reduce chance of getting flagged/rejected?
April 12, 2025
2:54 PM
Same, I'm wondering why I purchased 130 in 2022 and 2023 apps just for them to make me efile lmao
April 12, 2025
2:54 PM
Thank you for your help. I've had a frustrating time but I finally got it to work. Here's what I did that worked that may help other people in this situation. 1. The box to indicate my son was a...
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Thank you for your help. I've had a frustrating time but I finally got it to work. Here's what I did that worked that may help other people in this situation. 1. The box to indicate my son was a dependent wasn't checked on the personal profile but I kept getting the message that could be the reason he didn't qualify for the AOC. It's possible that, at some point, in completing the return that box had been checked and then I had gone back and fixed it but TT didn't register the change. The only way I was able to get TT to recognize that my son wasn't a dependent was to completely start a new return. It was a pain but it worked. 3. It is confusing if the scholarship income and tuition expenses should be entered as Misc Income (under Wages & Income) or in the Education section (under Deductions & Credits). I entered the numbers as suggested and then adjusted to find the sweet spot. The only way I could find to change the numbers around was to delete the 1098-T worksheet under Forms in my Return. Every time I deleted it, TT let me go through the interview section of Misc Income again and enter new numbers. It took some time, but it worked.
April 12, 2025
2:53 PM
2024 was the first time I took a distribution from the inherited-IRA. The first distribution was equal to the sum of all past years RMDs + 2024.
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April 12, 2025
2:52 PM
Yes - although it doesn't really depend on a browser with the desktop version, it does open a window, depending on which WF or WFA option you pick. I tried different browsers. with investment acc...
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Yes - although it doesn't really depend on a browser with the desktop version, it does open a window, depending on which WF or WFA option you pick. I tried different browsers. with investment accounts I was told that it should be the WFA option. that resulted in the unavailable error. The WF option did let me log into the account and select the accounts to share with intuit as well as just the tax forms. Although it looked promising, it failed with try again later. With all of the 1099B, DIV, INT, OID it took forever to enter.
April 12, 2025
2:51 PM
I received two w-2s from SAME company which have on w-2 different company names (due to different departments), different control number, EIN. I did notice for box 12 it shows same exact amount for b...
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I received two w-2s from SAME company which have on w-2 different company names (due to different departments), different control number, EIN. I did notice for box 12 it shows same exact amount for both W-2s. It shows as code DD. Would I file each W-2 (same company) exactly as shown with same amount for box 12 DD ? Thank you!
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April 12, 2025
2:51 PM
If one of you used this TurboTax Premier account to prepare a California return and that is the one preparing the 2024 return, then respond "yes".
Per the California FTB, California is a commun...
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If one of you used this TurboTax Premier account to prepare a California return and that is the one preparing the 2024 return, then respond "yes".
Per the California FTB, California is a community property state. If one spouse is a resident of California and the other is not, you may be required to report income earned outside of California. Texas is also a community property state.
Visit Guidelines for Determining Resident Status (FTB Publication 1031) for more information.
@KashChai
April 12, 2025
2:50 PM
If your pension is taxable to New York and you are over the age of 59 ½ or turn 59 ½ during the tax year, you may qualify for a pension and annuity exclusion of up to $20,000. This applies to each ta...
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If your pension is taxable to New York and you are over the age of 59 ½ or turn 59 ½ during the tax year, you may qualify for a pension and annuity exclusion of up to $20,000. This applies to each taxpayer individually and has nothing to do with RMD, just the amount of the pension distribution, so you're correct that you should both receive the 20K exclusion if you qualify.
Here's more info from NY Dept. of Taxation.
If you're using TurboTax Online, clear your Cache and Cookies and step through the 1099-R entries in your Federal return again. If you're a NY resident, you can enter the distribution amount in Box 16 (State Distribution), to be sure it flows into your NY return, even if it's not shown on your 1099-R.
Return to the NY interview and click on 'Adjustments to Federal Income' and then check the Pension & Annuities Worksheet to see the exclusions applied properly.
@Charley Brown
April 12, 2025
2:50 PM
April 12, 2025
2:50 PM
In March '25 I contributed $7000 to my Roth IRA and entered that in Turbotax, which said I contributed too much. I immediately filled out the return excess form on Fidenlity. Requested $2000 back but...
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In March '25 I contributed $7000 to my Roth IRA and entered that in Turbotax, which said I contributed too much. I immediately filled out the return excess form on Fidenlity. Requested $2000 back but got $2006.30 like 3 days later. The error I'm getting is: IRA Contributions Worksheet: Line 26 - Taxpayer's excess Roth IRA contribution credit should be equal to $776, The Roth IRA contribution cred from Form 5329, Part IV. Xs Roth IRA cont cred(T) __empty box__ I don't have any 5329 form from Fidelity. On the Roth IRA worksheet on Turbotax review section box 19 $7,000 box 24 $7,000 box 25 $2006 box 26 _Blank_ but Turbotax says it should be $776 box 27 $4994 box 29 $4994 box 30 $0 (It sorta seems like this should be $2006 or $2000) but I don't have Form 5329. What the heck should I do??
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April 12, 2025
2:50 PM
Yes, they are deductible and you should select rented all year. Zero days of personal use is best the first year as long as you allocate the appropriate expenses that are both personal use and rental...
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Yes, they are deductible and you should select rented all year. Zero days of personal use is best the first year as long as you allocate the appropriate expenses that are both personal use and rental use for the year. The day of conversion to rental is the date placed in service and every expense is allowed from that day forward assuming the rental is full time from that point forward. If necessary you can determine the percentage of items such as mortgage interest, real estate taxes and insurance to enter only the amount for the rental period.
When you enter the rental property asset TurboTax will calculate the depreciation based on the date placed in service.
April 12, 2025
2:50 PM
If the states require that the federal return be attached, then yes, the federal returns will be attached when you e-file those state returns.
April 12, 2025
2:50 PM
Then your brokerage will provide you with a correct cost basis. you would declare it the same way as any other stock trade. the only issue with ESPPs is if you make a disqualifying disposition, then...
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Then your brokerage will provide you with a correct cost basis. you would declare it the same way as any other stock trade. the only issue with ESPPs is if you make a disqualifying disposition, then you get slammed with W-2 income, and since brokerage does not know that your employer counter your discount as income, then you have to adjust it yourself when you report the sale. With qualifying dispositions this all goes away.
April 12, 2025
2:48 PM
I had an overpayment this year, and as in the past, I applied some of it to next year's estimated taxes and requested a refund of the remaining overpayment. However, the IRS refunded my entire overpa...
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I had an overpayment this year, and as in the past, I applied some of it to next year's estimated taxes and requested a refund of the remaining overpayment. However, the IRS refunded my entire overpayment. I checked my Turbo Tax return. The refund I expected shows correctly on 1040/35a, and 1040/36 shows the amount I wanted applied to next year's taxes. I then used the IRS "check refund status" to see if there might have been a problem with the transmitted data. When I used the full overpayment amount on the identification/validation screen I received an error message that my information did not match the IRS information. When I specified my expected partial refund amount, it showed me the refund status, which indicated the entire overpayment would be refunded. Finally, I went to the IRS site. My 2024 return transcript showed the same 1040 information I see in Turbo Tax. My IRS 2025 account transcript shows a credit for the amount I wanted applied to next year's taxes. I assume the IRS will detect the error and remove the credit, but I've never encountered this issue. I'm only posting this to see if someone else has had the same problem, or can explain why this might have happened. Solution: This was my error. I got a notice from the IRS that they made a change to my return. I had missed an estimated payment on my Quicken import, and consequently my return was wrong. It was a "compensating error", which made me misinterpret the cause of the "incorrect" refund. What seems odd to me is that the correction was applied immediately, which was why I received the correct refund, but the explanation - the notification of a change to my return - arrived weeks later. Thanks to MonikaK1 and CatinaT1 for their responses.
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April 12, 2025
2:48 PM
Could you please clarify? - When you filed your 2023 original return, if you already reported the excess contribution and earnings, where does the tax liability on earnings come again from? - And ...
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Could you please clarify? - When you filed your 2023 original return, if you already reported the excess contribution and earnings, where does the tax liability on earnings come again from? - And what do you mean by zeroing out values - don't you have to enter the amounts from the 2024 1099 forms that show the 2023 excess contribution and earnings?
April 12, 2025
2:48 PM
Is the wash sale loss applied to any gains or losses from trading other securities in subsequent tax years? I have a similar situation, whereby TDA has tracked my wash sale losses incurred more than ...
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Is the wash sale loss applied to any gains or losses from trading other securities in subsequent tax years? I have a similar situation, whereby TDA has tracked my wash sale losses incurred more than a year ago. I haven't held the triggering options or any shares of underlying security for more than a year. So, which cost basis will be adjusted given that I no longer have any positions related to the underlying securities that were involved in the wash sale?
April 12, 2025
2:47 PM
How can I see the K-1 information on my return?
April 12, 2025
2:46 PM
Yes, if it is for the treatment of a condition diagnosed by a doctor, such as obesity, diabetes, hypertension, or heart disease, not just for weight loss.
Medical expenses are not fully deducti...
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Yes, if it is for the treatment of a condition diagnosed by a doctor, such as obesity, diabetes, hypertension, or heart disease, not just for weight loss.
Medical expenses are not fully deductible. They are only deductible as an itemized deduction to the extent the exceed 7.5% of your AGI.
Here is some more information on medical expenses: Are Medical Expenses Tax Deductible?
April 12, 2025
2:46 PM
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