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April 13, 2025
4:36 PM
From Michigan
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April 13, 2025
4:35 PM
In the Review page, Turbo gives me the deduction breakdown, which says "You took the Standard Deduction of $14,600. Your total deductions were $17,693, which includes an IRA deduction of $3,093 and a ...
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In the Review page, Turbo gives me the deduction breakdown, which says "You took the Standard Deduction of $14,600. Your total deductions were $17,693, which includes an IRA deduction of $3,093 and a state and local tax deduction of $981." Why does not the math add up? My total deduction should be 14,600 + 3,093 + 981 = 18,674, isn't it?
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April 13, 2025
4:35 PM
or pay electronically. I had read that if I put 0 for a previous years AGI it would then let me file electronically.
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April 13, 2025
4:35 PM
As posted above, did you turn off your anti-virus programs? Many people successfully import from Schwab after doing this.
Since we can't know your individual system configuration, it's very...
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As posted above, did you turn off your anti-virus programs? Many people successfully import from Schwab after doing this.
Since we can't know your individual system configuration, it's very difficult to determine why Schwab won't import for you.
Are you running as administrator on C drive? Third party data sharing is enabled in your Schwab account? Here's how to do a Manual Update.
Remember you can make one entry for your total 1099-DIV/INT amounts, which may actually be easier.
For 1099-B transactions, here's How to Enter a Summary in Lieu of Individual Transactions.
@ChrisAck
April 13, 2025
4:34 PM
While working in OH last year the payroll company also taxed me in my home state of SC. Since travel days were the only work considered as SC income my resulting W-2 has my SC income at 1/3 of the i...
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While working in OH last year the payroll company also taxed me in my home state of SC. Since travel days were the only work considered as SC income my resulting W-2 has my SC income at 1/3 of the income tax paid to SC. Because of this Turbo Tax is telling me I have to file by mail, but since I have to file in 5 states and also file a Sch C, I would prefer not to mail in my returns. Does anyone know a work around to allow me to efile? I have double checked this against my pay stubs and this info is correct. Thanks!
April 13, 2025
4:34 PM
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April 13, 2025
4:34 PM
eFile requires an AGI. This is my 1st year filing jointly with my spouse. Her parents filed her as a dependent last year and she did not had any income. What shall I use for last Year's AGI to ...
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eFile requires an AGI. This is my 1st year filing jointly with my spouse. Her parents filed her as a dependent last year and she did not had any income. What shall I use for last Year's AGI to be able to efile.
April 13, 2025
4:34 PM
You were paid as an independent contractor. That is self employment income. You have business income. You need to fill out schedule C and can enter your expenses. You can enter each 1099NEC or ju...
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You were paid as an independent contractor. That is self employment income. You have business income. You need to fill out schedule C and can enter your expenses. You can enter each 1099NEC or just enter the total as Other self employment income or as Cash or General income. You can enter Schedule C for Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or use any of the Desktop Download programs. You can buy the Desktop Download program here, https://turbotax.intuit.com/personal-taxes/cd-download How to enter income from Self Employment https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653 Where to enter business expenses https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-business-expenses-like-home-office-vehicle-mileage-and-supplies/01/27109
April 13, 2025
4:34 PM
@DaveF1006 or @dmertz Anyone...please help. I'm at a loss trying to figure this out. We sold a Traditional IRA and closed the account in 2024. No contributions made. 1099-R Box 2a has the "Taxable...
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@DaveF1006 or @dmertz Anyone...please help. I'm at a loss trying to figure this out. We sold a Traditional IRA and closed the account in 2024. No contributions made. 1099-R Box 2a has the "Taxable Amount" wrong (so I don't want to pay extra tax on money that was ours--part of the actual Basis.) I'm at a loss trying to figure out how to get that basis number corrected. I know I can't change the 1099-R, but cannot find any worksheets or forms available to me. In searching TurboTax, Form 8606 came up, but I don't have access to it and it looks like more for a backdoor roth on contributions. I really need guidance please. I don't usually wait until the last minute, but mother died recently and still need to do her taxes also after I figure this out. Can't afford to extend with a wedding in a few weeks and mom's estate to deal with either. Online you both sound like you know what you're doing! Guidance please.
Hello @Hal_Al , We are in the same situation with an undergraduate child receiving income from a summer research fellowship on a 1099-MISC. I followed these steps and it correctly allocated the inc...
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Hello @Hal_Al , We are in the same situation with an undergraduate child receiving income from a summer research fellowship on a 1099-MISC. I followed these steps and it correctly allocated the income to line 8r of Schedule 1, instead of the dreaded line 8z. Thanks for the helpful advice. One twist for us is that the income was received from a DIFFERENT university from the one she attends as an undergraduate, and it's in a different state too. Furthermore, she has a 1098-T from her primary university (and a 1099-Q). Normally we don't enter those. Do we need to enter either or both of those to use this technique?
April 13, 2025
4:33 PM
1 Cheer
Delete the 1099-R that you have entered.
THEN-
Select the Federal Taxes tab (this is Personal Info in TurboTax Home & Business), then Deductions & Credits.
Select I'll choose what I w...
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Delete the 1099-R that you have entered.
THEN-
Select the Federal Taxes tab (this is Personal Info in TurboTax Home & Business), then Deductions & Credits.
Select I'll choose what I work on.
On the list of sections, locate Retirement & Investments.
Then select Start or Update next to Traditional & Roth IRA Contributions.
Check the box for Traditional IRA and Continue.
Answer Yes to Did you contribute to a traditional IRA?
Answer No to Is This a Repayment of a Retirement Distribution?
On the Tell Us How Much You Contributed screen, enter the amount contributed and Continue.
Answer No on the screen Did You Change Your Mind?, then answer the questions on the following screens.
When you reach the Choose Not to Deduct IRA Contributions screen, select Yes, make part of my IRA contribution nondeductible, enter the amount you contributed, then select Continue.
Note: If none of your contribution can be deducted, you will not see the option to make part of it nondeductible. Instead, you will see the message Income Too High To Deduct an IRA Contribution, and the full amount of your contribution will automatically be nondeductible.
Step 2: Enter the Conversion from a Traditional IRA to a Roth IRA
Select Wages & Income, then I'll choose what I work on.
In the list of sections, locate Retirement Plans and Social Security, then select Start or Update next to IRA, 401(k), Pension Plan Withdrawals (1099-R).
Answer Yes to Did you have any of these types of income in 2024? and Continue.
If you land on the Your 1099-R Entries screen instead, select Add another 1099-R.
Select how you want to enter your 1099-R (import or type it in yourself) and follow the instructions.
Answer No to Did You Inherit This IRA?
Select None of this distribution was transferred to charity.
Select I moved the money to another retirement account (or returned it to the same retirement account) on the What Did You Do With The Money From This Payer? screen.
Select I did a combination of rolling over, converting, or cashing out the money. Then, enter the full amount in the box next to Amount converted to a Roth IRA account and Continue.
Continue answering questions until you come to the screen Your 1099-R Entries.
To check the results of your backdoor Roth IRA conversion, see your Form 1040:
Select Forms from the menu.
Select Form 1040 from the menu.
Use the scroll bar to find:
Line 4a IRA Distributions. Your backdoor Roth IRA amount should be listed.
Line 4b Taxable amount should be zero, unless you had earnings between the time you contributed to your Traditional IRA and the time you converted it to a Roth IRA.
Select Schedule 1 from the menu if Schedule 1 appears in the list of forms.
Line 20 IRA deduction should be blank.
To return to where you left off in TurboTax, select EasyStep from the menu at the top of the screen.
April 13, 2025
4:32 PM
Thank you!! This worked.
April 13, 2025
4:31 PM
After entering spouse income (less that mine), still there is some amount as taxable income. $5K is just half (even less) of a year's childcare expense as we all know and the overage paid is post tax ...
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After entering spouse income (less that mine), still there is some amount as taxable income. $5K is just half (even less) of a year's childcare expense as we all know and the overage paid is post tax money. Why is there still amount shown as taxable income on 1040 taken from 2441 line 26?
April 13, 2025
4:30 PM
1 Cheer
I have the same problem, and the "PRETAX" option doesn't exist. Work in NYC, live in NJ.
April 13, 2025
4:30 PM
Darn, @CatinaT1 : I already printed and mailed it in. But thanks for the workaround.
April 13, 2025
4:30 PM
@ razor5 Please check your math. In the original question on this page the figure shown is "0.30%" 0.30% = 0.003 in decimal form. You appear to have used 30% (decimal 0.30), which is way t...
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@ razor5 Please check your math. In the original question on this page the figure shown is "0.30%" 0.30% = 0.003 in decimal form. You appear to have used 30% (decimal 0.30), which is way too much. "PERCENTAGE OF INCOME FROM US GOVERNMENT SECURITIES Fed Source Total 0.30%" Edited for clarity 4/13/2025 at 4:45 PM Pacific @ MarilynG1
April 13, 2025
4:29 PM
April 13, 2025
4:29 PM
turbotax has input all the information. We have no way of knowing if it was sent to the IRS or the State
Topics:
April 13, 2025
4:29 PM
Do you have a 1095A for marketplace health insurance? If you have a 1095A you are required to file.
You need to file a federal return if half your Social Security plus your other income is
S...
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Do you have a 1095A for marketplace health insurance? If you have a 1095A you are required to file.
You need to file a federal return if half your Social Security plus your other income is
Single or Head of Household $25,000
Married Filing Jointly $32,000
Married Filing Separately $0
Who has to file?
http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F
April 13, 2025
4:28 PM
Next year you will enter the 6/20/25 payment plus any other payment for 205 you make in 2025. But you might not even need to enter it unless you know you can itemize deductions. And t tax paid...
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Next year you will enter the 6/20/25 payment plus any other payment for 205 you make in 2025. But you might not even need to enter it unless you know you can itemize deductions. And t tax paid is limited. For tax years 2018 through 2025, the SALT deduction (which includes sales tax) is capped at $10,000. SALT is State And Local Tax. Which includes property tax, any state tax paid like for last year’s return and includes any state withholding from your W2s and any 1099s you have. And any taxes in W2 box 14 and 19 like SDI or VDI. You can only deduct up to 10,000 (5,000 MFS) for SALT State and Local Taxes. And other deductions like Medical is limited. You can only deduct the amount of unreimbursed Medical Expenses you actually paid over 7.5% of your AGI. Then all your deductions have to be more than the Standard Deduction to be used. For 2024 the standard deduction amounts are: Single 14,600 + 1,950 for 65 and over or blind (16,550) HOH 21,900 + 1,950 for 65 and over or blind (23,850) Joint 29,200 + 1,550 for each 65 and over or blind (30,750/32,300) Married filing Separate 14,600 + 1,550 for 65 and over or blind (16,150)