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April 14, 2025
4:29 PM
My problem was resolved when my 1099 showed taxable amount undetermined. The amount overdrawn was put back into my retirement account, the tax was paid, but I got it back when I filed. Once you enter...
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My problem was resolved when my 1099 showed taxable amount undetermined. The amount overdrawn was put back into my retirement account, the tax was paid, but I got it back when I filed. Once you enter your 1099 it into Turbo tax, the program will lead you through the process by asking you questions which are easy to answer and the form that you must fill out is there also. One question you are asked is, did you ask for a corrected 1099. I answered yes, however my broker does not do corrected copies. Be sure you know your correct RMD and amount taken and the correct amount of taxes due and paid. I filed and the IRS accepted it.
April 14, 2025
4:29 PM
1 Cheer
Delete this 1099-INT. When it rounds down to $0, you do not need to report it.
April 14, 2025
4:29 PM
No. Not figured out. Both Dmertz and Volvo who try to answer keep on insisting that it is due to "low income". I am not going to state my income on this community board, but that is definitely NOT ...
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No. Not figured out. Both Dmertz and Volvo who try to answer keep on insisting that it is due to "low income". I am not going to state my income on this community board, but that is definitely NOT the case. They were not able to answer or explain. Nor to give an example of how much income they actually think is "small". I can say that I made more income this year than in previous years and never have I had TT register the contribution as having no impact to my tax liability. No one can explain it nor provide an example
April 14, 2025
4:29 PM
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April 14, 2025
4:29 PM
Enter your 1099-R exactly as it appears with the amount of distribution, the code in box 7 and the amount withheld. TurboTax will calculate your refund and you can file.
April 14, 2025
4:29 PM
Generally, a RMD is calculated for each account by dividing the prior December 31 balance of that IRA or retirement plan account by a life expectancy factor that the IRS publishes in Tables in Public...
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Generally, a RMD is calculated for each account by dividing the prior December 31 balance of that IRA or retirement plan account by a life expectancy factor that the IRS publishes in Tables in Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs).
There are a plethora of websites that have online RMD calculators you can use to calculate your RMD. This list includes Charles Schwab, Fidelity, E*Trade, New York Life, Investor.gov
April 14, 2025
4:29 PM
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April 14, 2025
4:28 PM
Can I find the URL link number on my iPhone?
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April 14, 2025
4:28 PM
Hi, I worked with the NHS, and my pension is fully government-funded and taxable only in the UK. However, completing Form 1099-R increases my tax amount because it lacks a box for foreign tax paid l...
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Hi, I worked with the NHS, and my pension is fully government-funded and taxable only in the UK. However, completing Form 1099-R increases my tax amount because it lacks a box for foreign tax paid like Form 1099-DIV. This raises my IRS tax by about $4000. How can I request credit to offset this? Thank you for your help. Sincerely, NI
April 14, 2025
4:28 PM
1 Cheer
Thank you! I was fortunate enough to be able to get this all sorted. Even got into my IRS account to verify that I did not receive the 2021 stimulus.
April 14, 2025
4:27 PM
I have inherited pre-1987 IRAs with non-deductible contributions that have tracked basis in form 8606 from previous years, being entered into Turbotax desktop for the first time. There does not appea...
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I have inherited pre-1987 IRAs with non-deductible contributions that have tracked basis in form 8606 from previous years, being entered into Turbotax desktop for the first time. There does not appear to be a way to manually enter information into form 8606, as the fields needed are blued out, startin with Line 4/5. Line 4 takes me to the Traditional IRA Smart Basis worksheet, I enter the information there, and in the "traditional IRA year-end value detail". It lets me fill out Part 1 Line 1,2,3. Eventually, it lets me select the 1099-R in question. However the taxable amount, Box 2a, is what I need to use form 8606 to calculate! If I scroll down on the 1099-R, I see the "Traditional IRA Basis and Value Smart worksheett"..but that then takes me back to the "IRA Information worksheet". There never seems to be a way to enter line 4 (value 0) 6,7, and 8 which are needed to calculate the rest.
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April 14, 2025
4:27 PM
We are not asking what the rule is. We already know that. We are asking how we indicate it in TurboTax. I swear, this crappy software gets worse every year. In the past, it prompted me if a IRA distr...
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We are not asking what the rule is. We already know that. We are asking how we indicate it in TurboTax. I swear, this crappy software gets worse every year. In the past, it prompted me if a IRA distribution was part of 72(t) SEPP payments. It no longer does. And it does not even ask if my Roth was less than my total contribututions (principle). So when answering questions, pleas don't simply tell us the tax rules. Tell us how to get this total piece of crap TurboTax software to let us enter our info corrrectly. I HATE TURBOTAX!
April 14, 2025
4:27 PM
Similar situation. Federal has already been submitted and accepted. State will not go through. Error code w2_import_hold error mismatch. I see those saying to delete the w2, can you do that for just ...
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Similar situation. Federal has already been submitted and accepted. State will not go through. Error code w2_import_hold error mismatch. I see those saying to delete the w2, can you do that for just the state portion?
April 14, 2025
4:27 PM
In TurboTax Online, you may view the fees as follows:
Select Tax Tools from the left menu, then Tools.
Select My Fees.
April 14, 2025
4:27 PM
"are you sure that box 7 does not have code 7? It's not uncommon for people to miss seeing a code 7 since it is the same as the box number." Outstanding, thanks! That was it!
April 14, 2025
4:27 PM
If not a rental you add the expense to the cost basis of the home so you have less of a capital gain when you sell.
April 14, 2025
4:27 PM
Hi Donna! I have worked in Colorado since 2023, but I have never been a resident. I have always lived in Iowa (working for this company as a 100% remote employee since my start date). Thank you for y...
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Hi Donna! I have worked in Colorado since 2023, but I have never been a resident. I have always lived in Iowa (working for this company as a 100% remote employee since my start date). Thank you for your help!!
April 14, 2025
4:26 PM
Where can I find my RMD minimum?
This wasn't a question last year.
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April 14, 2025
4:26 PM
ONLINE TURBO TAX SUCKS!!!!!!!! DON'T DO IT....IT COMPLETELY SUCKS!!!! YOU CAN ONLY DO ONE SET OF TAXES FOR A 55% MARK UP IN PRICE. With a disc purchased at a store for $55, you can do 5 family ...
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ONLINE TURBO TAX SUCKS!!!!!!!! DON'T DO IT....IT COMPLETELY SUCKS!!!! YOU CAN ONLY DO ONE SET OF TAXES FOR A 55% MARK UP IN PRICE. With a disc purchased at a store for $55, you can do 5 family members taxes. Online, you can only do onbe set of taxes. OH, AND ONLINE THEY DON'T TELL YOU THAT YOU CAN ONLY DO ONE SET OF TAXES UNTIL AFTER YOU'RE DONE WITH THE FIRST SET AND YOU PAID THE 55% MARK UP. YOU FIGURE IT OUT AFTER YOU'RE DONE. Then, in order to do your other family members taxes, you have to open up more accounts with different emails address all while PAYING AN ADDTIONAL $79 PER RETURN. So tax filing for us just went from $55 to $237. I have used Turbo Tax for 20 years until now. H & R Block...here I come...
April 14, 2025
4:26 PM
Drew money from IRA , Fed inc come tax held out but I didn’t need to do that
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