After your original return is processed, and you prepare the amendment, use the instructions below to enter the SSA-1099. Where do I enter an SSA-1099?
If you entered incorrect banking information for your refund, you can change it if your return is rejected. If it is accepted, however, it is too late to change it. The bank will reject the refund ...
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If you entered incorrect banking information for your refund, you can change it if your return is rejected. If it is accepted, however, it is too late to change it. The bank will reject the refund and send it back to the IRS. Then the IRS will issue a paper check and mail it to the address you put on your tax return. Expect a delay of at least a couple of weeks to receive your refund.
Here is what the IRS says about entering incorrect banking information
https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/irs-procedures/refund-inquiries/refund-inquiries-18
If your refund is sent back to the IRS—- make certain that the address you entered on your Form 1040 is correct. And…open all mail, even if it looks like junk mail.
What form was this reported to you on? If you just rolled it into a Roth from a traditional IRA then there is no avoiding the taxes - you'll have to pay the money. You can't un-ring the bell unless...
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What form was this reported to you on? If you just rolled it into a Roth from a traditional IRA then there is no avoiding the taxes - you'll have to pay the money. You can't un-ring the bell unless the people who manage your retirement accounts are willing to put everything back where it was and pretend it didn't happen (they won't).
Your best bet is to pay the taxes and leave the money in the Roth and call it a day.
@LisaA1
Thank you for the token. We have reviewed the entries and calculations relating to Schedule K-1 and Form 8960. It appears your entries are correct and that the program is handling this situation prop...
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Thank you for the token. We have reviewed the entries and calculations relating to Schedule K-1 and Form 8960. It appears your entries are correct and that the program is handling this situation properly.
According to the IRS Instructions for Form 8960 Line 4b: "Enter the net positive or net negative amount for the following items included on line 4a that aren’t included in determining net investment income. [This includes] Net income or loss from a section 1411 trade or business that’s taken into account in determining self-employment income."
Because the net loss from Schedule K-1 is non-passive and thus excluded from Net Investment Income (NII), that amount must be eliminated from the calculation of NII. Only passive income is included in this calculation. The net amount on Form 8960 Line 4c represents the net income for your rental property from Schedule E (passive income).
Hello, I followed these steps (thank you), however my account number and routing number shows up as XXXXXXXXXX in both fields. What does this mean? Did my banking information not transfer over? ...
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Hello, I followed these steps (thank you), however my account number and routing number shows up as XXXXXXXXXX in both fields. What does this mean? Did my banking information not transfer over? I checked the IRS website and it says "Your refund was sent to your bank on February 20, 2025 for direct deposit." But when I check the account I "thought" I typed in, there is no $$ there.
Where do you see this? If you are retired, then you would select retired or enter your income as retirement income in the retirement income section. This will include the 1099-R and the SSA-1099.
If you live in Kentucky then you are a resident of Kentucky. Resident just means that you live there. Delete the non-resident return and do it again as a resident and that will fix your problem.
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If you live in Kentucky then you are a resident of Kentucky. Resident just means that you live there. Delete the non-resident return and do it again as a resident and that will fix your problem.
@ajgr2608
@Kyle Holcomb wrote: So.. I submitted my direct deposit information with the correct Routing number and Account number to my Chime account. However the Bank Name (The Bancorp Bank, N.A.) I only w...
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@Kyle Holcomb wrote: So.. I submitted my direct deposit information with the correct Routing number and Account number to my Chime account. However the Bank Name (The Bancorp Bank, N.A.) I only wrote "The Bancorp Bank". This also should not be a problem? Thank you so much for your time and assistance. The absence of the "N.A." shouldn't make any difference. That's just how the bank is chartered, i.e., "National Association" as opposed to a state bank or Federal savings bank. There's no way to change it anyway. In fact, the IRS doesn't even have a strict requirement to list the bank name. They will go by the deposit numbers. If the deposit numbers are correct, then you should be OK.
Yes I have the original return. The original return uses simplified 8995 and the TT Desktop Forms is using smart worksheet and it’s tied to Schedule C. The difference between the two is beyond my com...
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Yes I have the original return. The original return uses simplified 8995 and the TT Desktop Forms is using smart worksheet and it’s tied to Schedule C. The difference between the two is beyond my comprehension and I don’t trust myself trying to translate stuff to an amended file and causing what I’m trying to avoid in the first place. Whenever I ask for help from a TurboTax CPA or staff they refuse to help do something like translate my return to TurboTax UI forms. Any way to get the Desktop app to mimic my real return that I was able to download from TurboTax for 2022?
Is TurboTax giving you an error and not letting you file or are you submitting and then it comes back with a rejection? Are you using the online version or the desktop version?
What is the e...
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Is TurboTax giving you an error and not letting you file or are you submitting and then it comes back with a rejection? Are you using the online version or the desktop version?
What is the exact error or message you are getting? for box 20 did you try NY City with a y on the end?
This is an import issue between Coinbase and TurboTax. Go to each transaction that is affected by this error and check the numbers to make sure that they match what is on your Coinbase statement. I...
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This is an import issue between Coinbase and TurboTax. Go to each transaction that is affected by this error and check the numbers to make sure that they match what is on your Coinbase statement. If they do then click the three dots on the upper right and select "ignore transaction" and it will process.
@craigallen82
Better double check Check the printout or PDF of your return; look for the state cover sheet with the Turbotax logo. If you owed tax, it will show the payment information and how/when you decided t...
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Better double check Check the printout or PDF of your return; look for the state cover sheet with the Turbotax logo. If you owed tax, it will show the payment information and how/when you decided to pay. Read the state payment instructions carefully since most states cannot be paid from within the TT system and requires additional steps. https://ttlc.intuit.com/community/refunds/help/what-are-my-options-for-getting-my-state-refund-or-for-paying-any-state-taxes-i-owe/00/25954
