All Posts

How to view all your accounts https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx It's common to end up with multiple accounts. First LOG OUT of whatever TurboTax account you're logged into right now. Then use this TurboTax account recovery website to get a list of user ID's for an email address. Run the tool against any email addresses you may have used https://myturbotax.intuit.com/account-recovery/ If you used the Desktop CD/Download program then the only copy is on your computer and not saved or stored online. You can also request a transcript from the IRS https://www.irs.gov/individuals/get-transcript

There is no restriction on the rollover being back to the same account from which the distribution occurred, other than the general one-rollover-per-12-months limitation on traditional IRA-to-traditional IRA and Roth IRA-to-Roth IRA rollovers combined.  The fact that the rollover can be to a different IRA does not preclude you from rolling the distribution back to the original IRA.  The statute imposes no requirement that the receiving IRA be a different IRA.

Publication 590-A Rollover From a Roth IRA You can withdraw, tax free, all or part of the assets from one Roth IRA if you contribute them within 60 days to another Roth IRA. Most of the rules for rollovers, described in chapter 1 under Rollover From One IRA Into Another, apply to these rollovers. However, rollovers from retirement plans other than Roth IRAs are disregarded for purposes of the 1-year waiting period between rollovers. A rollover from a Roth IRA to an employer retirement plan isn’t allowed. A rollover from a designated Roth account can only be made to another designated Roth account or to a Roth IRA. If you roll over an amount from one Roth IRA to another Roth IRA, the 5-year period used to determine qualified distributions doesn’t change. The 5-year period begins with the first tax year for which the contribution was made to the initial Roth IRA. See What Are Qualified Distributions? in chapter 2 of Pub. 590-B.   Note that where it says most of the same rules apply as Traditional IRAs, then notes 3 exceptions.  A self-rollover is not one of the exceptions.  Self-rollovers are explicitly mentioned in chapter 1 under traditional IRAs.   More important, the A in IRA doesn't mean "account", it means "individual retirement arrangement."   No matter how many traditional IRA accounts you have at different brokers, you have one "arrangement", and this is why the RMD and pro rata rules work the way they do.  Likewise, no matter how many Roth IRA accounts you have at different brokers you have one Roth "arrangement."     But in fact, the rollover-->recharacterize-->convert method will work even if you open a different Roth IRA account.  You made your withdrawal from broker 1.  You could deposit the money in a Roth IRA at broker 2 (as long as you tell them it is a rollover and not a contribution), then recharacterize it as a traditional IRA at broker 2, then convert it to a Roth IRA at broker 1 or 2 (as long as it was a direct conversion).   It makes no difference if you pass the money through broker 2 or back to broker 1 since you only have one individual retirement arrangement. 

we can't see what you did, but the extension payment needed to be entered in the tax payments worksheet which can be done this way  under deductions and credits tab > estimates and other taxes paid > view all yes on next page should take you to page where you will see  payments with extension select payment with federal 2024 extension the amount should be there if not enter it.      if this doesn't work contact support for help.   

OK, so you have 60 days to do a rollover, that is a transfer from one Roth IRA to another or even back to the same IRA, without tax consequences.   I would send the $4000 back to the Roth IRA as a rollover, not an original contribution.  This might take some extra paperwork (i.e. there might be a form to fill out that is more than a simple contribution).   @Opus 17  Thanks for the advice. I'm trying to read up on the 60 day rollover option. Are you sure you can do it to the same Roth IRA account? It seems like it has to be a different IRA account: https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-distributions   Really appreciate the advice. I'll look into it further. Thanks!

the OP needs to do nothing presently. The DCB will show up in box 10 of their w-2 and since she has no qualifying expenses will end being added back to taxable income. line 1e of 1040.     as to where you can contribute the remaining amount to your DCB account, ask your employer.   

@f404 wrote: @Bsch4477 thank you for this useful info!   would this alternative process work: Since IRS is asking me to fill out Form 8962 because my dependent daughter was on my partner's 1095-A form, but with allocation of 0% - then the premium tax credits would then apply entirely to my partner, correct?  I don't have any experience with the PTC, so I can't answer this specific question.   But, if you think you will do better by filing amended 2023 returns to move the dependent around, then your reply to the current IRS letter would be to say, "We are filling amended 2023 returns so that the child's mother, in whose name the 1095-A was filed, will be claiming the credit, and the child will be removed from my 2023 tax return."  (or something similar like  "I'm not going to send updated PTC info since we are amending instead, but if you have questions after the amended returns are processed I will be happy to follow up.")   In other words, don't submit any documents to explain the 2023 return if you plan to amend them instead, because then the documents you submit would no longer apply. Don't mail the amended returns to the office that sent the notice unless they specifically ask, you should either e-file or mail the amended returns using the normal process.      

@Opus 17    I currently have $0 in any traditional IRA. I had rolled over my old traditional IRA with a balance of $1,894.76 to my Roth this year. I have not made any contributions a traditional IRA this year.   My Roth IRA currently has $1,688.42 in it.   I made the $4,000 regular withdrawal today, so less than a day old.   Thanks!

@Terri Lynn  wrote: Here are the key situations where a gift tax return (IRS Form 709) is required: When spouses split a gift: If a married couple decides to "split" a large gift to a third party to take advantage of both of their annual exclusions (for example, giving $38,000 to one person), they both must file Form 709 to make that election, even if the amount is less than the total combined exclusion. Sorry, but I just had to point out that if the gift comes from a joint account (JTWROS) or community property and is less than the annual exclusion, no gift tax return is required.

You can e-file your return from anywhere in the world where you have internet access.   https://ttlc.intuit.com/community/payments/help/what-forms-of-payment-does-turbotax-online-accept/00/26079       The IRS will not make a direct deposit to a foreign bank account.   If you have a U.S. based bank account your refund can be deposited to that account.   Or the IRS will mail a check to you,

In almost all cases, business assets are listed for expensing or depreciation when they are placed in service (the day you start using it in the business), even if you paid in advance, or are paying over time.