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4 weeks ago
2 Cheers
The exact environment with exactly the same results. The only difference is probably the hardware. I am running on an inexpensive PC as TurboTax does not support a Mac running Apple silicon. ...
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The exact environment with exactly the same results. The only difference is probably the hardware. I am running on an inexpensive PC as TurboTax does not support a Mac running Apple silicon. If the data is not available yet as some people suggest then TurboTax should be smart enough to say that. To me saying success means success and not the results that I am seeing. For me, this is just another TurboTax issue. Each year it seems to be getting worse.
4 weeks ago
I often get paid an additional 3-4 a weeks base hourly as I work late etc. Can I still claim that as overtime with regards to the new, no tax on overtime?
Topics:
4 weeks ago
TurboTax does not support a K9 trust.
4 weeks ago
Thank you, in advance, for helping me with this . . . . I received a 1099-R for a QLAC distribution showing the distribution as taxable in Box 2a. The QLAC distribution is not taxable. When I p...
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Thank you, in advance, for helping me with this . . . . I received a 1099-R for a QLAC distribution showing the distribution as taxable in Box 2a. The QLAC distribution is not taxable. When I prepared my tax return, I entered "0" in Box 2a. It calculated as nontaxable, but evidently there is a snag. I get an alert on the "Smart Check," where it states, "Form 1099-R: Taxable amount should not be zero if there is no prior year excess traditional IRA contribution on line 4 of the IRA information worksheet." When I look through every single page of the return/worksheets, the only problem I find is under this particular 1099-R is a box labeled "Explanation Statement Smart Worksheet." A box is checked (I don't know why!) for "Return of prior year excess traditional IRA contributions." The instructions there say, "If a box is checked on a line below an explanation statement is required for the situation described on that line. Highlight the checkbox and select the Help to see the required informaiton. Then QuickZoom to the appropriate explanation statement." I could not complete these instructions--when I highlighted the checkbox, I could not select "Help." I did find (on the initial "Smart Check" message a "Supporting Details" window, which allowed me to type in "Nontaxable QLAC DIstribution" under Description, and "0" under Amount. However, when I repeated the "Smart Check," I received the same, original message . . . so I don't think I remedied anything. There is no excess Traditional IRA contribution here. I've rechecked my work, and don't know why this came up at all. If it does not matter, I'll go ahead and e-file my return. I don't like any loose ends like this when I'm dealing with the IRS, though! Thanks again for your help getting me through this!
4 weeks ago
1 Cheer
It depends on how you define normal. The main issue is a difference in accounting methods. You report income in the year you actually receive the money. Since you didn't get the cash for that second ...
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It depends on how you define normal. The main issue is a difference in accounting methods. You report income in the year you actually receive the money. Since you didn't get the cash for that second invoice until 2026, it's 2026 income for you.
Their accountant likely uses "accrual" accounting, where they record the expense the moment they receive your invoice or estimate. They are trying to "pull" the deduction into 2025 to lower their taxes, even though they haven't paid you yet. if this is the case, they should not issue a 1099-NEC reflecting that amount, basically asking you to accept their accounting method.
This isn't fraud, but a difference in accounting methods. You do need to protect yourself from an IRS Automated Underreporter (AUR) notice. The IRS computers will see a 1099 for, say, $10,000, but your tax return only shows $7,000. This triggers an automatic letter. Their refusal to issue a corrected 1099 NEC can produce dire consequences for you.
Fortunately, there's way to report this in TurboTax to protect yourself and to adjust the extra income reported by their accountant.
Create an "Adjustment" to back it out:
In the Wages & Income section, go to Self-Employment Income (Schedule C).
Under Expenses, look for Miscellaneous or other expenses.
Enter a description like: "Erroneous 1099 amount - income not received until 2026" or "Adjustment for unpaid 1099-NEC income per Cash Basis accounting."
Enter the discrepancy amount (the unpaid thousands) as a positive expense.
As a result, your "Gross Receipts" will match the 1099 (keeping the IRS happy), but your "Net Profit" (the amount you pay taxes on) will only include the money you received for 2025.
One final note, on next year's return, you will need to add that amount as income on your 2026 return, in addition to the 1099 NEC's you receive. There is an entry in your Self-Employment income section to add that in as "other income".
4 weeks ago
What Turbo tax package do I need to purchase for the K9 trust/estate?
4 weeks ago
Desktop software always includes free e-file for the federal returns, but there is a $25 fee to e-file the state. You can avoid the state e-file fee if you print and mail the state.
4 weeks ago
The offer is for online for free OR pay $5 for desktop version. I downloaded the desktop version but then realized it doesn't include e-filing!
4 weeks ago
Thanks Todd for your email reply. Made the change and the install ran with no problems.
4 weeks ago
2 Cheers
I receive a Form 1099-R from the Office of Personnel Management. This year, as in all years since I began receiving a pension in 2006, OPM has figured out the taxable amount of my annuity for me and ...
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I receive a Form 1099-R from the Office of Personnel Management. This year, as in all years since I began receiving a pension in 2006, OPM has figured out the taxable amount of my annuity for me and has shown that figure in Box 2A. It does not indicate how that figure was calculated. TurboTax asks me if I get periodic payments; yes, I do. It then asks if I started getting those payments in 2025; no, I didn't. The next question is whether, for all the years I've received this form, was the total amount shown (which I assume means Box 1) the amount I paid tax on; no, it wasn't. It then asks whether I used the Simplified Method or the General Rule to figure the taxable amount; neither, as OPM figured the amount in Box 2A for me. Turbo Tax doesn't offer that as a choice, and the On Demand Tax Guidance comes up blank when I click it. I can't answer the question truthfully as Turbo Tax give me only the two options I've cited. Is this a software error that needs to be fixed? If not, how do i properly complete the questionnaire when I'm not offered the correct answer as a choice?
4 weeks ago
4 Cheers
I'm using your online version, so it should be the most up to date version! I cleared Cache and Browsing History, and the screen still says, "Depreciation and Amortization will be ready by February,...
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I'm using your online version, so it should be the most up to date version! I cleared Cache and Browsing History, and the screen still says, "Depreciation and Amortization will be ready by February, but likely sooner". Please help again! screenshot
4 weeks ago
Don't do it if you want to e-file. The Fidelity Premier does NOT include filing the tax returns and it costs $188 to e-file on that one. Costco and probably others have the Premier with e-filing fe...
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Don't do it if you want to e-file. The Fidelity Premier does NOT include filing the tax returns and it costs $188 to e-file on that one. Costco and probably others have the Premier with e-filing federal and state for $65. Of course, you can still mail them in for the cost of postage, insurance, rproof of delivery...whatever that costs. Be careful though since USPS no longer considers it 'received' when you give it to them.
4 weeks ago
Thank you very much! 🙂 IRS has already accepted my taxes!
4 weeks ago
Box 16 on a W-2 form is where your state wages are reported. If you live in a state that does not tax income, the box may be blank or missing. If so, you don't need to make an entry in TurboTax for i...
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Box 16 on a W-2 form is where your state wages are reported. If you live in a state that does not tax income, the box may be blank or missing. If so, you don't need to make an entry in TurboTax for it. Otherwise, you can enter the amount in box 1, which is the federal wages, if you know all of your federal wages are taxable on your state return.
4 weeks ago
You only enter the amount from box 5 of the SSA-1099 on your tax return.
Box 5 is the result of box 3 minus box 4.
To enter Social Security benefits reported on form SSA-1099
Click on Feder...
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You only enter the amount from box 5 of the SSA-1099 on your tax return.
Box 5 is the result of box 3 minus box 4.
To enter Social Security benefits reported on form SSA-1099
Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Scroll down to Retirement Plans and Social Security On Social Security (SSA-1099, RRB-1099), click the start or update button
4 weeks ago
The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO. You do not need to take any extra steps to enter it. (And…the new...
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The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO. You do not need to take any extra steps to enter it. (And…the new senior deduction has nothing to do with whether you are getting Social Security)
2025 STANDARD DEDUCTION AMOUNTS
SINGLE $15,750 (65 or older/legally blind + $2000)
MARRIED FILING SEPARATELY $15,750 (65 or older/legally blind +1600)
MARRIED FILING JOINTLY $31,500 (65 or older/legally blind + $1600)
HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)
For 2025 through 2028 there is an extra deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.
(The deduction phases out completely at $175.000 Single or HOH, or $250,000 joint)
The $6,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e. Turbo Tax automatically includes it.
IRS Schedule 1-A https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf
4 weeks ago
Here is where the refund advance option is.
When you get to the screen that says, "Get your federal refund faster" and it gives the option of Fast deposit to Credit Karma or a bank account, sel...
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Here is where the refund advance option is.
When you get to the screen that says, "Get your federal refund faster" and it gives the option of Fast deposit to Credit Karma or a bank account, select "No thanks".
The next screen is "How would you like to receive your federal refund?" If you are eligible for the Refund Advance, you will see this as an option.
The Refund Advance is not available to everyone.
Here are a couple things to check:
If you are using a TurboTax partner affiliate link to use the software, the Refund Advance will not be available.
If you select the 5 Day Early Refund Delivery, you will not see the Refund Advance option, but you can return to the refund selection page and find all the options listed.
See this resource for more information:
Offer details and disclosures for the Refund Advance program
Refund Advance Eligibility
Here are some of the eligibility requirements to qualify for a Refund Advance loan:
You’re 18 or older
Your expected federal refund amount is $500 or more
You’re not a resident of North Carolina, Connecticut, or Illinois
You’re e-filing your federal tax return with TurboTax
Your physical address is listed on your tax return. Your address must be located in one of the eligible states and can’t be a PO box or prison address
You’re not filing one of these tax forms: 1310, 4852, 4684, 4868, 1040SS, 1040PR, 1040X, 8888, or 8862
You aren’t filing on behalf of a deceased taxpayer
You must report income on a Form W-2, 1099-R, or Sched C
You must open or have an existing Credit Karma Money™ checking account
4 weeks ago
I am delighted that the HSA Reset worked for you.