All Posts

You have to file a Form 5329 in the year for which you make the distribution, which is 2025 it seems here. If there were earnings on the account, they should be reported in the year the excess contribution was made, so that is why you were informed that you may need to amend your 2023 tax return.

Maybe you are waiting for some forms.  Click Review to see if you are missing some forms needed in order to e-file.   Many federal and state forms are not yet available.  Check here for form availability. The dates are subject to change.   Tax form availability tool     Be patient.    IF you e-file now, your return will go into “pending” until the IRS starts to accept/reject returns in late January. You cannot make any changes while the return is on the server. The IRS will start to accept/reject 2025 e-files on January 26.   And….a state return cannot be accepted until after the IRS accepts your federal return.         https://www.irs.gov/newsroom/irs-announces-first-day-of-2026-filing-season-online-tools-and

Maybe you are waiting for some forms.  Click Review to see if you are missing some forms needed in order to e-file.   Many federal and state forms are not yet available.  Check here for form availability. The dates are subject to change.   Tax form availability tool     Be patient.    IF you e-file now, your return will go into “pending” until the IRS starts to accept/reject returns in late January. You cannot make any changes while the return is on the server. The IRS will start to accept/reject 2025 e-files on January 26.   And….a state return cannot be accepted until after the IRS accepts your federal return.         https://www.irs.gov/newsroom/irs-announces-first-day-of-2026-filing-season-online-tools-and

Has your return been accepted in an early test batch----or is it still sitting on the server in "pending?"   MY RETURN IS IN PENDING—what does that mean?   You will not get any information from the IRS refund site while your return is in pending.  The IRS does not have your return yet.   Did you e-file?  Did you click that big orange button that said “Transmit my returns now?”  If so, your return is now in “pending” on a server.  Do not try to change anything while your return is in pending.On January  26  the IRS will begin to accept/reject e-files.  The IRS accepts a FEW returns in test batches ahead of January 26—-but that is very random.   Watch your emails—including your spam folder—for the notice about whether your e-file has been accepted or rejected.  If your return is rejected you will be able to make corrections before re-filing.   If the return you e-filed is accepted you will have to wait until it has been fully processed and then amend it to fix any mistakes or omissions.  It has been taking the IRS four to six months—sometimes longer—to process amended returns.   If you e-filed your state return there will be another email later that tells you if the state was accepted or rejected.   WARNING:   Do not try to change anything on your return while it is pending.   https://www.irs.gov/newsroom/irs-announces-first-day-of-2026-filing-season-online-tools-and-  

E-filing is closed for 2024.   A 2024 return has to be filed by mail.   Did you already prepare it last year---or do you still need to prepare a 2024 return   The current online program is for 2025 only.   Only a 2025 return can be prepared online and only a 2025 return can be e-filed.   Online preparation and e-filing for 2022, 2023, and  2024 is permanently closed. Note:  The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac.  It cannot be used on a mobile device.   To file a return for a prior tax year  If you need to prepare a return for 2022, 2023, or 2024  you can purchase and download desktop software to do it, then print, sign,  and mail the return(s) https://turbotax.intuit.com/personal-taxes/past-years-products/ You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.   Remember to prepare your state return as well—if you live in a state that has a state income tax.   https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/contact-state-department-revenue/L9qVToi02_US_en_US?uid=m6e06um0       If you prepared 2024 last year but did not file:  You will be able to access the 2024 return you started by using the exact same account and user ID that you used when you started it.   But you can no longer use online software for any further changes.       Start a 2025  return online and enter some personal information  so that the menu on the left opens up and lets you access your past year returns.   Online tax preparation and e-filing for 2024  returns is now permanently closed.    Now it is too late to use online software or to e-file. If you have any changes/corrections at all to make to your 2024 return, you now have to complete it using desktop software, which you must download to a full PC or Mac  (not to a mobile device).Then you need to print, sign and mail it.   https://ttlc.intuit.com/turbotax-support/en-us/help-article/printers-printing/finish-prior-year-return-started-turbotax-online/L9Oe4M90A_US_en_US?uid=m68tffpe   If you already paid for your online software you can ask customer support for a download of the desktop software.   They are available from 5 a.m. to 5 p.m. Pacific time Monday - Friday   https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number     If you are getting a refund, there is no penalty for filing late.  If you owe tax due, then file and pay the amount due as shown on the Form 1040, but expect a bill later from the IRS for the penalty and interest you will owe.  Only the IRS will calculate this—TurboTax will not calculate it.     When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.   Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.  

If you made $26K for the year, Form 8959 should not be needed for your return.  Go back to your W2 input and verify that your Medicare wages were entered correctly.  If you entered a larger amount in that box, that may be causing Form 8959 to populate.   Here are some helpful links that may help get to the bottom of why Form 8959 may be populating on your return: What Is Form 8959: Additional Medicare Tax Form 8959 Instruction - Who must file?

Go on the Social Security website and request one.  Go to www.ssa.gov  You have to create an account with a user name and password. https://www.ssa.gov/myaccount/replacement-SSA-1099.html https://www.ssa.gov/onlineservices/ https://www.ssa.gov/myaccount/

If you are working as an independent contractor you can enter business expenses on your Schedule C.   If you are a W-2 employee, you cannot deduct job-related expenses on a federal tax return. W-2 employees cannot deduct job-related expenses on a federal return.  Job-related expenses were eliminated as a federal deduction for W-2 employees by the tax laws that changed for 2018 and beyond.  Your state tax laws might be different in AL, AR, CA, HI, MN, NY or PA.     If you are preparing a return for a state that lets you deduct job-related expenses, the information will flow from your federal return  to the state return, so enter it in Federal>Deductions and Credits>Employment Expenses>Job-Related Expenses  

Providing an ID is not required when filing your (federal) tax return.  Your ID is used to verify your identity and speeds up the processing time for your tax return.  You can prepare your 16 year old's tax return as you normally would and skip the section where it asks for the ID information.  Here's a helpful link regarding this subject:   Why are you asking for my driver's license or state ID? Additionally, some states are picky (i.e. New York) and want an ID to be able to e-file the state return, if you live in a state that requires an ID, you will need to mail the state return.

Has the TurboTax date changed again for today's 1099-R update? My company just changed from Vanguard to Fidelity in administrating my 401-K where the first week of January the blackout period didn't end as planned but slipped to "the week of the 18th" (meaning really up to the 24th) but we just received another notice today it is going to slip again to "the week of the 25th" (meaning really up to the end of January). Meanwhile my unconverted to ROTH After-Tax contributions (three of them) for January (a.k.a. Mega Back Door ROTH) is getting penalized every day by IRS because of Vanguard and Fidelity pointing the finger at each other in blame. I have a finger to pointing at both of them for letting me get screwed by IRS and neither one of them cares. I going to roll my money out it someone who cares, my nephew who is my financial advisor.