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Yes, to your first answer. If you enter the sale correctly in TurboTax, the program will show a capital loss of $4,500. Now for the second part of your question.   To get your $12k back, you use Form 8801. However, the IRS only lets you take the credit if your Regular Tax is significantly higher than your Tentative Minimum Tax (TMT). If your Regular Tax is $20,000 and your TMT is $19,500, the IRS only lets you use $500 of your $12,000 credit this year. The remaining $11,500 carries forward to next year. If your Regular Tax and TMT are very close, your total tax bill won't move an inch when you enter the credit.   To see if the $12k is at least "registered" in the system.   Check Form 8801: Look at the printout. Line 3 should show your $12k carry-forward from last year.  Check Form 6251, Line 2k: Ensure there is a negative number there representing the "bargain element" you already taxed last year. If this line is blank, the software doesn't know you sold the specific ISO shares that triggered the AMT. The "ISO Checkbox": When entering your 1099-B, make sure you go through the "Step-by-Step" interview and check the box that says "This was a sale of ISO stock" or "I have a different basis for AMT." If you just enter the 1099-B as a normal stock sale, the software won't know to link it to your $12k credit. @pcpatter   

Have you tried it this way?    You can start another return in TurboTax Online by: Logging out if you are in your account Choose what TurboTax Online product you want to use for the second return https://turbotax.intuit.com/personal-taxes/compare/online Create your account screen Set up a new login for the second return Start working on the new return Or use the Desktop program. The Desktop program can do unlimited returns and efile 5 for free. And you can use any Desktop version, they all have the same forms. So you could use a lower version than you might need in the Online version.

As far as the IRS is concerned, they would probably rather see the 'shared policy' indicator in the 1095-A entry to facilitate checking the returns of both SSN's to see that the allocation is reported correctly.   For a Schedule C deduction for health insurance, you could use your % allocation for premiums you paid and enter it as a business expense without drawing any red flags from the IRS.  This would be a proper amount for you to claim, it's just that TurboTax can't handle the calculation for you in this instance.   Here's more info on How to Enter Self Employed Health Insurance.    @sforgues     

Thanks Robert.  That's what I thought.  However there aren't any statements from which to get the accrued interest.  While on the phone with the bank's representative today they told me I could get the interest as of today's date.  I said, "that is of no help".  You need to get me a year end statement.  I now have to wait for it to be escalated to get that info.  Flabbergasted. But I appreciate it so I will stick to my guns to get that info.

I have run into this issue with the dealership. They told me that they just chose not to send in the Clean Vehicle Seller Report because they wete unsure if the vehicle was able to qualify for the deduction. I got them to finally submit the Clean Vehicle Seller Report on January 28, original sale date was 04/30/2025. Is this sufficient? And how long does it take for the IRS to recognize the paperwork?

I couldn't find any option for HY, MQ, etc. I wasn't thinking it thru when I first asked so it isn't really an issue with at this point.  However, it is not calculating right.  1st year was 22. , mid quarter 2.  Cost was $65,150.  Total depreciation prior to 25 is $34,204.  25 depreciation should be $13,030 (20%) but TT is making it $12,378 (18.9%).  I don't like to override but it is looking like the only option?  Any other way to fix this?

To revisit the health insurance election on your Illinois return, please follow the steps below: Open your Illinois return. Continue through the screens until you reach, A few things before we wrap up your state taxes. Click on Other situations. Click Start/Revisit next to Health insurance information. Answer No to the question Would you like to allow the Illinois Department of Revenue to share your income information with other state agencies in order to determine your eligibility for health insurance benefits? Resubmit your state return. 

It depends if your wife made a non-deductible contribution, conversion or took a distribution. If not, there is no 8606 generated this year, thus last year's 8606 remains the same this year. The software tracks her basis in the background so it's ready for the year she finally takes a distribution, makes a non-deductible contribution, or makes a conversion.    Form 8606-T (You): Generated because you had active movement or a new contribution. Form 8606-S (Spouse): Not generated because she had no "taxable event." This is normal and follows IRS rules. You simply carry forward your 2024 Form 8606 for her as your proof of basis until she has a year with activity.

You enter your information in the 1099-R interview. In that interview, TurboTax should ask you "Do any of these situations apply to you?" Check off "I moved some or all of my money to my HSA". This will bring up a subsequent screen asking how much of the 1099-R distribution was directed to your HSA.   After this, when you do the HSA interview, do NOT enter this amount again. You must do the HSA interview, in order to describe your HDHP coverage so that the distribution will be allowed.   Note that this 1099-R contribution to your HSA is in addition to any other HSA contributions, so it is easy to accidently overcontribute.

Thank you for the comprehensive response, that is very helpful. Just a followup question. In the "Sales of Business or Rental Property" section of Turbotax, it states "If you used the property partly for personal purposes, be sure to compute the amounts of your sales price and property's cost that relate to the business portion only"  What is the definition of the term "business portion" above?  Does it refer to (a) the time period rented, (b) does it refer to the physical area/portion of the property that was used for business purposes or (c) something else entirely? Thank you in advance for your assistance.

The 1099-G for the New York State Inflation Refund Check can be entered as a New York State refund in the TurboTax program. Income Other Common Income State and Local Tax Refunds on Form 1099-G   START or UPDATE Select the "Tax return year" on the "Tell us about the refund you received in 2025" as TAX YEAR 2023 Enter zero for "Payments and Withholding" Enter the amount that you received which is reported on that 1099-G   Select NO for the "Let's check if your 2023 New York refund is taxable" screen Once the NO radio button is selected a drop-down opens and you can enter the taxable amount which is the full amount reported on that 1099-G.   If you also receive a 1099-G for a 2024 state tax refund, that can be entered separately from this 1099-G.  You will attribute the "inflation refund" check to tax year 2023 and the State refund (if you received one) to tax year 2024.   This is the first year New York has issued a payment like this. There is no one dedicated screen to enter this 1099-G in the TurboTax program. Technically the New York State Inflation Refund Check is NOT a refund of tax. It is similar to an Earned Income Credit in so far as it is based on the Taxpayer's income, in this case their 2023 income, regardless of whether they itemized or used the standard deduction. It is not taxable on the state return, but is taxable on your federal return. Some answers you give the program are answers to make the program put the numbers where they need to go, they are not answers that are transmitted to the IRS. The amount of the New York State Inflation Refund Check will be reported on Schedule 1. The total on Schedule 1 is carried forward to Form 1040 line 8.     Here is a link explaining the New York State Inflation Refund Check Here is a link explaining the federal taxability of the check