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4 weeks ago
It's not a MAC issue. I bought a new Macbook last year specifically to do taxes. It worked like a charm. This year, no data transfer. Perhaps there is an update coming. who knows but disappointe...
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It's not a MAC issue. I bought a new Macbook last year specifically to do taxes. It worked like a charm. This year, no data transfer. Perhaps there is an update coming. who knows but disappointed that it will take so much longer.
4 weeks ago
does H&R store your data on cloud, where, as someone else posted, it stays forever to be harvested? and it is nonetheless disappointing that Turbo rushed to exclusively go to a not-ready-for-primeti...
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does H&R store your data on cloud, where, as someone else posted, it stays forever to be harvested? and it is nonetheless disappointing that Turbo rushed to exclusively go to a not-ready-for-primetime W11 with no fallback to W10 other than risky online version. deja-vu of years of stubborn misjudgments by Turbo
4 weeks ago
Do you have a question? Post it in this forum.
4 weeks ago
No, Average Share Price is not the same as Comparative Sales. Average Share may be used instead for inherited stock values, however.
Key Reasons for Using Comparative Sales Prices:
IRS Co...
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No, Average Share Price is not the same as Comparative Sales. Average Share may be used instead for inherited stock values, however.
Key Reasons for Using Comparative Sales Prices:
IRS Compliance: The IRS requires that stocks, bonds, and donated items be valued at their Fair Market Value (FMV) on the applicable date, which often translates to using specific, comparative selling prices rather than averages.
Accuracy in Reporting: For non-cash charitable contributions (Form 8283), for instance, the valuation is based on what a willing buyer would pay for a similar item (comparative sales/FMV), not the average price of all items sold, to ensure precise, individualized valuation.
Transaction-Level Detail: TurboTax has adopted stricter, transaction-level reporting on forms like Form 8949 to align with the IRS's emphasis on tracking individual, accurate transactions rather than averaged data, which is considered a more accurate representation of the taxable event.
@TinkerToyRonnie
4 weeks ago
Once it's in an IRA, it largely loses any identity it used to have. This can sometimes be very important, because it might lose certain tax benefits. Since you seem to be working on a New York Sta...
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Once it's in an IRA, it largely loses any identity it used to have. This can sometimes be very important, because it might lose certain tax benefits. Since you seem to be working on a New York State return, it is important to know that in New York, retirement benefits paid to former state employees are tax-free in the state, while any other retirement benefits are only tax-free for the first $20,000 per year.
In your case the answer is none of the above, because no matter where the money came from 3 years ago, it is in an IRA now. And it since it is an IRA rolled over from a 457 plan, it is not an IRA rolled over from a pension.
If you are a former NY government employee, I would not do any more rollovers until you get tax advice from someone expert in New York tax law. I don't know if the Roth conversion would have been taxable or tax-free (in NY) if you did it directly from the 457, but it will be taxable now. Be very cautious about future rollovers that take money out of the 457 and put them in some other plan unless you talk to a tax advisor first.
4 weeks ago
Post your question to the
TurboTax expert community
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4 weeks ago
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4 weeks ago
How did you get ahold of someone from Cross River Bank?
4 weeks ago
We are hoping by this weekend, if not before. We don't have a specific date.
4 weeks ago
We are hoping by this weekend, if not before. We don't have a specific date.
4 weeks ago
We are hoping by this weekend, if not before. We don't have a specific date.
4 weeks ago
1 Cheer
i still get the same error message using turbotax business desktop when are you going to fix that program via update 2/12/26
4 weeks ago
Mine was issued 1/29. 2/12 and still nothing.
4 weeks ago
OK so I have received a K1 from fathers ESTATE that has an amount in 11D and the same amount in 14H. THe K1 is the final year and there was no income just the loss from sale of house. So now ...
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OK so I have received a K1 from fathers ESTATE that has an amount in 11D and the same amount in 14H. THe K1 is the final year and there was no income just the loss from sale of house. So now when doing my 1040 I see TT deducting the 11D amount from capital gains but all of a sudden I am thrown into the NIIT category and sadly this year I am over the 250K on other incestment income. So TT is taking MAGI minus 250K and calculating tax. All seems correct calculations BUT I had no income from estate and only capital loss caryover. Is this right am I paying tax on that K1 loss as well as my other investment income. TT is putting the K1 loss on line 7 of 8960 as postive number and so it is bumping my total investment income back up. I hope I explained this OK Thanks
4 weeks ago
Charitable donations go on Schedule A with other itemized deductions such as mortgage interest and property tax. Unless you have enough itemized deductions to exceed your standard deduction, the ch...
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Charitable donations go on Schedule A with other itemized deductions such as mortgage interest and property tax. Unless you have enough itemized deductions to exceed your standard deduction, the charity donations have no effect on your refund or tax due.
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)
4 weeks ago
1 Cheer
Ca State said they refunded to my account on 1/29. It is now 2/12 and nothing. Ca state had a different account than the one on my filed taxes. When speaking to a rep from Ca they said that it went t...
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Ca State said they refunded to my account on 1/29. It is now 2/12 and nothing. Ca state had a different account than the one on my filed taxes. When speaking to a rep from Ca they said that it went to Cross River bank and it should have already hit my bank. Speaking with TT (again) and they are also no help. Says since I did the 5 days early option, it’s affecting my state deposit. Why?! At this point it’s not 5 days early, it’s 14 days late. This is absolutely ridiculous.
4 weeks ago
@Carolgrneye
You will have to contact TurboTax support for assistance with this problem. Use the key words Billing Issue
See this TurboTax support FAQ for contacting support - https://ttlc.int...
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@Carolgrneye
You will have to contact TurboTax support for assistance with this problem. Use the key words Billing Issue
See this TurboTax support FAQ for contacting support - https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/turbotax-phone-number/L0Od33nMQ_US_en_US?uid=lfgviwbm
4 weeks ago
dMertz...you have answered the first half of my question quite clearly. Thx for that. Regarding the second half, sorry for the confusion. Box 7 is "J". The IRA, SEP or SIMPLE box is "no". ...
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dMertz...you have answered the first half of my question quite clearly. Thx for that. Regarding the second half, sorry for the confusion. Box 7 is "J". The IRA, SEP or SIMPLE box is "no". The custodian told me J indicates I transferred from a Roth IRA to a non IRA. (I hope my understanding is correct?) This is what the custodian sent me yesterday, "To confirm, the redemption of assets will be coming out of the individual account and be returned to a Roth IRA, which will be your requested Equity mutual fund. Taxes on the short- term and long-term gains will be paid in 2027. Keep in mind that because these transactions will occur in tax year 2026, they will appear on tax forms generated in 2027. You will receive IRS Forms 1099 for the gains that will happen from the distribution from your individual account. You will also receive IRS Form 5498 for the contribution to pair with all the documents for the self-certified rollover. You will also receive confirmation of the contributions. Please note that these amounts will affect your 2026 taxes; however, each type of transaction affects differently so it may not necessarily affect your income. " dMertz, I'm not clear what is triggering these capital gains as original acct was a ROTH. Are they saying when I move it back to a ROTH, I will trigger those gains? My goal here is to NOT have to pay any capital gains, esp after the penalty is resolved. Pls help me understand. As it's a ROTH, I've obviously already paid taxes. Thx, dMertz.
4 weeks ago
To enter rental income, expenses and rental asset depreciation -
Click on Federal Taxes (Business using Home & Business) Click on Wages and Income (Business Income and Expenses using Home & Busine...
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To enter rental income, expenses and rental asset depreciation -
Click on Federal Taxes (Business using Home & Business) Click on Wages and Income (Business Income and Expenses using Home & Business) Click on I'll choose what I work on Scroll down to Rental Properties and Royalties On Rental Properties and Royalties (Sch E) , click on the start or update button
4 weeks ago
I am at the point to sign for deposit into my account.
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