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Have you entered distributions under Federal Taxes >> Distributions or on Schedule K-1 Part II Line A? TurboTax Business will automatically calculate the beneficiaries' percentages based on the distribution amount you have entered.   You have the option to remove the distribution amounts, which will eliminate the percentages on the Beneficiary's Allocation Smart Worksheet. Or you can change the percentages by changing the distribution amounts. 

The IRS doesn't require a 1099-B to claim a capital loss, but in the event of an examination, you must be able to substantiate the transaction  (basis, proceeds, and the disposition).    If you didn’t receive a 1099-B/1099-S, the IRS instructions for Form 8949 explain how to report the transaction using your records. Good support includes purchase/subscription documents, capital account or investor statements, redemption/liquidation paperwork, and wire confirmations showing amounts and dates.    If the investment is a private equity partnership, you generally should obtain the final K-1 and any final-year disclosures before claiming the loss, because partnership allocations and basis details affect the correct result.   Capital losses & worthlessness Instructions for Form 8949  @dph933    [Edited 2/22/26 | 9:00 am PST]

Thank you.   What Turbotax update is required to remove/zero out any nondeductible contributions or basis in the Trad IRA, and delete the form 8606? I am unable to identify the update needed to correct this issue.

The deduction for seniors will be on Schedule 1-A line 37. The total deductions from Schedule 1-A will be on Form 1040 line 13b, which might include other deductions besides the deduction for seniors. The maximum deduction for seniors is $6,000, or $12,000 if married filing jointly and both are 65 or older. The deduction is gradually phased out over a range of income, so even if your income is below the maximum of the range, you might not get the full $6,000 per person. The phaseout starts at Modified Adjusted Gross Income (MAGI) of over $75,000 ($150,000 if married filing jointly).  

sorry to hear that - it's been a rough 2026 so far for TT. not sure what happened to them but they have a ton of frustrated customers now. i have spent at least 10 hours doing my taxes now which should have taken no more than 2 hours. and i'm still not confident everything is correct since i deleted so much of what i had done to try and start fresh. 

Your post shows you are using the TurboTax online web-based editions and not the TurboTax desktop editions installed on a personal computer.   The TurboTax Deluxe online editions has never supported entry of an investment sale or a Form 1099-B.  That is only supported using the Premium online edition.   The TurboTax Deluxe desktop edition does support entry of an investment sale and supports Form 1099-B.

$500,000. Even though you only physically received $400,000, the IRS considers the $100,000 withheld for taxes to be part of your distribution. If you only deposit $400,000, the IRS will treat the remaining $100,000 as a permanent withdrawal. You'll be able to get the $100,000 back as a tax refund (assuming you were not underpaid for unrelated income).

Check line 13b of your 1040 tax return. It should be included there.   The $6,000 deduction is based on your date of birth in My Info   You will only see the Standard or Itemized deduction on ‌line 12e of your tax return. However, the Senior Deduction is reflected on line 13b . It is reflected on Schedule 1A, Part V, Line 37 There's a $6,000 deduction for individuals older than 65, and a $12,000 deduction would apply to couples who qualify.  This deduction may be limited by other income that you received.  

In your tax return viewable PDF copy, search for a form titled Schedule 1-A Additional Deductions. The total on Schedule 1-A Line 37 is your enhanced senior deduction for the year. The sum of these additional deductions (on Line 38) should flow to Line 13b on your federal Form 1040-SR (not the standard deduction).   To see or print a PDF of your tax return, select your product and follow the instructions.   TurboTax Online Open or continue your return. Select Continue or Start on Tax Home to enter your return. Select Tax Tools from the menu. Select Print Center, choose Print, save, or preview this year's return, and follow the instructions. If you haven't yet paid your TurboTax Online fee (or registered, if you're using a free version), you'll need to do so before you can save the PDF. TurboTax Desktop Open or continue your return. Select File. Select Print/Save for Your Records. Choose to either Save As PDF or Preview Print Copy. See also: 2025 IRS Form 1040 instructions, What's New

No letters or notifications on my irs portal. My transcripts finally populated on 2/19/26  for 2025 but no info or codes. Just shows $0.00. That probably triggered the email. From my research lots of people got this email and a week later or so god a ddd. Hope for the a 846 code here soon. Thanks flr the reply.

In TurboTax Online, at the screen Now let's look at your 2024 form, I am able to enter the $255 which would have been the amount reported in box 5 of your 2024 form SSA-1099.   Are you receiving an error message?  Please clarify.   This is a separate amount from the amount that was reported on the screen How much was your lump-sum payment for 2024?.  This amount is reported on the 2025 form SSA-1099.   The software will use the information to compute the taxable amount of the 2025 lump-sum amount based upon the 2024 tax return information.        

If you are filing as Married Filing Separately you are not eligible for the deduction.  If you are Single and your AGI is over $150,000 or Married Filing Jointly and your AGI is over $250,000 you are not eligible for the deduction.   If you are age 65 or older and meet the requirement, the additional deduction is automatically added on your federal tax return.   Standard deductions for 2025 Single - $15.750 add $2,000 if age 65 or older Married Filing Separately - $15,750 add $1,600 if age 65 or older Married Filing Jointly - $31,500 add $1,600 for each spouse age 65 or older Head of Household - $23,625 add $2,000 if age 65 or older   New Bonus Standard Deduction (OBBB): An additional $6,000 deduction for taxpayers 65 and older. This is per eligible individual, meaning a married couple both over 65 could get $12,000. Important: This bonus deduction is temporary, lasting from 2025 through 2028. Income limitations: It phases out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers. The amount is calculated on Schedule 1-A, Part V, with that amount flowing to Form 1040 Line 13b Look at your Form 1040 - You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

The clean-state tool  is the best way to resolve this if you are stuck in a loop while trying to download your state tax return. You can also contact TurboTax Customer Service using this link: Turbo Tax Customer Service.   Also, please see State install/e-file update loop: State not installed after installation or TurboTax needs to update prior to e-file. You can try the steps below if the tool did not work for you.   Uninstall your TurboTax program. Download your file to start the reinstallation process. Click on "Next" on the Welcome screen. Select "I Agree" to the License Agreement. On the following screen, where you see the install location, select "Browse" and  Change to the location where TurboTax was originally installed (it would be something like C:Program Files (x86)TurboTaxDeluxe 20XX). After your location is changed, Select "Install" Then reopen your TurboTax program to complete your state taxes. Please return to Community if you have any additional information or questions and we would be happy to help.