All Posts

Thank you. I will assume you are correct, but without digging too deeply: The first reference to 408A(d)(3) that defines a Roth rollover as a taxable conversion is irrelevant, as taxes are due on all Roth conversions from a traditional IRA, whether as a result of an RMD or for any other reason. That would include funds rolled over that originated as an RMD. Section 403A(d)(3)(E) refers to "Special rules for contributions to which 2-year averaging applies." It does not expressly reference RMDs at all, and insofar as I am aware, RMDs are not "contributions to which two year averaging applies".  Perhaps you intended to refer to a different statute. 

See this TurboTax tips article for more information on rentals and this article about how to enter the information. You would need TurboTax Premium (Online) or Premier (Desktop). It is not a miscellaneous expense item that you enter; TurboTax will calculate it from your entries in the depreciation topic of the Rental section.   To enter your rental in TurboTax:   Navigate to the rentals section: TurboTax Online/Mobile: Go to the rentals screen under Wages & Income TurboTax Desktop: Search for rentals and select the Jump to link or, Go to Federal Taxes. Go to Wages & Income. If asked, How do you want to enter your income?, select I'll choose what I work on. Under Rental Properties and Royalties, select Start or Update next to Rental Properties and Royalties (Sch E).   You will need to enter the property as an asset, enter your basis in the property, and answer all of the questions. Then, TurboTax will calculate the depreciation you can take for 2025.   The basis of property used in a rental activity is generally its adjusted basis when you place it in service in that activity. This is its cost or other basis when you acquired it, adjusted for certain items occurring before you place it in service in the rental activity, such as major improvements.   Continue to track expenditures that can be added to the basis of the property while you are preparing it for rent, even if that continues until next year. When the property is held out for rent at a fair rental value, you start depreciating the property (excluding the land value).   See IRS Publication 527 for more 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.

Delete that 1099R and enter it again Manually.   That usually fixes things, especially if you imported it.   After you enter the 1099R keep going g through all the follow up screens and questions.  Do not change the little IRA checkbox.  That’s important.  

The unadjusted basis of a building would be its original cost basis, or what you paid for it, including closing costs that you were not able to expense in the year of purchase. It is what you entered for the cost of the building when you set it up for depreciation in TurboTax.