All Posts

Is this your 1099-R?  Box 16 and Box 14 should not be the same.    It is possible to get all of your tax withheld returned if your income is below the filing thresholds.      From the IRS - Use the Interactive Tax Assistant to get retirement income information including pensions, IRAs and Social Security

For the medical cannabis industry, I'm not sure if you qualify for the tip deduction.   Correct me if I am wrong, but I think it is still illegal on the Federal level, even though it may be legal in your State.   The Proposed Regulations say:  "Illegal activity. Any amount received for a service the performance of which is a felony or misdemeanor under applicable law is not a qualified tip. "   IF your work falls under that, the tips would not be deductible.   Even if your work does not fall under that, is your work part of the list of qualified occupations (see link below)?   https://www.irs.gov/forms-pubs/occupations-that-customarily-and-regularly-received-tips-on-or-before-december-31-2024  

If you want to delete a form in TurboTax Online follow the instruction in the following TurboTax Help Article:  How do I view and delete forms in TurboTax Online?   FYI:  Even if TurboTax includes a section in the step-by-step or shows amounts from prior year returns from forms that aren't needed in the current year return, only the forms with information required to be filed are included in the e-file transmission.    

The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO.  You do not need to take any extra steps to enter it. (And…the new senior deduction has nothing to do with whether you are getting Social Security)   The deduction is not on the same line as your standard deduction.  It is shown separately.     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)     For 2025 through 2028 there is an extra  deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.   (The deduction phases out completely at $175.000 Single or HOH, or $250,000 joint)   The $6,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e.  Turbo Tax automatically includes it. IRS Schedule 1-A https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf   Need to see it? https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr   If you are not getting the senior deduction it is because Your date of birth in MY INFO shows that you were not 65 by the end of 2025 Your income is too high You are filing married filing separately

Please explain what you mean when you say it "takes the IRA route?"   Are you referring to the question about an RMD?   When you are entering the 1099R for a pension you just need to say it was all an RMD.

Yes, you can enter it under Investment Income.   That section has 1099-INT and 1099-DIV and 1099-OID and 1099-Bs.       The link below has full instructions.    Where do I enter my 1099-DIV in TurboTax Online?

how is the mortgage being paid? directly by you and the other members or by the LLC?  The tricky part is handling the mortgage since it's in your personal name(s).  I think the proper way from an income tax standpoint, starting ASAP,  is for you and the other member(s) to each make capital contributions to the LLC in the amount of your respective ownership interests. Then the LLC "pays" the mortgage. This maintains the proper separation between personal and business finances. HOWEVER, this may raise a huge flag at the mortgage companies. 

I didn't save the file and started over.  I (again) brought forward my 2024 return and started from the beginning.  This time, it properly identified my kids as dependents and a filing status of HH.  I feel so much better!

You can start a new thread by clicking this link.   Provide details about your situation and someone can help.   Let us know what kind of form or income you are trying to enter and what the problem is.    @gabe913 

Does not answer the question. Already received the NY Inflation Rebate check, that's not what this is about.   The question is what to do with NY's 2025 Form 1099-G which has 2025 entered into Box 1.  It seems like it should have been 2023.