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Anyone with earned income can contribute to a Traditional IRA. However, your ability to deduct contributions may be reduced or eliminated if you or your spouse are covered by a workplace retirement plan and your income exceeds certain levels.    The IRA deduction phase-out ranges for the 2025 tax year are adjusted to account for inflation. The deduction, which is available for contributions to a traditional IRA, is gradually reduced (potentially to $0) if you or your spouse are covered by an employer-sponsored retirement plan.   If you’re covered by a retirement plan at work, the 2025 deduction is phased out as follows:   For Single and Head of Household filers, the deduction is reduced if your modified adjusted gross income (MAGI) is more than $79,000 (more than $77,000 for 2024) and is completely eliminated if your MAGI is $89,000 or more ($87,000 or more for 2024). For Married Filing Jointly and Qualifying Surviving Spouses, the deduction is reduced if your MAGI is more than $126,000 (more than $123,000 for 2024) and is completely eliminated if your MAGI is $146,000 or more ($143,000 or more for 2024). For married taxpayers filing a separate return, the deduction is reduced if your MAGI is less than $10,000 and is completely eliminated if your MAGI is $10,000 or more (the $10,000 threshold was the same for 2024). If your income is under the deduction phase-out range, you might also check your entries in the IRA deduction section to be sure you indicated that the contribution you made in 2026 was entered as a contribution attributable to 2025.   See this tax tips article for information about deductions that changed for 2025.    

They charge a $20 fee to process the withdrawal.  So between the fee and and interest, I'm guessing it ended up with that difference.  So am I able to file my 2025 return now without having to wait for a new 1099-SA?  Thanks

The credit is limited to $50 per taxpayer or $100 for a joint return:  the following comes from the instructions for Form AR1000TC:   "Line 1:  A credit of up to $50.00 per taxpayer ($100.00 for a joint return) is allowed against your Arkansas Individual income tax liability for cash contributions made by the taxpayer(s) to one of the following:   A candidate seeking nomination or election to a public office of to the candidate's campaign committee , , , ,  . . . The contribution must be made by April 15, 2026 to be claimed on a 2025 tax return"   Here is a link for Arkansas tax forms .  You can scroll down to 2025 Tax Year Forms, and look for AR1000TC Schedule of Tax credits and Business Incentive Credits to see the complete insturctions.

For a capital loss carryover - Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Under Investment Income On Capital Loss Carryover, click the start or update button

See this TurboTax support FAQ for the rental sale - https://ttlc.intuit.com/turbotax-support/en-us/help-article/real-property/sold-rental-property-report/L4No7YsIW_US_en_US   Note - The form 1099-S is not entered on the tax return, but the information from the 1099-S is used.

Let's first try to solve this. To clarify the situation: Are you on the online version of TurboTax? Did you get an error code or message? Were you rejected on the Federal, State or both?    

I was supposed to get my Federal from Cross Ruver today. No surprise I didn't. A total of $254 was taken from my state refund on the 6th. That day my Frderal and State eas deposited into to Cross River. Their excuse was that it takes 1-3 days to process. But, they turned around the stare thr sane day and are still holding my funds. No one has reported getting federal funds released by Cross River, but all over the internet, various financial sites and publications and Cross River's own PR department starts bragging about spending $250 million on expanding their other financial departments. Complaints leave been made to yhr FTC, CFPB and FDIC who want anyone who is experiencing this to submit complaints and updates. Unfortunately it takes time for that to play out, but it must be done so TT and Cross River can no longer hold taxpayer hostage. TT has had to settle one lawsuit and its obvious they got worst in their practices. Tt said call back today if I didn't get my refund abd they supposedly will escalate. But, I have no reason to believe they will do anything. Maybe if the hundreds of complaints turn into thousands, we can finally be made whole. But, we've got to submit complaints especially to the Attorney General in your state as well. I will post an update if I get my funds. Again. Next year, TT is not the choice. Post on social media as well to prevent others from using this company this year as well

To complete and file a 2023 and 2024 tax return using TurboTax you would need to purchase, download and install on a personal computer one of the desktop editions for each tax year required from this website - https://turbotax.intuit.com/personal-taxes/past-years-products/   A prior year tax return can only be printed and mailed, it cannot be e-filed using TurboTax.  Use a separate envelope for each tax year being mailed.

You would have to look on Form 8606, part I to see your non-deductible IRA contributions and basis. You can only see that form when working online with TurboTax when you print out your forms after your pay for your program. If you are using the desktop version of TurboTax, use the Forms menu option and you should see the form in the list provided.

In the My Info section at the beginning of the TurboTax interview, after you enter your name, birth date, and other information, you get a screen that asks "Do Any of These Apply to [you]?" That screen has a list of checkboxes. Check the box that says "Another taxpayer can claim [you] on their tax return."