All Posts

Not all financial institutions are import partners with TurboTax. It's up to the financial institution to decide whether or not to partner with TurboTax for importing 1099-R information. If the financial institution that issued your 1099-R is not an import partner, you have to enter the 1099-R manually. At the very bottom of the screen with the list of companies, click "Skip Import."  

Have you tried it through the interview?   You should be able to include the form with your e-filed return.   Go to the 1099-R entry section and at the end, you will be asked about missed RMDs.   TurboTax will ask for the account information, whether or not you corrected it, and will allow you to fill out the explanation statement.     

When you were going through the TurboTax interview, were you ever advised that you might owe an underpayment penalty?  TurboTax will calculate any penalty for you and then advise that you can pay the penalty at that time, or you could have the IRS figure out the penalty for you and bill you for it.  When you file your taxes, TurboTax will give you options for paying the balance due that you owe - keep in mind that you can file your return at any time before the filing deadline of 4/15/2026 and schedule to pay the balance due by 4/15/26 without incurring additional penalty amounts.   If you think you might owe taxes for 2026, it is best to used timely estimated payments that are paid through out the year.  The IRS works on a "pay as you go" system and expects tax payments to be paid at regular periods throughout the year rather than one lump sum at the end of the year.  It is possible to get a refund and still be penalized for not making timely payments of your income taxes.

Since many taxpayers don't enter their 1099-Q (entire distribution was for qualified expenses), you can check the 'Trustee to Trustee' option and then report the IRA contribution in that section separately.  Here's more info on Reporting Roth Rollover from 1099-Q.   @McMayo4 

 I see where you got 57,156.  You don’t add the premiums and withholding to the net benefits in box 5.   Box 5 is not the net amount you got in the bank.   Box 5 is the Total income you got from Social Security before (not minus)  the tax withholding and insurance premiums were deducted.

@DaveF1006    Thanks for clarifying how to fill out 8949 correctly.  I am taking itemized deductions as opposed to standard.   If I take all of the foreign taxes as a deduction as opposed to a credit, they go on Line 6 of Schedule A.   Is it possible to take foreign tax credit on 1116 for the 1099-DIV and 1099-INT and take foreign tax deduction on Line 6 of Schedule A for the $15K held at source for the house sale?   I have read 1116 instructions and Pub 514 and normally you take either a deduction or a credit for all foreign taxes for that year.  However, exceptions apply where you can mix and match in situations where part of the foreign taxes are disallowed as a credit due to certain reasons, in which case you can take those taxes as a deduction.  Clearly the $15K is on a long term loss ($50K sale proceeds - $150K basis).  Publication 514 mentions one such reason (Covered Asset Acquisition) where the credit may be disallowed and then it can be taken as a deduction.   It appears to me this applies to the inherited home sale because for US there is a stepped up cost basis while not so for the foreign country.     Please let me know if this will work.  The problem is I cannot understand the referenced material: Section 901(m) and the referenced Treasury Decision. Filling out the Turbo Tax 1116 for the 1099-DIV and 1099-INT credit and Schedule A Worksheet for the $15K deduction are easy - I just need to confirm this is okay.    

Just to close the loop on this issue. After Gabi assisted in opening a support ticket and I submitted my turbotax tax files using the software, a support ticket was opened and I got an email from TurboTax support on Feb 12th stating that the issue had been fixed in the latest update to the TurboTax software. So if you are experiencing this issue, make sure you have the most up to date version of TurboTax.

The amount on Form 1040 line 8 comes from Part I of Schedule 1. Look at Schedule 1. What line of Schedule 1 is the income on? Most likely either you entered the W-2 forms incorrectly, or the forms you have are not actually W-2 forms. Are they 1099-NEC or 1099-MISC?  

Just a suggestion, Intuit:  perhaps not label this so vague and you won't see a slew of irritated users.    The main rub is the "by February" wording that has not changed since Feb 1 has come and gone by almost 2 weeks - without any updates proactively to its users.  I agree with another user's comment that we hope the logic and completeness of the depreciation and amortization section will be better than the poor use of language in its place.    And I'm a bit concerned that you're not flagging incompleteness for all of us who have repeatedly tried to edit the data for depreciation and amortization and keep getting this vague message - clearly a flag that we have entries for this purpose.  I almost submitted my taxes before I remembered this was not yet done - but Intuit stated "looks good to submit!!!"   I'll be really curious if we receive a proactive update via email when this section is ready...?  

How do I record and get the FMV for items/clothes donated to Goodwill, Salvation Army, etc?  I previously recoreded then imported from itsdeductible.  Is it there a way to enter donations directly into the desktop software?  I haven't purchased yet after finding out about itsdeductible. 

Further to previous reply: This year, for a NY Business return, I had to wait until the day after the one shown in the table for it too work, so don't take it as gospel.  Doing your taxes promptly has downsides.   Unlike your experience, a phone rep emailed me the NY Businees Tax (only) chart after he figured out what the problem was.  I found the source page by trial & error today so that I could answer your question.   Good luck.  

Oh yeah, they probably didn't enter what the SSA calls the Net benefits on box 5.   The difference  between the 49k number and the 57k number is exactly the total of all the Medicare insurance, and Fed withholding deductions

Since ItsDeductible is no longer available, this response from TurboTax is incorrect.  It seems that you now have to perform the following steps to try to get credit for donating items to a charity: Once you are in Deductions & Credits: 1.  Select Add another charity to the Your charities and donations page 2.  Enter the Charity name and select Items and Stock, then hit Continue 3.  Select the Type of donation, enter the Date of donation and donation value, then hit Continue (You'll have to use another program to determine the fair market value that is acceptable to the IRS in determining donation value) 4.  Input the item description and select Thrift Shop value, then hit Continue 5.  If you donated more than 1 item, select Add another item 6.  Repeat steps 3-5 for all other items donated until you are done and select Done instead of Add another item This is extremely tedius, requiring 8 entries/clicks per item donated.  If I donated to Goodwill 4 times in the year with 10-15 items donated each time, it will take me hours to complete this since TurboTax does not have a replacement for ItsDeductible - I'll be using H&R Block next year unless they fix this first.