All Posts
February 23, 2026
6:03 PM
Not sure if state dependent, I live in Wisconsin.
Topics:
February 23, 2026
6:02 PM
When entering the traditional IRA contribution, make sure that you do not indicate that you recharacterized, or "switched" the contribution to be a Roth IRA contribution. A a Roth IRA conversion is ...
See more...
When entering the traditional IRA contribution, make sure that you do not indicate that you recharacterized, or "switched" the contribution to be a Roth IRA contribution. A a Roth IRA conversion is not a recharacterization.
February 23, 2026
6:02 PM
Since 2019, there is no federal penalty for not having health insurance. Simply answer "No" when the program asks if you had health insurance. However, some States may charge you a penalty if yo...
See more...
Since 2019, there is no federal penalty for not having health insurance. Simply answer "No" when the program asks if you had health insurance. However, some States may charge you a penalty if you did not have health insurance... unless you qualify for an exemption: States that may charge a penalty include: California Massachusetts New Jersey Rhode Island District of Columbia (D.C.) If you live in any other state, there is no penalty at all. The program will automatically guide you through a list of exemptions (so any State penalty may be waived) such as: Your income was below a certain level. Insurance was considered "unaffordable" (usually more than ~8% of your income). You had a short coverage gap (usually 3 months or less). You experienced a hardship (homelessness, eviction, death of a family member, etc.).
February 23, 2026
6:02 PM
https://turbotax.intuit.com/personal-taxes/online/free-edition.jsp
Or—-Use this IRS site for other ways to file for free. There are 8 free software versions available from the IRS Free Fi...
See more...
https://turbotax.intuit.com/personal-taxes/online/free-edition.jsp
Or—-Use this IRS site for other ways to file for free. There are 8 free software versions available from the IRS Free File site
https://apps.irs.gov/app/freeFile/
February 23, 2026
6:01 PM
last year i could start my return with previous years data
Topics:
February 23, 2026
6:01 PM
I just have a question. If I include my information from my Schedule K1 (form 1120-S) using Turbo Tax in the section- under Wages and Income -Schedule K1 box 2 do I also have to report this same ...
See more...
I just have a question. If I include my information from my Schedule K1 (form 1120-S) using Turbo Tax in the section- under Wages and Income -Schedule K1 box 2 do I also have to report this same information again in the Schedule E section? I receive rental income every month from a commercial real estate property that we lease. I am a 50% ownership s corporation shareholder. My question is should I also report this same information again on the Schedule E section? Do I need to touch the Schedule E section at all?
February 23, 2026
5:59 PM
Topics:
February 23, 2026
5:59 PM
New car loan interest is entered in the Deductions and Credits Section. You will see it on Schedule 1a and will end up on Form 1040, line 13.
To enter your car loan interest:
Go to Deducti...
See more...
New car loan interest is entered in the Deductions and Credits Section. You will see it on Schedule 1a and will end up on Form 1040, line 13.
To enter your car loan interest:
Go to Deductions & Credits
Add more deductions
Cars and Other things you own
Car loan interest.
For more information, refer to the TurboTax article What is the vehicle loan interest deduction?, and What is IRS Schedule 1-A: New 2025 Form for Additional Deductions Explained
February 23, 2026
5:59 PM
If the wrong W2 was submitted, and you need to amend the tax return, you can do so after the initial return is completely processed.
This means waiting until the payment submitted with the tax...
See more...
If the wrong W2 was submitted, and you need to amend the tax return, you can do so after the initial return is completely processed.
This means waiting until the payment submitted with the tax return has been processed, or your refund has been received.
You will have to use the same TurboTax account that you used for the original tax return.
Once you begin your amendment, you'll see your original return.
The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
Only make changes to the areas of your return that need to be corrected.
You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment
February 23, 2026
5:58 PM
1 Cheer
Allocated interest expense = total investment interest times (4b1b divided by 4b1c)
4b1b- adjusted basis of foreign assets - the specific funds that generated the income - you can use the average b...
See more...
Allocated interest expense = total investment interest times (4b1b divided by 4b1c)
4b1b- adjusted basis of foreign assets - the specific funds that generated the income - you can use the average balance
4b1c - total assets - all of your investment assets - stocks, bonds, cash, etc.
You have figured it out, well done. While the numbers are not critical to filing, they could be important if the IRS decides to take a closer look, especially with a large foreign tax credit.
@probablynotirving
February 23, 2026
5:58 PM
An excess SEP contribution is subject to a 10% penalty calculated on Schedule A of Form 5330. TurboTax does not support Form 5330. To file Form 5330 you'll have to prepare it outside of TurboTax. ...
See more...
An excess SEP contribution is subject to a 10% penalty calculated on Schedule A of Form 5330. TurboTax does not support Form 5330. To file Form 5330 you'll have to prepare it outside of TurboTax. Note that since it's your responsibility, not the SEP-IRA custodian's responsibility, to track the year for which the SEP contribution is made, if the excess contribution originally intended for 2024 was made in 2025, you could potentially track it as a contribution made for 2025 instead of 2024 and avoid it being an excess contribution for 2024.
February 23, 2026
5:57 PM
my daughter is only claiming income, why would she not qualify for a free filing? she made less than $10.000.
Topics:
February 23, 2026
5:57 PM
They submitted the wrong W2
Topics:
February 23, 2026
5:56 PM
Its Deductible was discontinued at the end of October 2025; so far there is no definitive information on a tool to replace it.
February 23, 2026
5:55 PM
I appreciate it. I think I understand the Asset Sales Price and Land Sales Price, but I am still lost on the Asset sales expenses and Land Sales Expenses calculations. Assuming I am using tax year 20...
See more...
I appreciate it. I think I understand the Asset Sales Price and Land Sales Price, but I am still lost on the Asset sales expenses and Land Sales Expenses calculations. Assuming I am using tax year 2025 numbers, this is what I calculated. Improvement Home Site 132,220 Land Value 30,000 Total Value 162,220 Improvement Home Site 132,220 divided by Total Value 162,220 = .815 asset % 1 - .815 = .185 land % 138,957.69 sold home multiply .815 = 113,250.51 Asset sales price 138,957.69 sold home subtract 113,250.51 Asset sales price = 25,707.18 Land Sale Price How do I calculate Asset sales expenses and Land Sales Expenses? Thank you.
February 23, 2026
5:55 PM
I am using TurboTax desktop. In Section A of the 2025 Schedule H I entered in the name of the state where I paid unemployment contributions. On line 14, I entered the amount I paid and the % rate thi...
See more...
I am using TurboTax desktop. In Section A of the 2025 Schedule H I entered in the name of the state where I paid unemployment contributions. On line 14, I entered the amount I paid and the % rate this represents. However, TurboTax is flagging this as an error: "Schedule H-T Contributions paid to your state unemplymnt fund should be blank." I checked the IRS instructions for the form and to me it suggests that there should be a number on line 14. Did I encounter a TurboTax bug or am I misunderstanding the IRS form instructions? https://www.irs.gov/pub/irs-pdf/i1040sh.pdf
February 23, 2026
5:54 PM
Yes, you can delete the form, and re-enter the information.
Open or continue your return.
Search for the form name in the search bar (5695)
Select the Jump to link in the search result...
See more...
Yes, you can delete the form, and re-enter the information.
Open or continue your return.
Search for the form name in the search bar (5695)
Select the Jump to link in the search results to get to the summary screen.
From here, you can select the trash can icon to delete. How do I view and delete forms in TurboTax Online?
February 23, 2026
5:54 PM
how to add form 8863
Topics: