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a month ago
pension started 10 years ago
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a month ago
@eversylvid Hard to know what your issue is...note tat other income (but Not SS) can be taxed by NC. Another person had a (maybe) similar issue with marking their CSA-1099-R as being Bailey ...
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@eversylvid Hard to know what your issue is...note tat other income (but Not SS) can be taxed by NC. Another person had a (maybe) similar issue with marking their CSA-1099-R as being Bailey Settlement eligible, and the fix was that , during the entry of their CSA-1099-R in the Federal section, that their box 15 had to at least have "NC" in it on the TTX form, before selecting Bailey Settlement on the next page. Without "NC" in box 15, apparently, the distribution is stateless...or something like that, and has to be "NC" or the Bailey exemption isn't applied.
a month ago
Take a look at your W-2 to be sure that you do not have an amount in box 12 with code W being reported. If you do, it indicates that you did make a contribution to a Health Savings Account (HSA) thr...
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Take a look at your W-2 to be sure that you do not have an amount in box 12 with code W being reported. If you do, it indicates that you did make a contribution to a Health Savings Account (HSA) through payroll deductions or through your employer. This information on the W-2 would trigger Form 8889 to be included as part of your return automatically.
This would mean that you would also need to go through the HSA section to verify that you were eligible to make a contribution to the HSA, or you would have tax consequences based on the W-2 information.
If you do see an amount in your W-2 in box 12 with code W, you should contact your employer for clarification about whether this is accurate or if you need a corrected W-2.
a month ago
I had same problem last year also. Starting to get the feeling they want a lot of people to choose the option to pay from their refund and collect a 40 dollar processing fee. Seems very suspicious ...
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I had same problem last year also. Starting to get the feeling they want a lot of people to choose the option to pay from their refund and collect a 40 dollar processing fee. Seems very suspicious they couldn't fix this in two years.
a month ago
I have experienced this too. I have completed both fed and state except for depreciation on single rental. Frustrating, especially when I am expecting refunds. Since I did not add any assets in 20...
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I have experienced this too. I have completed both fed and state except for depreciation on single rental. Frustrating, especially when I am expecting refunds. Since I did not add any assets in 2025, I am thinking that I can go ahead with filing both and not worrying about the software not being completed but I am a little worried about doing that.
a month ago
You can enter this by navigating to Deductions and Credits, Estimates and Other Taxes Paid > Estimated Tax Payments > Federal estimated taxes for 2025 (Form 1040-ES) and/or State estimated taxes for ...
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You can enter this by navigating to Deductions and Credits, Estimates and Other Taxes Paid > Estimated Tax Payments > Federal estimated taxes for 2025 (Form 1040-ES) and/or State estimated taxes for 2025
a month ago
You have to enter them separately by the purchase date. Aren’t they each listed even though they were sold on the same day?
a month ago
The pricing is very different for online TurboTax than the pricing for desktop download that you purchase from Sam's, Costco, etc. There are quite a few differences between desktop download and onli...
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The pricing is very different for online TurboTax than the pricing for desktop download that you purchase from Sam's, Costco, etc. There are quite a few differences between desktop download and online:
Desktop software
Every version has all forms and schedules
Forms mode to see all forms as you work and “what if” feature
Can e-file up to five federal returns and their associated state returns
If you have more than five federal returns the additional ones can be mailed
Tax file is stored on your own hard drive
Always available even after tax season ends
State e-file fee is an extra fee. State can be mailed to avoid e-file fee
Desktop is more cost effective for multiple returns for family members, etc.
Desktop software is available from Intuit or from various retailers—prices vary
Only works on full PC or Mac—not on any mobile devices
Desktop --unless you specifically buy federal Deluxe only from a retailer-- will include the software for one specific state. You can prepare as many returns for that state as the number of federal returns you prepare. E-filing state returns is an extra fee which can be avoided by printing and mailing the states. Additional--other--state software is an additional fee for the software.
Online TurboTax
Forms and schedules supported vary by which version you use
No Forms mode, but you can “preview” Form 1040 and Schedules 1, 2, or 3 before filing
One return per fee
Separate fees for federal and state returns
Each return needs its own email, account and user ID
Tax file is stored in online account for seven years
Can be used on any device with internet access
a month ago
If you are 65 or older, TurboTax will automatically apply the Enhanced Senior deduction to your tax return if you qualify.
TO CHECK IF THE SENIOR TAX DEDUCTION IS APPLIED TO YOUR TAX RETURN: ...
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If you are 65 or older, TurboTax will automatically apply the Enhanced Senior deduction to your tax return if you qualify.
TO CHECK IF THE SENIOR TAX DEDUCTION IS APPLIED TO YOUR TAX RETURN:
On the panel on the left side, Select Tools.
From the popup, Select View Tax Summary.
The Senior Tax Deduction will be applied on the Additional Deductions (Schedule 1-A) line.
a month ago
It is being asked to compute your total cost basis. Since you can withdraw your original contributions at any time without taxes or penalties, tracking the basis is much less complicated to do each y...
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It is being asked to compute your total cost basis. Since you can withdraw your original contributions at any time without taxes or penalties, tracking the basis is much less complicated to do each year, rather than when (if) you take an early withdrawal.
If you did not take a distribution in 2025, this information is not required to file, but providing it now helps the software track your basis for future years.
a month ago
Why don’t you want the first refund to arrive? You can’t amend until the IRS is done processing your return and you get the first refund. And the amended 1040X won’t be ready until Feb 19 or late...
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Why don’t you want the first refund to arrive? You can’t amend until the IRS is done processing your return and you get the first refund. And the amended 1040X won’t be ready until Feb 19 or later. Then the amended 1040X return is only for the difference you get back or owe. I think the cover sheet shows what the original return WOULD have been if you did it right the first time. Ignore the new 1040 that might print out. Go by the actual 1040X. Line 18 should be your original refund amount and line 22 should be your additional refund. If you paid on your original return it will be on line 16. If there is an amount owed with the amendment, it will be on line 20.
a month ago
To report Section 1256 contracts in TurboTax, follow these steps:
1. Select Tax Home > Federal
2. Select Wages & Income 3. Scroll down to Less Common Investments and Savings 4. Select Start...
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To report Section 1256 contracts in TurboTax, follow these steps:
1. Select Tax Home > Federal
2. Select Wages & Income 3. Scroll down to Less Common Investments and Savings 4. Select Start or Update next to Contracts and Straddles 5. If prompted on how to enter, select Type it in myself 6. Enter the information as shown from the relevant boxes on your Form 1099-B, and your tax reporting elections
See also:
TurboTax - What is Form 6781: Gains and Losses from Section 1256 Contracts and Straddles?
a month ago
I sold for example stocks that were bought on 3 or 4 different days but the sell date has room for only one.
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a month ago
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a month ago
In MY INFO the question appears during the interview screen that asks if the child paid for over half their own support. You need to say NO to that. Click the child's name in MY INFO and go back t...
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In MY INFO the question appears during the interview screen that asks if the child paid for over half their own support. You need to say NO to that. Click the child's name in MY INFO and go back through the screens.
a month ago
If I should just go out and start over will all the previous work I have done to file be erased for good?
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a month ago
Should I call the IRS (is that possible) and ask whats going on? I also paid the extra to receive my return in 5 days.
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