All Posts

I concur with the OP. I had both w2 and 1099-NEC income. Turbotax is advising to sock away $80000 for SEP  IRA this year - this is definitely not 20% of net income. Something is not right in 2025 version of turbotax

What additional taxes and shipping fees are you referring to?  TurboTax does not have shipping fees. What exactly are you trying to do? Are you using TurboTax?  If so, which program, online or desktop?

@user17711955024 wrote: Heavy sigh.  I guess I'll start shopping around for some other tax software for the future years. This new tool is supposed to be released sometime this month or next.   The frustration is understandable, but you're really not going to find other DIY tax prep software much different, better, or more functional that TurboTax. They merely have a FMV look-up tool much the same as TurboTax will have in a future update.

To report your Form 1099-R distributions for your IRA(s), including the amount of the RMD, do the following:   Return to your 1099-R entries by clicking Review to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R) in the Federal Wages & Income Click on the pencil to the right of the 1099-R Click Continue through the entries you've made When you reach, "Let's get more information about your Required Minimum Distribution (RMD), enter the amount of your RMD that was due by December 31, 2025, Continue. Only the RMD amount, no extras On the next screen, "How much of this distribution applied to your December 31, 2025 RMD?", enter your RMD that you entered in the prior screen, Continue When you reach, "Review your 1099-R summary, Continue (not the pencil) When you reach, "Let's go over any required minimum distributions (RMD), Continue (not the pencil)   Follow the above steps for each of your Form 1099-R entries (if applicable).   If you still receive alerts about RMDs, be sure each number is exact for each box above.    If after doing the above steps, you receive alerts, you may go in and remove the Form 5329 (if one was generated), since you know it is all correct.   To delete Form 5329:    Go to Tax Tools on the right hand panel inside of TurboTax Click on the down arrow and scroll down to Tools Click on Tools and select Delete a form from the menu items that appear in the Tool Center Click on the trash can icon to the right of Form 5329

You can if you're using the online version, which is why i had hoped there would be a way to import the .csv file into the desktop version, as i have no patience or capability to enter every line item manually. 

Typically, the adjusted cost basis will be the actual price you paid per share (the discount price) times the number of shares, plus the amount reported as income on your form 1040 (the stock discount) - this discount may have also been reported to you on your W-2.    For practical guidance, start with this detailed dive into calculating your basis and gain on ESPP, including short-term and long-term examples, in the following TurboTax help article - Employee Stock Purchase Plans   See also: IRS FAQ - How do I report the sale of stock from an employee stock purchase plan?

Well I obviously missed the memo that Turbotax was dropping ItsDeductible.  Did you bother to notify all your loyal customers?.....I don't think so.  And so here I am, in tax season, already purchased my Premier version of Turbotax for 2025, got to the Deductibles section and now I find out that ItsDeductible is not there and something new may be coming but no outlook as to when.  Do I sit and wait for the new tool?  Or do I just take my best guess at FMV for my donations?  Knowing that this was announced quite some time ago, I have no confidence that anything new is coming anytime soon.  I'd like to say I want my money back for my Turbotax purchase but my taxes are done except for these donation deductions. Heavy sigh.  I guess I'll start shopping around for some other tax software for the future years.