All Posts

It is strange indeed.  The financial advisor sent in a letter dated April 11, 2022 and this movement was supposed to remove the excess from hitting the Form 5329 into perpetuity and charging us 6% every year going forward:   "This letter confirms that <financial investment group> has completed the excess removal from your Roth IRA account on 04/08/2022.  The excess contribution amount of $5800 and earnings has been removed from this account for 2020."   The other letter stated he "recharacterized" 2021 and 2022.   As far as we know, the $5800 excess was moved into the temporary Traditional IRA account then moved back into the Roth via backdoor roth the same day because we received a 1099-R showing the amount moved out of the Roth that equaled the temp Trad account.   Now we are in a pro rata mess because our financial advisor did not ask if we had a SIMPLE when we started doing the BD Roth's.  I'm now facing amendments to 2020 - 2024 tax returns.   **EDITED to say - I looked up the excess $5800 movement online and it shows it did NOT go into the Trad account.  It went into a general fund account.    So I believe I can leave 2020 alone and move on to the TY 2021 for Pro Rata in Form 8606.  Sorry for the confusion.  

TurboTax does not have your W-2's.   W-2's come from employers.   If your employer is partnered with TurboTax to allow the W-2 data to be imported into the software you can do that---but you need the actual W-2 so that you can enter the EIN and the amount from box 1 to import the other data from the W-2---which just saves you the little bit of keying in of the other information.   W-2's come from your employer, and they have until January 31 to issue it.  Some employers allow you to import the W-2 through the software, but for security reasons you still need information from the actual W-2 to import it. Some employers have payroll sites that will have your W-2. You might need to phone, text, drop in, email and/or snail mail an old employer to make sure they know where to send your W-2.     Every 2025 W-2 that you received must be reported on your 2025 tax return, even if they are for small amounts.  Remember that each one of those W-2’s has your Social Security number on it, and that income was reported to the IRS by the employer.  You do not want trouble with the IRS for under-reporting your income or have your refund delayed by having missing income.   ALL of your W-2’s must be entered on the SAME tax return.     Go to Federal>Wages & Income to enter a W-2. After you enter the first one, you click Add Another W-2.     https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-forms/get-copy-w-2/L8FTim9MO_US_en_US?uid=m68ee4os   https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/import-enter-w-2/L55HzdeDr_US_en_US?uid=m68efe36   And….SAVE YOUR OWN W-2!  TURBOTAX DOES NOT SAVE IT FOR YOU.  TurboTax will not have a copy of it in your account and will not have an image even if you snapped a photo or imported it.  It is up to you to save it for your own records as stated on the back of the W-2.       

That's only if TT is working correctly. The problem is that I enter 1st 1099SA, then click Add to enter the 2nd 1099SA. All that happens is that the 1st one is updated with the info from the 2nd one. Many others have this issue also. This post has a work-around that works; see this link: Can I get help? TT won't let me enter 2 1099-SA- I enter one and then when I enter the other, it overwrites the first one. Is this a software problem?

You can report the sale of a Schedule E rental property by following these navigational steps for TurboTax Online or Desktop: Open or continue your return. Navigate to the rentals section: TurboTax Online/Mobile: Go to rentals. TurboTax Desktop: Select Search Topics. Search for and select rentals. Answer Yes to the question Did you have any income from rentals or royalties? Follow the on-screen instructions. We'll ask you to report the sale when you get to the Expenses/Assets (Depreciation) section, along with any other pertinent info (like income and expenses). Tip: Take your time and pay close attention. There's a lot of info and it's easy to miss if you're in a hurry.   Terminology tips Sales Price – If you received a Form 1099-S, look in Box 2 (Gross Proceeds), which will generally be your contract sales price. You can also use the gross proceeds amount from your settlement closing statement. Sales Expenses for selling your property include sales commissions, advertising, broker and legal fees, and transfer taxes. Basis is your rental's original purchase price plus settlement costs at time of purchase (abstract, legal and recording fees, surveys, transfer taxes, and owner's title insurance). Adjusted basis is your basis plus improvements and sales expenses minus depreciation. From TurboTax FAQ - I sold my rental property. How do I report that? (Full article)   See also: IRS - About Form 4797, Sales of Business Property

You could file as Head of Household since you have lived apart from your spouse for longer than the last six months of 2025 and are the custodial parent of the children. Am I Head of Household?   https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-filing-status/qualify-head-household-2021/L0NxUtVc2_US_en_US?uid=m5x19jkx https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-filing-status/qualifying-person-head-household/L2TmgztNs_US_en_US   If you qualify as Head of Household, when you enter your marital status (single or married filing separately) into MyInfo, and then enter your qualifying dependent, TurboTax will offer HOH as your filing status.       https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/married-person-claim-head-household-filing-status/L078u1RSW_US_en_US?uid=m62dkc4a  

I tried to import  (2/17) from Fidelity and Schwab three times; into a new file each time. Each time import was 'successful' but Turbo (desktop) showed no information. Have done this import for many years without any problem before.

In TurboTax Online, enter the state tax payments as follows:   Down the left side of the screen, click on Federal. Down the left side of the screen, click on Deductions and credits. Click the down arrow to the right of Estimates and Other Taxes Paid. Click to the right of Estimated Tax Payments. Choose which estimated tax payment needs to be reported.  

Sorry, but this reply doesn't get to the glitch in the system. I have dividends from individual stocks as well as foreign taxes paid on them, not RICs.   Future products would be better if a screen had rows for countries to be picked or RIC, columns for income and tax paid, all under the 1099-Div info so its tied to the proper 1099.   As an aside, I have not had this occur in past years on the TT for Windows product when entering the by country information in the foreign tax credit section.

It depends. We may need additional clarification about the type of loss and when it actually occurred. Next is whether you are trying to amend a tax return and for what tax year.   If you had a 2024 investment loss then it would be reported on your 2024 tax return. If the loss actually occurred in 2025, then it would go on the 2025 tax return.    Once we have additional details we can provide the information you need.

The program wants me to contribute 77,500 on an income over 500k, presumably as a catch up of 7,500 for my SEP IRA for 2025 which is limited to 70k (or 72k?) it seems. Catch up contributions are not allowed so this could provoke an audit?  I can’t seem to be able to remove the 7500.   

Thank you all for your responses.  The brokerage company put the dividend into my IRA, but there is no related 1099(R?) from the brokerage company to report this transaction.  My IRA was increased by this dividend amount as "cash deposit" that was lumped into one line item along with the company stock shares at their transferred price that said - [rollover contribution "name of company that I worked"].  Based on your responses, it looks that the best course is to report the dividend that shows on the 1099DIV as dividend on schedule B then?  And if I used the nominee distribution to adjust the dividend to zero on schedule B, am I supposed to send a 1099DIV form to the "actual owner", which would be the brokerage company, and also file a form 1096 with IRS?  I am kind of confused; the nominee distribution adjustment instruction (see below) appears to say I need to send a form to the "actual owner".   "A 1099-DIV nominee is an individual who receives dividend income in their name, but the income belongs to someone else (e.g., joint accounts, trust, or inherited property). The nominee must report the total, then deduct the portion belonging to others as a "Nominee Distribution" on Schedule B. The nominee must issue a new Form 1099-DIV (by Jan 31) to the actual owner and file it with the IRS using Form 1096 by Feb 28 (Mar 31 if e-filed)."    

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-already-filed/L4VjJ9BA2_US_en_US?uid=m76mq6z2   Use a mailing service like certified mail  to track so you will know it was received since you will have a long wait.   Do not expect quick results from amending. It can take four months or more for the IRS to process an amended return.     You can watch for information here: https://www.irs.gov/filing/wheres-my-amended-return