turbotax icon
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

All Posts

I use the desktop version of Turbotax.  I received a 1099-OID for a tax-exempt municipal security I purchased in 2025, that was subsequently called in 2025.   1099-OID shows box 6, acquisition prem... See more...
I use the desktop version of Turbotax.  I received a 1099-OID for a tax-exempt municipal security I purchased in 2025, that was subsequently called in 2025.   1099-OID shows box 6, acquisition premium of $479.18, and box 11, total tax-exempt OID of $24.51.  I entered these amounts and get an error stating that box 6 is greater than the interest income reported as the sum of boxes 1+8+11 ($24.51).  "You must reduce the acquisition premium amount reported on this 1099-OID to the amount of interest income, and report any excess on Schedule A."   I tried entering an adjustment in the section "Adjustments to OID Interest" on the form, checking box P for acquisition premium for the amount of the difference, $454.67.  The error remains.  How do I clear the error?   BTW, I claim the standard deduction so I will not be reporting the excess on Schedule A.
I'm assuming you normally file your LLC tax return on Form 1065, unfortunately there is no option for you to report the partnership income and expenses on your personal tax return; every partnership ... See more...
I'm assuming you normally file your LLC tax return on Form 1065, unfortunately there is no option for you to report the partnership income and expenses on your personal tax return; every partnership with any items of income or expense must file a 1065.   If compliance burden is becoming too much for what the business brings in for profit, maybe you could check the box 'final' at the top of Form 1065 to inform the IRS that you will not be sending in any more returns and the partnership will be ceasing operations; just an idea to consider, not advice.    If you withdrew your 401(k) before reaching the age of 59 1/2, it may trigger the filing of Form 5329 to report distributions subject to the 10% additional tax, but that depends on the details of your Form 1099-R; in any case, as long as you enter the information into TurboTax, the program will take care of the necessary forms and schedules for you. 
I am going through smart check on Turbotax, having entered in all my tax information.  I get a screen that is saying "Check This Entry.  Form 1099-R (CHARLES SCHWAB & CO,INC): RMD amount should have ... See more...
I am going through smart check on Turbotax, having entered in all my tax information.  I get a screen that is saying "Check This Entry.  Form 1099-R (CHARLES SCHWAB & CO,INC): RMD amount should have an amount since this IRA is inherited.  If there was no RMD for this account, enter 0 for the amount."     First, I received three separate 1099-Rs from Charles Schwab so I am unsure which 1099-R it is referring to, but perhaps I can assume that it is one or both the the 1099-R forms for the two Roth IRA accounts I inherited from my mother in 2012.  I did receive an RMD from each of those accounts this past year.  But when I enter the amount of both of the RMDs (approximately $5,400) , my tax bill goes up by $1,363.  I thought that there was no tax on inherited Roth IRAs ?    Why am I getting such a huge tax liability?  Is it a problem with Turbotax? 
Can be claimed on a parent's return and tried preparing the return myself. Mistake! How do I make the error go away or delete form 8862 and start again?
Thanks, but I am not comfortable sending my data file.  I provided the screenshot, which clearly shows that something is wrong. Unfortunately TurboTax provides absolutely no indication of what causes... See more...
Thanks, but I am not comfortable sending my data file.  I provided the screenshot, which clearly shows that something is wrong. Unfortunately TurboTax provides absolutely no indication of what causes these error messages.  I have done the donations both thru the interview method and reviewing/editing the actual form.  Neither method gets rid of these 3 red errors.  And it is consistent; the three charities to which I have donated both public stock and cash result in the same errors.  And yes, it is annoying that the valuation method for the stock mysteriously changes from Average Sales Price to Comparative Sales every time I try to update the entries.  
Talk to your broker. He can guide you.   If you have other IRAs, you can just convert them to a Roth IRA. If the IRA has no basis (i.e. a deduction was taken at the time of contribution, then the... See more...
Talk to your broker. He can guide you.   If you have other IRAs, you can just convert them to a Roth IRA. If the IRA has no basis (i.e. a deduction was taken at the time of contribution, then the conversion is taxable,
Quick question: I'm in the middle of preparing taxes through turbotax. We have an HSA account and when I clicked on option that says we are covered by HDP (high deductible plan) then my federal refu... See more...
Quick question: I'm in the middle of preparing taxes through turbotax. We have an HSA account and when I clicked on option that says we are covered by HDP (high deductible plan) then my federal refund suddenly got a lot bigger. I just want to make sure this sounds correct
MFJ on a 2025 tax return requires worldwide income for the full year. On the bright side, you can claim the foreign tax credit for tax paid to a foreign country on the same income. Use Form 1116 and ... See more...
MFJ on a 2025 tax return requires worldwide income for the full year. On the bright side, you can claim the foreign tax credit for tax paid to a foreign country on the same income. Use Form 1116 and claim the credit. See Where do I enter the foreign tax credit (Form 1116) or deduction?
Every year since 2022 I have maxed out and done a backdoor Roth IRA. I have never taken any deduction from traditional IRA, on this screen for 8606 should I be putting the full amount that I have max... See more...
Every year since 2022 I have maxed out and done a backdoor Roth IRA. I have never taken any deduction from traditional IRA, on this screen for 8606 should I be putting the full amount that I have maxed out every year? For example in 2025 should I be putting $7000 instead of 0?  
Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.   You complete your tax return by finish... See more...
Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.   You complete your tax return by finishing all 3 Steps in the File section. In Step 3, to e-file your tax return, you must click on the large button labeled "Transmit my returns now".   After completing the File section and e-filing your tax return you will receive two emails from TurboTax. The first email when your tax return was transmitted and the second email when the tax return has either been accepted or rejected.   Note - Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.  Only the taxpayer listed on the tax return can obtain the status of a tax refund or a tax return.   To check the status of an e-filed return, open up your desktop product or log into your TurboTax Online Account. You can find your status within the TurboTax product. What is the status of your e-filed tax return? If accepted by the IRS use the federal tax refund website to check the refund status - https://www.irs.gov/refunds If accepted by the state use this TurboTax support FAQ to check the state tax refund status - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_... What is the status of your tax refund?   After the tax return has been Accepted by the IRS (meaning only that they received the return) it will be in the Processing mode until the tax refund has been Approved and then an Issue Date will be available on the IRS website.
TurboTax gets no information from the IRS after you file your tax return, so no one at TT knows about a letter the IRS sent you or what you had to do to follow their instructions.    All you can do i... See more...
TurboTax gets no information from the IRS after you file your tax return, so no one at TT knows about a letter the IRS sent you or what you had to do to follow their instructions.    All you can do is watch the IRS refund site for updates.  Only the IRS is in control, and only the IRS knows when they will issue your refund.     You need your filing status, your Social Security number and the exact amount  (line 35a of your 2025 Form 1040) of your federal refund to track your Federal refund:    https://www.irs.gov/refunds  
Did this and it did not solve the problem. 
Can I just amend state return? There's nothing wrong with my Federal return. Everything (W2, 1099INT/DIV, long term gain etc) is already entered in Federal part of Turbotax. I didn't forget anything.... See more...
Can I just amend state return? There's nothing wrong with my Federal return. Everything (W2, 1099INT/DIV, long term gain etc) is already entered in Federal part of Turbotax. I didn't forget anything.   My income gets transferred to state but I'm supposed to report the first half of 2025 as CA income when I lived there. I just made mistake in CA W2 calculation when I was a CA resident. I over reported my W2 income and under or didn't report my wife's W2.
For the one who has only a W-2 and interest, as long as the interest is less than $1,500 you should be able to use TurboTax Free Edition. But you will not be able to claim a tuition credit in Free Ed... See more...
For the one who has only a W-2 and interest, as long as the interest is less than $1,500 you should be able to use TurboTax Free Edition. But you will not be able to claim a tuition credit in Free Edition. You can probably find some free options in IRS Free File.  
No, it doesn't have anything to do with using the free version of TurboTax.  The IRS doesn't know which version you used to file.  It's probably because there is something in your return that the IRS... See more...
No, it doesn't have anything to do with using the free version of TurboTax.  The IRS doesn't know which version you used to file.  It's probably because there is something in your return that the IRS is looking at. It could be the Child Tax Credit or Earned Income Credit.  The IRS scrutinizes returns with these credits more carefully.  That's not to say there is a problem with your return.
Thank you for the help. It was our first year doing it and of course we didn’t research before. Big mistake that we will certainly learn from! 
IRS states in Pub. 970 that a rollover Roth IRA contribution does not need to be entered in your tax return. Save Form 5498 reporting the rollover for your tax records.   If the contribution is f... See more...
IRS states in Pub. 970 that a rollover Roth IRA contribution does not need to be entered in your tax return. Save Form 5498 reporting the rollover for your tax records.   If the contribution is for the beneficiary, and you are the recipient, the beneficiary would keep the documentation for their records.    Here's more detailed info 1099-Q Reporting Rollover Roth IRA contribution.   @jul_bun_pan