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Thanks.  I am buying a book of insurance business and paying 50% in 2025 and 50% in 2026.   The seller, my partner, is doing both a 8594 and 6252.  Do I need to do a 6252 as a buyer?  Why do I have to file a 1040X when there are no changes? I am confused on that part.   I figure I will just print out the TurboTax and then attach forms to it.  My main concern is I have put the 50% of purchase price (2025) in as commission paid as I don't see anything else to put it to get a proper cost.  Do you know if there is another place to put it?   Kent

Oh that worries me because I will be filing MI 4884 soon. For comparison you could use the Michigan Department of Treasury websites " 2025 Retirement and Pension Estimator" as a double check. You don't have to put in your actual birthday but you want the birth year correct. In my case it matches turbo tax. If yours matches turbo tax that would be good backup to have if the letter gives you a way to respond to their change.  

Hello! I'm using desktop so the online doesn't apply, but thank you! I should've been clearer.   However, I did find a work around by just going to File and clicking print. I first chose preview to see if the cover sheets were there and they were. I chose "all worksheets" and then just printed the first two pages. So still not printable within the Turbotax program,  but this worked! 🙂 . 

The 1099-HC is the Massachusetts state health insurance form.  You will be asked if you had coverage in the state section.  If you do not have a 1095-A, do not complete that section.  See What is Form 1095-A: Health Insurance Marketplace Statement.

We’re currently working on an update for Form 5605.  There will be an update on March 6.  After this day you can go back through your return, and make any changes as needed, then file your return.   If you are using TurboTax Online the program updates automatically.   If you are using TurboTax Desktop make sure all updates have been run on your program. You can do this by clicking on "Online" in the black bar across the top of your TurboTax screen. And then select "Check for Updates". If you have any additional questions or information regarding this please return to TurboTax Community and we would be glad to help.   @user17723141501 

I would like to take a deeper look at this. However, I need a diagnostic file which is a copy of your tax return that has all of your personal information removed. You can send one to us by following the directions below:   TurboTax Online:   Sign into your online account. Locate the Tax Tools on the left-hand side of the screen. A drop-down will appear. Select Tools On the pop-up screen, click on “Share my file with agent.” This will generate a message that a diagnostic file gets sanitized and transmitted to us. Please provide the Token Number that was generated in the response.   TurboTax Desktop/Download Versions:   Open your return. Click the Online tab in the black bar across the top of TurboTax and select “Send Tax File to Agent” * This will generate a message that a diagnostic copy will be created.  Click on OK and the tax file will be sanitized and transmitted to us. Please provide the Token Number  (including the dash) that was generated in the response.   *(If using a MAC, go to the menu at the top of the screen, select Help, then, “Send Tax File to Agent”) @user17723182542   

This issue should have been fixed with the update that rolled out on February 27th.  Please make sure that you restart your computer in order to make sure that your software is as up to date as possible and you should have no further issues with this going forward.

No, do not report a portion of a Traditional IRA amount that was used for a Roth IRA and it occurred in the same tax year.    Any money that went into a traditional IRA or SEP IRA and then transferred to a Roth in the same year does not provide a deduction. With a conversion to a Roth IRA, you have to pay tax on the traditional IRA account funds getting moved to the Roth account.   If you recharacterize your IRA contribution properly and before your tax return due date (including extensions), the tax effect is as though the contribution to the first IRA never happened. What are IRA conversions and recharacterizations? Additional details and links about this topic. Any money moved/converted from the Traditional IRA or SEP IRA that was contributed in an earlier year will be taxable when moved to the Roth. Summary: A conversion allows you to transfer funds from a non-Roth IRA account into a Roth IRA account, often with a taxable impact. IRA recharacterization rules allow you to change your mind about your IRA contribution account type, if done within current tax year deadlines. Watch all the questions and answer them based on the details and information.   @tikitur 

I filed and got my refund but my transcript says Main Residence in U.S. - No, which is not true. So I am going to try to call the IRS. I gave up after being on hold for 45 mins but I will try again. It will not affect my credits but I don’t like that on my return.

According to IRS Rev. Proc. 2025-16 (Tables 1&2), the max 1st year depreciation on passenger vehicles is $12,200 for 2025 under the BBBA revisions when not taking bonus depreciation, and $20,200 if you do take bonus depreciation. But, as you can see from the screenshot below, my Mac desktop version of TurboTax Home & Business (updated today) seems to be very confused about those caps. It won't allow me to enter the $12,200 max if I decline the bonus depreciation, and instead indicates the OLD, pre-BBBA cap of $10,100 is the max.  

Delete the Form 1099-R and re-enter manually.   To enter, edit or delete a form 1099-R - Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Scroll down to Retirement Plans and Social Security On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button Online editions -   On the screen Did you get a 1099-R in 2025? Click on Yes On the screen Let's import your tax info Click on Change how I enter my form On the screen How would you like to upload your 1099-R? Click on Type it in myself On the screen Who gave you a 1099-R? select the type of 1099-R you received and Continue

oh wow - i am just noticing this same issue while i am doing my 2025 taxes.  this is the first year where i have other credits on Maryland taxes so it generated the CR form.  I have already filed my federal taxes this afternoon and then started to do the Maryland i-file on their system and it automatically populated that teacher credit as well.  I have no clue what I entered to trigger that.  It is weird that turbotax did it as well as Maryland's independent system - i am entering things manually there using the turbo tax version of my Maryland tax forms.  Not sure how I will resolve it - can't just manually re-do the federal without importing as I already filed.  I can manually strike it out on my Maryland form and then just mail it I guess.  I am not efiling Maryland through turbotax given the extra cost to do that on top of the software cost.