All Posts

The April date refers to your regular RMD from your accounts not inherited IRA.   The first year you are required to take a RMD distribution you can delay it until April 1 of the next year.   But then you would need to take both the first year RMD and the second year RMD in the same year.   After the first year you need to take the RMD each year by Dec 31.   

I doubt the extraneous $0 entries will be an obstacle to e-filing, but I don't know for sure because I haven't tried to file my 2025 return yet.  My guess is that the extraneous $0 entries related to home mortgage interest are the result of a programming error that occurred during development of the 2025 program. When I first downloaded the 2025 program, it was also creating similar extraneous $0 entries relating to investment interest. The extraneous $0 entries relating to investment interest were more annoying, because they caused TurboTax to insist on collecting additional data on the Foreign Tax Credit Worksheet in order to allocate the $0 investment interest expense between US investment income and foreign investment income. The investment interest issue was fixed in a subsequent TurboTax program update, but the home mortgage interest issue hasn't been fixed. 

A few questions: - Will this update be made overnight Wednesday/early Thursday? - When will I know if the software update has been made? - Does this mean I can just refile my taxes when the software is updated? - Will I get charged again? Or will TurboTax know that the error is theirs and my original payment is sufficient? Thank you.  

@user17732418245    Go back to the MY INFO section and Edit the information about yourself   Right near the spot where you entered your SSN, there is a checkbox indicating that the SSN isn't eligible for employment...you just need to uncheck that box.  Somehow it got checked by accident.

The state of Ohio essentially allows the same amount of medical expense deduction as does the Federal, which is the amount of expenses in excess of 7.5% of Federal adjusted gross income.  If you itemized on your Federal return, the amount shown on Federal Schedule A, line 4 for Medical expenses should match up perfectly with line 44 on the Ohio Schedule of Adjustments.   If you're on Social Security and reported your Medicare payments on the form in TurboTax for SSA-1099, those get automatically added as medical expenses for the medical expense deduction for both Federal and state purposes.  So if you didn't account for the Medicare payments that you entered in the Income section for the SSA-1099, that could explain the higher result.   Just be sure that you didn't enter the Medicare payments again under the Deductions and Credits section as a medical expense as that would cause them to get double counted which would create a falsely high medical expense deduction.

When you buy a new home and sell the old, the program does want to stack the mortgages balances and limit the deduction. Instead, the IRS allows you to use the average balance for each loan. The IRS allows multiple methods. For your situation, I recommend: Home you sold = # of months x balance divided by 12 Home you purchased = # of months x balance divided by 12 If the two average balances are below $750,000, the deduction is not limited. If it is still limited, you may qualify for the $1M limit for part of the year. If the home you sold was purchased prior to Dec 16,2017. Example to find average balance: Sold home with a $600,000 balance 6 months into the year. Formula: 6 months x $600k  divided by 12 = $300,000 average balance   When you enter the forms, instead of entering the mortgage balance listed, enter the average balance. Keep a note of your math in your tax folder.

I unfortunately never got a resolution from turbotax on my 2024 taxes regarding how to properly allocate US Treasury Obligations for a part year MA state return. I  ended up having to file with a different tax program since Turbotax simply couldn't handle it. I spoke on the phone with an agent and went in circles with tax experts on the forum but nobody could resolve the issue. To their credit they really did try to help.   If memory serves me, there was a TT workaround to create a second version of the Federal Return (before e-filing the correct return) that would exclude the proper part year US Treasury obligation just to make the MA return generate properly. You would scrap that federal return and only use it to generate the correct MA return which would have to be paper filed. The correctly filled out Federal return (which excludes the total US Treasury Obligations for both states)  would be used to create the other part  year state return which TT handled properly.   I assumed the problem would have been fixed by now. Possibly the OP found this problem with another state?