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March 18, 2026
7:03 PM
Can you explain why it doesn't cause any fx gain or loss?
March 18, 2026
7:02 PM
You should not amend your return to change your address, you can complete a Form 8822 to change your address with the IRS. If you need to amend your return for other reasons, you should wait until y...
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You should not amend your return to change your address, you can complete a Form 8822 to change your address with the IRS. If you need to amend your return for other reasons, you should wait until your original return gets processed.
How do I change my address with the IRS?
How to File an Amended Tax Return with the IRS
March 18, 2026
6:57 PM
No. Paying off your mortgage on your foreign rental property won't cause a foreign exchange gain/loss. You would only deduct the mortgage interest that was paid during the year, and you would use...
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No. Paying off your mortgage on your foreign rental property won't cause a foreign exchange gain/loss. You would only deduct the mortgage interest that was paid during the year, and you would use the IRS average currency exchange rates for the applicable year to convert the foreign interest paid to USD.
Here's the link to the IRS' Average currency exchange rates:
Yearly average currency exchange rates
March 18, 2026
6:55 PM
Have you tried deleting both Form 8960 and Schedule A and stepping through the deductions interview again? This will repopulate Schedule A and may resolve your issue with Form 8960.
Form 896...
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Have you tried deleting both Form 8960 and Schedule A and stepping through the deductions interview again? This will repopulate Schedule A and may resolve your issue with Form 8960.
Form 8960 shows as ready, and I'm not aware of any problems with this form. If you're willing to share a sanitized copy of your return (personal info removed), go to ONLINE at the top and choose 'Send Tax File to Agent'. Post the Token Number you receive as a screen shot here.
@junosmom
March 18, 2026
6:53 PM
In the Rental section, Property Profile, you can indicate that you sold the property. When asked if the property was 'rented all year' say Yes (which means up to sale date).
In the Asset/Dep...
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In the Rental section, Property Profile, you can indicate that you sold the property. When asked if the property was 'rented all year' say Yes (which means up to sale date).
In the Asset/Depreciation section, enter the Date Sold and Sale Price. TurboTax asks if you lived in the property since 1997, and if so, gives an 'Allowable Depreciation' amount to note. The next screen gives calculated depreciation for the year.
TurboTax calculates depreciation from January 1st to the date sold for 2025. No where do you enter the number of days you owned the rental. In the Property Profile, the date placed in service starts depreciation calculations.
@janetann95492
March 18, 2026
6:52 PM
The fact that the plan withholds PA tax doesn't mean the distribution is taxable by the state. Pennsylvania does not tax distributions from Pennsylvania Eligible Retirement Plans. Below is the cri...
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The fact that the plan withholds PA tax doesn't mean the distribution is taxable by the state. Pennsylvania does not tax distributions from Pennsylvania Eligible Retirement Plans. Below is the criteria for a plan to qualify, according to the PA Personal Income Tax Guide - Gross Compensation (DSM-12)
PENNSYLVANIA ELIGIBLE RETIREMENT PLANS
Criteria for A Plan to Qualify as an Eligible Pennsylvania Retirement Plan
A plan is considered an eligible Pennsylvania retirement plan if, at a minimum, the plan has the following four characteristics:
The plan is reduced to writing and has been communicated to the participants;
The plan establishes eligibility requirements for separation of service or a combination of old age or infirmity, and long-continued service;
The plan provides for payments to be made at regularly recurring intervals after their separation from service by retirement which continues at least until death. An option for a lump sum payments or payments does not disqualify the retirement nature of the plan as long as the other provisions are provided; and
The plan does not permit the distribution of program benefits to any employee until termination of employment except for incidental disability benefits or the return of the employee’s previously taxed contributions and income or gains if the employee is required to contribute to the pension plan.
Generally, eligible Pennsylvania retirement plans include qualified pension plans under Section 401(a) of the Internal Revenue Code (defined benefit plans and defined contributions plans), IRAs (individual retirement accounts and annuities), Roth IRAs, Simplified Employee Pension Plans (SEPs), and Keogh plans.
For a plan that is not an employer provided plan and has no specific retirement criteria, such as an IRA, the qualifying retirement age is the period after which a distribution will not be subject to penalty for early withdrawal for Federal Income tax purposes (such as age 59½, death, disability).
If you are still unsure, perhaps you should call the pension administrator and ask them if they are an eligible plan. Or you can mark it as a taxable plan and pay tax on the distribution.
March 18, 2026
6:51 PM
It shows up on your return as a subtraction(deduction) (IL-1040 Line 7 "Other subtractions"), but you input the information in TurboTax on a screen called Here's the income that Illinois handles diff...
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It shows up on your return as a subtraction(deduction) (IL-1040 Line 7 "Other subtractions"), but you input the information in TurboTax on a screen called Here's the income that Illinois handles differently. Here is how you can enter your Illinois 529 contributions.
Navigate to the Illinois section of TurboTax (State Taxes > Illinois)
Continue through the interview until you arrive at the screen Here's the income that Illinois handles differently
Expand Education
Start or Revisit College savings and prepaid tuition plan contributions
Enter the information from the 529 contribution
Here is some more information on deducting 529 contributions: 529 Plans and Taxes: Deductions, Tax-Free Withdrawals & More
Since this was probably a one-time medical study (not your primary "trade or business"), make sure you report this as "Miscellaneous Income" NOT Self-Employment Income (so you don't have to pay the 1...
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Since this was probably a one-time medical study (not your primary "trade or business"), make sure you report this as "Miscellaneous Income" NOT Self-Employment Income (so you don't have to pay the 15.3% Self-Employment (Social Security/Medicare) tax).
Enter Medical Study Income (no 1099):
Open or continue your return.
Under Federal tab, Click on Wages & Income, and Scroll down to Less Common Income.
Click on Start/Revisit next to Miscellaneous Income, 1099-A, 1099-C.
Choose Other reportable income.
When asked "Any Other Reportable Income?"', Click "Yes".
Enter something like "Medical Research Study" or "Clinical Trial Participation" as the description.
Enter the total amount you received.
The program may ask if you intended to make a profit or if this is something you do regularly.
If you answer "Yes" (you do this regularly for work), it will move you to Schedule C, which triggers that extra 15.3% tax.
If you answer "No" (it was a one-off study), it stays as "Other Income" on Schedule 1, Line 8z, and you only pay standard income tax on it.
March 18, 2026
6:50 PM
Aggregation changes?
Topics:
March 18, 2026
6:48 PM
Hello TT Pros! New to using TurboTax and getting a little confused on the NJ part. Hoping someone is able to help. I work in New York, paid New York taxes, and live in New Jersey and didn't pay N...
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Hello TT Pros! New to using TurboTax and getting a little confused on the NJ part. Hoping someone is able to help. I work in New York, paid New York taxes, and live in New Jersey and didn't pay New Jersey tax. I finished the IT-203 for New York and now doing the NJ one. I'm on the part for "Summary of Taxes Paid to Other States" and it lists New York and the credit. Where did this credit come from or how was it calculated? When I click on edit, it goes to "Tell us about the money you earned in New York". It lists the New York amount for Double-tax income (which is the correct amount shown on my W-2 Box 1) and the Tax paid to New York which has an amount I'm not sure where it pulled from. Is this calculated by TT or it should've been pulled from a Box from my W-2? Also, on the further NJ parts for Estimate Income, I'm not certain how to answer because my income varies throughout the year so it'll be difficult to estimate, i.e. I may have the same income as 2025 or more. Because of this, I'm not sure how to go about "Choose Your Payment Option" to calculate my NJ 2026 estimated taxes: 100% of my actual 2025 tax, 100% of my 2026 estimated tax, 80% of my 2026 estimated tax or no estimates. Please let me know if I can provide any additional information and any guidance is much appreciate
Topics:
March 18, 2026
6:48 PM
To contact TurboTax go to the link below:
Contact TurboTax
@gavinborger2005
March 18, 2026
6:46 PM
I was an foreign tax resident and refinanced the mortgage on my foreign rental property in December 2020. I also held a substantial foreign cash balance in my foreign bank account (earned from my pre...
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I was an foreign tax resident and refinanced the mortgage on my foreign rental property in December 2020. I also held a substantial foreign cash balance in my foreign bank account (earned from my previous work in the foreign country). In 2021, I became a U.S. tax resident. If I use that existing foreign cash balance to pay off the foreign rental property mortgage, does this trigger any foreign‑exchange gain or loss for U.S. tax purposes? If yes, what are the FX basis I should use for the calculation? It's not possible for me to figure out what the FX rate was when I actually earned the money since it was long time ago but I do know the spot FX rate on the day when the loan was set up.
Topics:
March 18, 2026
6:45 PM
I panicked when I saw the 465d carryover and performed the fix to add a miscellaneous credit to reverse it. But I believe it may have been right. How do I add it back?
March 18, 2026
6:45 PM
Apologies, we weren't on the same page earlier. Gain/Loss on FOREIGN EXCHANGE (Forex) rates are entered as an other expense line item (if a loss) or as an other income line item (if a gain).
March 18, 2026
6:44 PM
The IRS issues most refunds from e-filed returns in about 21 days, although some returns take more time to review.
To check the status of your refund:
Check your e-file status.
If it's ...
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The IRS issues most refunds from e-filed returns in about 21 days, although some returns take more time to review.
To check the status of your refund:
Check your e-file status.
If it's been accepted, track your refund at the IRS Where's My Refund? site.
You'll need your Social Security number or ITIN, filing status, and the exact amount of your refund to check your status, which you'll find on the first screen after signing in to TurboTax.
If you mailed your return, wait 4 weeks after mailing your return before using the tool.
If it's rejected, fix your return and file it again.
If it's pending, wait until your return is accepted.
If it's been more than 21 days since your e-filed return was accepted, you can call the IRS directly to check on your refund status.
Go here to track your state refund.
March 18, 2026
6:43 PM
Zero out estimated payments until TurboTax shows a penalty. Then go to the review for underpayment penalty and use the annualized income method to reduce penalty. Confirm using the annualized income ...
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Zero out estimated payments until TurboTax shows a penalty. Then go to the review for underpayment penalty and use the annualized income method to reduce penalty. Confirm using the annualized income method. Go back to the estimated payment section and put the correct numbers back in for all quarters and any extra payments. This should be done late in the process to prevent accidentally passing through the underpayment review section. If you accidentally pass through the underpayment review again TurboTax will remove form 2210 and you will need to fake it out again.
March 18, 2026
6:43 PM
You will not be able to delete your TurboTax account but you can deactivate it. If you would like to have the account deactivate it contact us.
March 18, 2026
6:40 PM
You can enter this by navigating to Deductions and Credits on the left of your screen > Deductions & Credits Summary from the pop-up list > Scroll down to Estimates and Other Taxes Paid and click to ...
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You can enter this by navigating to Deductions and Credits on the left of your screen > Deductions & Credits Summary from the pop-up list > Scroll down to Estimates and Other Taxes Paid and click to expand > Now select Estimated Tax Payments and choose the option that you want to enter (federal/state).
March 18, 2026
6:40 PM
1 Cheer
You can report it as "other income" on Schedule 1 line 8z with a description that you enter. Here's how to enter it in TurboTax.
Go to Federal Taxes > Wages & Income.
On the screen "Your 20...
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You can report it as "other income" on Schedule 1 line 8z with a description that you enter. Here's how to enter it in TurboTax.
Go to Federal Taxes > Wages & Income.
On the screen "Your 2024 Income Summary," scroll all the way down to the last section, "Less Common Income." Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."
On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."
The next screen asks, "Any Other Taxable Income?" At the bottom left click Add.
On the next screen, "Other Taxable Income," enter a short description such as "Medical study" and enter the amount. Click Continue.
That takes you back to the "Any Other Taxable Income?" screen. Click Continue.