All Posts

You and your family member should agree on what percentage of the SLPC you’ll claim on your return, and what percentage they'll claim on theirs. You can use any percent you choose from 0% to 100%, as long as you agree and it all adds up to 100%. If you disagree, you will be allocated a share proportionate with the number of people on the plan. In other word if there are 2 people, it will be a 50/50 allocation.   Here is an article that may be helpful for you: I'm on my parents' 1095-A form. What do I do on my return?

I'm in the exact same boat, except my excess contribution + gains removal is occurring in March and will be deposited into my brokerage account in same month, all prior to me filing my 2025 taxes.  Question.  In the guidance you gave, you said when creating the 1099-R, mark codes J and P, which makes sense.  but you also said click the IRA box.  For clarification, this is a Roth IRA, clicking on the ? next to the box, it says don't click it for a Roth IRA, only for a traditional, SEP IRA or Simple IRA.  to clarify, we shouldn't click on that box, is that correct?  Second question. I just want to confirm, even though this is a 2025 withdrawal, and I'm doing this before my 2025 taxes are filed, and the funds will be deposited in my account in March of 2026, you mentioned that we will get a 1099-R in Jan of 2027. that will show 2026 on it.  Just so I'm clear, Turbo tax asks what year is on the 1099-R that we created.  it gives two choices, 2025 or 2026.  if I'm not mistaken, the guidance is to choose 2026, not 2025, is that correct?  Then when I file 2026 taxes, include this 2026 1099-R info on that return?  Or, should I choose 2025 for the 1099-R I just created since even though the gains from the excess contribution were deposited into my account in march of 2026, the gains were from 2025?  

Since there is no foreign tax paid on the interest, reporting it on Schedule B is OK. Reporting foreign income even if not taxed helps to increase the foreign tax credit limit which helps to reduce or possibly eliminate carryovers.   The part about not reporting interest on form 1099-INT can be ignored because TT assumes that foreign tax paid in box 6 has an entry and TT would see it and process it in the front end of the foreign tax credit interview. In your case, there is no front end so you can include it with your rental income on the screen asking for the description such as "untaxed interest & rental income" if they are from the same country. With regard to line 3d, here is TT's explanation: From the corresponding copy of the Foreign Tax Credit Computation Worksheet, line 1f of the corresponding column. Additionally, if this is a General category of income (Box d is marked above), and there is an entry in the related column in the Income Excluded on Form 2555 Smart Worksheet on the Foreign Tax Credit Computation Worksheet, then from the corresponding copy of the Foreign Tax Credit Computation Worksheet, line 1f of the corresponding column, PLUS Form 2555, line 45, of the indicated copy(ies) of Form 2555.    

To correct or change line information from imported Form 1099-B data in TurboTax Online, follow these steps: 1. Navigate to Federal > Wages & Income > Investments and Savings. 2. Select Update next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B). 3. In your investment sales summary, find the specific transaction line you want to edit. 4. Select the transaction to open detailed information for that sale. 5. Manually correct or adjust the fields on that line as needed. If bulk edit options don't allow line edits directly, manually editing each transaction is necessary. Alternatively, you can delete the imported 1099-B entirely and re-import or enter the data manually.

We would like to test this further and it would be helpful to have a TurboTax ".tax2025" file that includes the experience you describe.   If you would be willing to send us a “diagnostic” file that has your “numbers” but not your personal information, please follow these instructions:    In TurboTax Desktop, open your return and go to Online in the TurboTax header. (On a Mac computer, choose Share or Help.) Choose Send Tax File to Agent. You will see a message explaining what the diagnostic copy is.  Click Send on this screen and wait for the Token number to appear. Reply to this thread with a screenshot of your Token number (this avoids Community filters for numbers with a dash) and tag (@) the Expert requesting the token from you. Please include any States that are part of your return - this is VERY important. If you're using TurboTax Online, go to Tax Tools >> Tools in the left column (scroll down if necessary) to find Send Tax File to Agent.   We will then be able to see the same experience you are having. If we are able to determine the cause, we'll reply here and possibly provide you with a resolution.    @jpurdon 

I see. Follow these steps:   Go to the Federal Taxes Tab Income In the Investment Income section, click "start" on the Capital gains or losses section. Follow the prompts to enter your forex transactions.

An underpayment penalty can occur even if you paid estimated taxes as calculated and on time. This can happen if your income was uneven during the year or your total tax liability changed from the estimates. The IRS requires at least 90% of your current year's tax or 100% of last year's tax to be paid through withholding and estimated payments to avoid the penalty. If your payments were slightly less or made unevenly, a penalty might apply. You might reduce or avoid the penalty by using Form 2210, which allows you to annualize income and adjust for uneven earnings. TurboTax calculates this penalty based on IRS rules.   To use the annualized income method for the underpayment penalty in TurboTax Online, follow these steps: 1. Go to the Federal Taxes section. 2. Select Other Tax Situations. 3. Find the section titled Additional Tax Payments. 4. Select Start or Update next to Underpayment Penalties. 5. Follow the prompts until you reach the option for the annualized method. 6. Enter your income details as requested to calculate the penalty based on when you earned your income. This method helps if your income was uneven during the year. TurboTax will guide you through each step.

For anyone still having this issue - I read many of the suggestions but nothing worked. Called the turbotax support line, still no success. Finally, decided to exit out of TurboTax and go back in. Updates were needed. After installing updates and relaunching the application, my 2024 files showed up in the selection box and I was able to transfer the info successfully. 

If accepted by the IRS use the federal tax refund website to check the refund status - https://www.irs.gov/refunds   It may take 4 weeks or longer before the status of the tax refund shows on the IRS website when the tax return is mailed

Yes, you can use different bank accounts for direct debit on the federal return and direct deposit on the state tax return. In the File section of the program you will be asked for the bank information on both the federal and state sections.

This screen checks whether the taxable amount of your IRA distribution differs between California and your federal return. For the majority of California residents, there isn't a difference, but the software asks because California and the IRS haven't always had the same rules for IRA deductions.   If you are looking to find the "Greater Than" or "Less Than" figures:, you won't find these numbers on a specific tax form like a 1099-R. Instead, you have to look at your own history (or your tax software's "Carryover" worksheet). Before you go looking for these specific amounts, determine if you need to make this adjustment or not.     You only have a different "California" number if you meet one of the rare criteria below. If none of these apply to you, your California adjustment is $0. Check these three common scenarios. If these don't apply, you likely have no adjustment. Instead,  California taxable amount will equal the Federal taxable amount.   The "Basis" Difference (Most Common): Did you make contributions to an IRA in the past that were not deductible on your California return, but were deductible on your Federal return? Example: Between 1982 and 1986, California had lower contribution limits than the IRS. If you contributed the max back then, you might have "California basis" that makes a small portion of your current distribution tax-free for CA. Changing Residency: If you moved into or out of California while contributing to this IRA, the "basis" (the part you already paid taxes on) might be tracked differently between the state and the feds. The "Pension Adjustment / Other Wage Adj" Worksheet: The software is likely referring to a worksheet used to calculate Schedule CA (540). If you see "Other Wage Adj," it's often a catch-all for: Paid Family Leave (PFL): If this was included in your federal wages (Box 1 of W-2), California doesn't tax it.  Tier 1 Railroad Retirement: Federal taxes it; California does not. To summarize, keep in mind the following.   If you have always lived in CA and always took the same IRA deductions on both returns, Enter $0 for the adjustment (or select "Same as Federal"). If you think you have a difference, You would need to look at FTB Publication 1005 (Pension and Annuity Guidelines) and use "Worksheet I" to calculate your "California Basis."

If you receive cash, relief from debt, or property that is not like-kind, you may trigger some taxable gain in the year of the exchange. There can be both deferred and recognized gain in the same transaction when a taxpayer exchanges for like-kind property of lesser value without paying additional funds for the property received. IRS Fact Sheet-1031 Exchange Instructions Form 8824 Here are some notes and steps that may make the process easier for you to complete your 1031 exchange.   You should indicate it was rented all year just like you never gave it up when reviewing the assets for the original property basis. The new property is treated like it was the old property, in other words nothing changes except that you may have a new asset to place in service (add as a new asset) for any buy up/added cash on the exchange.  Below are instructions that should help you complete the process and/or review your own steps. In other words, the depreciation will not change in your return.  You can rename them and leave them as is in the asset section. If you choose this, do not indicate they were traded in the step 5 below. Do not say 'Yes' to Special Handling. Indicate they were sold/traded (Step 5 below) and 'Yes' to Special Handling. Record all the information for each asset, then enter a new asset(s) with a new name but with all the identical information, date placed in service, building cost, land cost, etc. All assets retain the same position as if a trade never occurred. When you have your TurboTax return open you can use the following steps to update the original assets for the exchange. First use the Search (upper right) > Type rentals > Press enter > Click on the Jump to... link Or Income & Expenses > Rental Properties and Royalties > Update > Continue to Rental and Royalty Summary > Edit the property Scroll to Assets/Depreciation  > Click Update > Select 'Edit' next to each asset Edit beside each asset > Continue to the Tell Us About This Rental Asset Select the checkbox beside 'This item was sold, retired, .... traded in ....etc. > enter the date it was traded (sold/retired) Answer the question about whether it was 100% business > Leave the original date it was placed in service (may be purchase date or later depending on your circumstances) Continue to the screen 'Confirm Your Prior Depreciation'   The amount displayed is only for prior years and does not include the current year.  Continue until you see the current year amount displayed and make a note to add the two amounts together for the Section 1031 like kind exchange. This completes the asset portion of the trade. Answer 'Yes' to Special Handling. Next you will complete the like kind exchange, Form 8824 (Section 1031 exchange): Use the Search (upper right) > Type like kind > Press enter > Click on the Jump to... link Select the checkbox beside 'Any additional like-kind exchanges (section 1031)' > Continue Complete the information for the 'Real estate given up'  and 'Like-Kind Property Given Up' > Continue Name the event > Continue > Complete the information for the 'Like-kind property received' If you did not give unlike property in the exchange click 'No' and  continue past these screens, if 'Yes' answer the questions. Enter any exchange expenses (sales expenses) > Continue to see your deferred gain.

Yes, you can see your final state tax forms.   If you are using the online version, go to the Tax Home page, and click on Add a state (You're not really adding one. That's just to get the return to open up).   Click on the Tax Tools bar and select Tools. Then, click on Print Center.  Click on Print, Save, or Preview this year's return.    If you are using TurboTax Desktop, just switch to "Forms Mode" to view all state Forms directly.   For further information, see the link below: How do I preview my TurboTax Online return before filing?  

I suggest you confirm your Email account you have listed with TurboTax.   You can correct both your Email and Phone number.  On the left sidebar. Scroll down and select Intuit Account Six boxes will appear Click Sign in & security Your account information, including Phone number and Email are available to be updated. If the email address is no longer active and you are unable to log in, you can complete the Account Recovery Request Submission Form.