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a month ago
I am reminded to add, that whatever tax you estimate you will owe, should be withheld from the withdrawal instead of planning to pay later.
For example, if you estimate that you will be in the ...
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I am reminded to add, that whatever tax you estimate you will owe, should be withheld from the withdrawal instead of planning to pay later.
For example, if you estimate that you will be in the 12% tax bracket, plus the 10% penalty, you should have at least 22% withheld from the withdrawal. If you estimate you will be in the 22% bracket, you should have 32% withheld. If you withhold too much, you will get the difference back as your tax refund. If you don't withhold enough, not only will you owe a tax payment when you file your return, you could be charged an underpayment penalty for not having enough withholding at the time. (Taxes are pay as you go. If you don't have enough withheld and only pay when you file your return, you can be assessed an under-payment penalty for not paying enough into the system during the year.)
And don't forget to have state income tax withheld as well. States don't charge an additional penalty for early withdrawal, but regular state income tax can be between 3-10% depending on which state and how much total income.
a month ago
See this for how to pay the federal taxes owed - https://ttlc.intuit.com/turbotax-support/en-us/help-article/internal-revenue-service/pay-federal-taxes/L6HFgj2eJ_US_en_US
a month ago
If you owe tax due, you have to pay it yourself by the filing deadline on April 15, 2026.
If you have federal tax due you can pay by mailing your payment with the 1040V voucher, (which has...
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If you owe tax due, you have to pay it yourself by the filing deadline on April 15, 2026.
If you have federal tax due you can pay by mailing your payment with the 1040V voucher, (which has the address printed on it, having the payment taken out of a designated bank account, or you can pay directly on the IRS website.
https://www.irs.gov/payments
https://www.irs.gov/payments/pay-your-taxes-by-debit-or-credit-card
https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212
https://ttlc.intuit.com/community/tax-payments/help/how-do-i-pay-my-irs-tax-due-with-a-check-or-money-order/00/26403
a month ago
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a month ago
1 Cheer
I am having a similar problem. I am getting an error for the person on the return worksheet. and it goes to the TP/SP LinkDep, and there is no way to correct it.
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a month ago
Under current tax law, there is no federal tax deduction for repaying $3,000 or less of unemployment benefits from a prior year. Thus, you do not enter this 1099-G for your federal return (it won't ...
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Under current tax law, there is no federal tax deduction for repaying $3,000 or less of unemployment benefits from a prior year. Thus, you do not enter this 1099-G for your federal return (it won't change your tax outcome).
Some states may allow a deduction, so you may want to enter it in the State section (if prompted by the program).
If you repaid more than $3,000, you are eligible for a "Claim of Right" credit or deduction under IRS Section 1341. Do not enter this in the 1099-G/Unemployment section (which is for income).
Open or continue your return.
Under Deductions & Credits, Scroll down to Other Deductions and Credits, and Click on Show More.
Click on Start/Revisit next to Other Deductible Expenses.
Answer No to questions about less common expenses until you see the screen "Did you have any of these other expenses?", and Click on Claim of Right Repayment (over $3,000).
Enter the amount from Box 2 of your 1099-G there.
Note: some state unemployment agencies use Box 2 to report "Adjustments" or "Repayments."
a month ago
I have used TurboTax since the mid 80s, back when they mailed me 2 diskettes containing the DOS version of the program. In those 40 years, I have had virtually no trouble with what is now called ...
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I have used TurboTax since the mid 80s, back when they mailed me 2 diskettes containing the DOS version of the program. In those 40 years, I have had virtually no trouble with what is now called Deluxe Desktop version. I've been happy with the product. But this year I cannot import the various 1099s from my investments. I have spent over 6 hours trying to follow Turbotax's suggestions such as turning off the various safety mechanisms in Firefox and Chrome, reinstalling the software, not auto-filling the userid and passwords, and so on and so forth. SIX HOURS! I draw the line when I am told to turn off anti-virus software and turn off firewalls including on my router! This new import "feature" just doesn't work for me. And from what I read on the inter-webs, I am not the only one. I will be cancelling my TurboTax Advantage account and I'll be looking elsewhere for next year's taxes.
a month ago
Yes.
An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs.
If you are sure that you have satisf...
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Yes.
An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs.
If you are sure that you have satisfied all RMD requirements, then in TurboTax, on each form 1099-R for RMD withdrawals, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution from that IRA account.
By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.
a month ago
No. Line 38 is blank.
a month ago
Hello, When I get to the TurboTax state page titled Arizona Municipal Interest, it says I entered a dollar amount of non-Arizona municipal interest that I know is found on my 1099-DIV, Line 12. ...
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Hello, When I get to the TurboTax state page titled Arizona Municipal Interest, it says I entered a dollar amount of non-Arizona municipal interest that I know is found on my 1099-DIV, Line 12. At the bottom of this Turbo Tax page, there are two Empty boxes. Do I enter this dollar amount in either of those boxes? That dollar amount from the 1099-DIV, Was automatically entered when I uploaded my tax forms from my financial institution. Once I get to the next page, which is to provide a “schedule of non-Arizona municipal interest,” it wants payors. Because I assume this dollar amount was from mutual funds, should I put miscellaneous under Payor Name and put the dollar amount from my 1099-DIV, line 12 in the amount box? This is the only hiccup keeping me from filing my taxes. When I go to the state review, it wants me to check form 140 line 13 and it says it requires a schedule listing the payers and the amount received from each pay. I realize similar questions have been asked before, but I am still suffering from confusion. Thank you in advance
a month ago
FULL SERVICE
https://turbotax.intuit.com/personal-taxes/online/live/full-service/
a month ago
Sch M shows on the IL 1040, line 7. I went through forms mode and step by step with no issue. It is recommended you use step by step.
You can remove it from the M and enter it in the program. Y...
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Sch M shows on the IL 1040, line 7. I went through forms mode and step by step with no issue. It is recommended you use step by step.
You can remove it from the M and enter it in the program. You should see it flowing down the M.
As you go through the step by step entry in the IL section, you will see a screen about income that Illinois handles differently.
The Education section is listed there. Among the options is the college savings and prepaid tuition plans. You can enter the contributions there. You can contribute up to $10,000 per filer / max of $20,000 for MFJ.
@meure1
a month ago
Illinois is a strange state. Line 34 covers interest on tax-exempt obligations of Illinois State and local governments. You would think the percentage of dividends from a mutual fund holding thos...
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Illinois is a strange state. Line 34 covers interest on tax-exempt obligations of Illinois State and local governments. You would think the percentage of dividends from a mutual fund holding those bonds would count. But, no - the IL code requires you to be the direct holder of the bond and not an indirect owner through a mutual fund for example. Line 22 covers interest from the federal government. These are two different things. My question amounts to what did TT add together to get the amount it populated line 22 with? Is there a worksheet that shows this to the user? When I add together what was imported (and then added to by me) from the brokerage houses I get a much larger number. If I subtract the Box 8 number (meaning it isn't excludable in Illinois) from my sum I get a number much less than what TT put in Line 22.
a month ago
TurboTax cannot handle a K-1 when there are amounts on more than 1 line of lines 1 through 3. Each must be entered on a separate K-1. Line 14 relates to line 1, line 17 could relate to either line 1 ...
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TurboTax cannot handle a K-1 when there are amounts on more than 1 line of lines 1 through 3. Each must be entered on a separate K-1. Line 14 relates to line 1, line 17 could relate to either line 1 or 2(irrelevant unless you are in the alternative minimum tax Form 6251). Box 19 is irrelevant. TuboTax doesn't use it for anything. Line 20 should have a separate breakdown for line 20Z for lines 1 and 2. There could be other amounts on line 20 that relate specifically to one activity, but not the other
a month ago
I'm assuming that you are asking about distributions from a 401(k) and that you're a Michigan resident needing information about how these are taxed by your state.
When you entered the 1099-R f...
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I'm assuming that you are asking about distributions from a 401(k) and that you're a Michigan resident needing information about how these are taxed by your state.
When you entered the 1099-R for the distribution, a screen titled "Where is your distribution from?". This question is used to determine how the 401(k) is taxed by Michigan - the last selection called "Pension/IRA distributions received before retirement age/None of the above" would be the correct selection.
When you get to your Michigan return, you'll get to a screen "Retirement and Pension Benefits Summary" where type N will be selected for the distribution, which means it is a retirement distribution subject to Michigan tax. This would be the correct type for a 401(k) distribution funded through your employer.
If you have additional questions or this didn't answer the question that you had, please include as much detail in your reply as possible (no personal information though) - that will help us to better help you.
a month ago
If your 2024 tax return was rejected for Identity theft it will have to be re-filed by mail.
Mail both the original tax return (not amended) and the completed 14036 affidavit to the IRS.
How ...
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If your 2024 tax return was rejected for Identity theft it will have to be re-filed by mail.
Mail both the original tax return (not amended) and the completed 14036 affidavit to the IRS.
How do I file my return by mail?
Where to file paper tax returns with or without a payment
a month ago
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a month ago
I used TurboTax desktop to complete my 2024 taxes, submitted online and accepted by IRS last year. I decided to use TurboTax online this year for my 2025 taxes. I was able to successfully upload my...
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I used TurboTax desktop to complete my 2024 taxes, submitted online and accepted by IRS last year. I decided to use TurboTax online this year for my 2025 taxes. I was able to successfully upload my 2024 taxes from my desktop and the online version was able to use the uploaded info from 2024 to fill in the personal info for myself and my wife. When I finished my federal taxes and tried to submit them, as part of recognizing who I was, I needed to input my AGI from 2024. The online version said it could not find my AGI for 2024 and asked how I submitted my taxes last year. If it was successful in uploading my 2024 taxes, why could it not find my AGI.
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a month ago
1 Cheer
Me too, they have no answers and told me to try Microsoft and they told they can't help with missing data.