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a month ago
Hello turbotax community. Here is my question: I have to fill form 1116 because I have foreign passive income from bank interests and a rental. I have only paid foreign taxes for the rental but not ...
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Hello turbotax community. Here is my question: I have to fill form 1116 because I have foreign passive income from bank interests and a rental. I have only paid foreign taxes for the rental but not for the bank interests. I see in the instructions that in line 1a I should include all foreign income (from that country) regardless whether I have paid taxes or not: "Include income in the category checked above Part I that is taxable by the United States and is from sources within the country entered on line i, even if isn’t taxable by that foreign country". 1) Is that really the case? Even I have not paid taxes for the bank interests, should I still include that gain along with the income from the rental? 2) I am able to include the income from the rental but how do I handle the bank interests? The information seems to be contradictory as it says: "Do not enter any income already reported on Form 1099-INT" ????? 3) I have reported that foreign bank interests along with the bank interests from the US on Schedule B. Is that the right place? Again, form 1116 says I should not include any income already reported but at the same time is not picking up that foreign income for form 1116. 4) Is there a difference between the amounts in line 1a and line 3d? Thank you in advance for your help with this matter.
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a month ago
Let me know pleases
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a month ago
Hello Does Turbotax online Do it yourself not create the Form 4562 Depreciation and Amortization Report? I am not seeing it. I am trying to find out how much depreciation an asset took last year...
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Hello Does Turbotax online Do it yourself not create the Form 4562 Depreciation and Amortization Report? I am not seeing it. I am trying to find out how much depreciation an asset took last year so I would like it for 2024 for TurboTax online and not seeing it in the Turbotax 2024 TaxReturn pdf. Thanks
a month ago
You can e-file a return up to six months past the due date. After that, you must mail the return. If you’re filing multiple years, most older returns need to be submitted manually. Order of Filing:...
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You can e-file a return up to six months past the due date. After that, you must mail the return. If you’re filing multiple years, most older returns need to be submitted manually. Order of Filing: The IRS does not require missing tax returns to be filed in strict chronological order, and they do not specifically check to see if you filed them in order. While the IRS prefers chronological order, the most important priority is to file all missing returns, particularly if you are in a "good standing" situation requiring the last six years. Why Order Matters: Failing to file in order can cause issues with IRS processing, especially if a return for an earlier year affects the balance of a later year. Filing in order ensures that carry-forward items—such as net operating losses, capital losses, or unused tax credits—are accurately reflected on subsequent years' returns. If your nephew's returns are simple, these carry-forward issues may be moot. What I would do: I'd complete the 2024 return, keep a copy (so you have its data for 2025 if needed), and mail it so you don't forget. Then prepare the 2025 (using any needed 2024 data) and try to e-file. In order to ID your nephew, you'll probably be asked to enter the 2024 Adjusted Gross Income (AGI). Since they have not processed 2024 for him, try entering $0 for the AGI and see if it flies. If not, print and mail it.
a month ago
Turbo Tax is showing that my wife can be claimed by someone else and that is why she cannot take the American Opportunity Learning Credit. I went back and made sure she was not checked as someone e...
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Turbo Tax is showing that my wife can be claimed by someone else and that is why she cannot take the American Opportunity Learning Credit. I went back and made sure she was not checked as someone else could claim her. I don't know why Turbo Tax thinks someone else can claim her. I am filing married jointly.
a month ago
But make sure you enter the code W, which designates this line as being for an HSA
a month ago
if this is a private partnership, then no. If it's publicly traded and you use any of the TurboTax desktop versions, the partnership may provide a TXF file, which you can download and import. Online ...
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if this is a private partnership, then no. If it's publicly traded and you use any of the TurboTax desktop versions, the partnership may provide a TXF file, which you can download and import. Online does not support TXF files.
Tax Package Support for Publicly Traded Partnerships (not all are listed here). I think there is one other large accounting firm that does some of the PTPs, but I don't know the website. You will or have received the K-1 in the mail, perhaps with a web address to access the partnership tax reporting website.
Once imported, check everything, because some items are not handled automatically by TurboTax.
a month ago
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a month ago
This what I received
a month ago
I just told you that I use my IP pen to file my taxes with. I don't know where I got that. So, you know what I'm saying? You should know that I filed my taxes, man
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a month ago
the file could be corrupted.
I would suggest saving it.
then check for updates the top tab under online.
Once done, try to reopen it to see what happens.
If it opens, switch to forms mode to ...
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the file could be corrupted.
I would suggest saving it.
then check for updates the top tab under online.
Once done, try to reopen it to see what happens.
If it opens, switch to forms mode to see if there is a red ! by any line and you'll see (not done)
Those forms, etc. need correction, though that may not be what's causing your issues.
if you imported 1099s etc , sometimes things go wrong. There is an option under File to delete imported data once the return is open. First save the file using a new name
You can contact support, but if the file is corrupt, there's no way to repair it. You would have to start over.
5am-5pm Pacific Time (8-8 Eastern) Monday - Friday https://support.turbotax.intuit.com/contact
800-446-8848
problems can also occur if you don't meet the minimum system specs or if you're using a VM.
a month ago
Please clarify if you have already filed your return or are you currently working on it so we can give you proper instructions.
a month ago
1 Cheer
I think I sorted it out. So for 2024 tax return I simply state "Deductions and Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions" (backdated) to add Form-8608-T that wil...
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I think I sorted it out. So for 2024 tax return I simply state "Deductions and Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions" (backdated) to add Form-8608-T that will track after-tax contribution to TradIRA. And this will be the difference between the amended and original tax return. Then, for 2025, I will do the same deduction ($7k). Form-8606-T should state $7k 2025 contribution and $7k from previous years (in my case only 2024), after-tax contribution to TradIRA. Then, I will add 1099-R for 2025 tax year that I received from my bank that is purely about distribution from TradIRA. I will state conversion to RothIRA for $14k that happened in 2025 (whole amount, not backdated in any fraction). And then, per my understanding, because I attach Form-8608-T the TradIRA money is excluded from being taxed again (added to income) as it was taxed already. That makes sense but it is very hard to understand that and properly input to TurboTax and verify. Thank you @baldietax very very much for all the responses. They were very helpful.
a month ago
You can't request to speak to an expert in this forum. You can speak to an Expert Assist Agent using TurboTax Experts. You can switch (upgrade) by following the steps below:
Sign into TurboT...
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You can't request to speak to an expert in this forum. You can speak to an Expert Assist Agent using TurboTax Experts. You can switch (upgrade) by following the steps below:
Sign into TurboTax and open your tax return
Select Live Tax Advice
Select Upgrade.
For more information, review the TurboTax article How do I get TurboTax Experts?
a month ago
How do I include my business tax return with my federal return?
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a month ago
So basically the turbo tax email that provided the ACH trace number said to call and provide the date it was sent back and the ACH trace number so that they can find it faster because everything ha...
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So basically the turbo tax email that provided the ACH trace number said to call and provide the date it was sent back and the ACH trace number so that they can find it faster because everything have to be logged
a month ago
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a month ago
If you are referring to the 5-digit PIN to electronically sign your tax return, it's a 5-digit number that you select.
For more information, review the IRS article Self-select PIN method for Fo...
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If you are referring to the 5-digit PIN to electronically sign your tax return, it's a 5-digit number that you select.
For more information, review the IRS article Self-select PIN method for Forms 1040.
If that's not what you're referring to, please reply back.
a month ago
In 2024, I contributed directly $7000 to a Roth IRA, then realized I was over the max income to contribute to the Roth IRA. To resolve that problem, I recharacterized the $7000 to a Traditional IRA, ...
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In 2024, I contributed directly $7000 to a Roth IRA, then realized I was over the max income to contribute to the Roth IRA. To resolve that problem, I recharacterized the $7000 to a Traditional IRA, and then did a backdoor Roth IRA contribution by converting the $7000 in the Traditional IRA back to the Roth IRA. Unfortunately, I made another mistake. In 2025, just before I filed my taxes for year 2024, I (mistakenly) contributed an extra $1000 to my Traditional IRA for 2024 contribution year instead of the intended 2025 contribution year putting me at $8000 of IRA contributions for 2024. To fix this, in August 2025, I paid the IRS the 6% penalty of the extra $1000 contributed, and then withdrew the $1000. I also amended my 2024 taxes to account for the extra contribution. Now, I'm trying to figure out what I need to put on my 2025 taxes. If it helps, I received two 1099-Rs from my stock broker, one for Traditional IRA and one for Roth IRA. The Traditional IRA 1099-R states in box 1 that my gross distribution is $8000. The Roth IRA 1099-R states in box 1 that my gross distribution is $1000. As a reminder, I did a backdoor Roth IRA conversion in the 2025 tax year as well. How do I account for all of this in TurboTax? Do I just enter in both 1099-Rs? Do I just do what TurboTax advises on how to account for a backdoor Roth IRA conversion, because it appears their directions only advise on entering information from your Traditional IRA. I'm just really confused. Any help would be great! Thanks.