All Posts

To resolve the message about Section 199A income, return to the Schedule K-1 interview and work through all the screens.  Continue with the interview until you see "We see you have Section 199A information." Check the box that applies (usually the first option). On the page "We need some information about your 199A income," be sure to check the first box and enter at least one type of income from Statement A (a negative number indicates a loss or enter zero). Check any other boxes that appear on Statement A and enter the related amount. Continue back to the K-1 summary page.

Okay, for 2025 and beyond perhaps it ISN'T smart for high-income MD residents to use itemized deduction anymore, but the software isn't letting me even try it. Show me the money!   HAL2000 was a software bug. This is a software bug. I tried "shut it down, let it rest" (!!) and it still didn't work, didn't even sing Daisy Bell.

You may have entered this IRA to Roth conversion in the Deductions & Credits section (where annual contributions go) instead of the Wages & Income section (where 1099-R distributions/conversions go).   Fix the "Contribution" Error" by: Open or continue your return Under Deductions & Credits, Click on Retirement and Investments, and then Click on Traditional and Roth IRA  Contributions. Find the Roth IRA section and delete any amount you entered (this section is only for new money you put in for the year). Enter the Conversion via the 1099-R by: Under Wages & Income, Click on Retirement Plans and Social Security, and then Click on IRA, 401(k), Pension Plan Withdrawals (1099-R). Enter the 1099-R exactly as it appears. Answer the "Follow-up" Questions  When the program asks "What Did You Do With The Money?", Select "I moved it to another retirement account.", and then choose "I converted some or all of it to a Roth IRA." Enter the specific amount that was converted. Verify your entries by Clicking on  Tax Tools (bottom left), then Tools, then View Tax Summary, then Preview my 1040, and finally look for Form 8606. Your conversion should be on Line 8.   Note: If you did a "Backdoor Roth" (put money into a Traditional IRA and immediately converted it), you should enter the $7,000 (or $8,000 if 50+) as a Traditional IRA contribution in Deductions & Credits, but you must mark it as nondeductible. And finally, you need to record the conversion in the 1099-R section as described above.

To remove Expert Help from TurboTax, if you did not use the expert help, you may be able to downgrade in order to remove this service.  In your left panel of your TurboTax screen select Switch Products and then Downgrade.   You can also review your fees using the instructions below. You can follow the instructions in this article to remove any  unwanted Fees Why am I being charged for TurboTax Free Edition?  You can review your fees in TurboTax online as follows: Go to the left side on your screen under "Tax Home" Go to "Tax Tools" then "Tools" The "Tools Center" Box will pop up Click on "My Fees" to see a summary of your Turbo Tax Fees.  You can also contact TurboTax Customer Support using this link: Turbo Tax Customer Support  Click here for How do I downgrade to a different TurboTax Online product? Click here for Can I cancel or amend a pending return?  Please return to Community if you have any additional information or questions and we would be happy to help.

How did you report your spouse's HDHP coverage? It should have been Jan-Mar Family, and Apr-Dec Self.   The numbers you are giving suggest that TurboTax did not know that your spouse had any HDHP coverage at all.   The numbers for you are correct.

You can prepare your amended  2024 tax return in TurboTax. Generally, you can amend a federal tax return to claim a refund within three years of the date you filed your original return or within two years from the date you paid the tax due, whichever is later. This usually means you can amend your tax return for the current tax year and three prior tax years.     You can amend your tax return using TurboTax however, TurboTax does not support e-filing for prior tax years. You will have to print and mail your amended return.  If you have to file by mail: How do I file my return by mail? For additional information, please see Form 1040-X, Amended U.S. Individual Income Tax Return: Frequently asked questions   You will be able to track your amended return using this link  Where's My Amended Return? on IRS.gov.   Click here for additional information regarding filing an amended return   Please return to Community if you have any additional information or questions and we would be happy to help.

Any and all costs incurred from your first idea to the point where you declare your business is open to customers are accumulated and not expensed in any year. The IRS specifically mentions travel costs associated with getting the business ready to operate.    You will report start-up costs once, for the total incurred, in the year you declare your business has begun. It's your choice to make that declaration for tax year 2025 or wait until next year. The meter starts running, as DaveF1006 mentioned, the first year you report the business to the IRS.   The IRS defines “startup costs” as deductible capital expenses that are used to pay for:   1) The cost of “investigating the creation or acquisition of an active trade or business.” This includes costs incurred for surveying markets, product analysis, labor supply, visiting potential business locations and similar expenditures.   2) The cost of getting a business ready to operate (before you open your doors or start generating income). These include employee training and wages, consultant fees, advertising, and travel costs associated with finding suppliers, distributors, and customers.   These expenses can only be claimed if your research and preparation ends with the formation of a successful business. 

@Frank nKansas    Is there $3 on line 38??   IF so, then TTX may be letting the IRS calculate the penalty/interst that they may bill you later...separately.., since that penalty $$ amount can change depending on "exactly" when the IRS gets the main tax payment, (the $$ before the penalty was added)

Box 1 on W-2 shows $57,423.56.  On Turbo Tax second screen it asked for the adjusted stock basis which I entered $63,192.10 from the Fidelity Supplemental Information.  This adjusted the amount on form 8949 showing $1 loss.   My question, should I use Box 1 from W-2 showing $57, 423.56 or the Fidelity Supplemental Information for the NQSOP sale showing adjusted cost basis of $63,192.10 for the adjusted ?  I'm not clear why Box 1 and adjusted cost basis on Fidelity  Supplemental Information are not the same amount.     Regarding the $0.64 reported on the Fidelity Supplemental Information but zero on the 1099-B, could that be from the cashless exercise and sell transaction of the NQSOP?

To enter the 1099-B select the following: Federal Income I'll Choose what I work on Investment Income Stocks, Cryptocurrency, Mutual Funds, Bonds, Other Stocks Bonds Mutual Funds Enter the bank or brokerage name and any other info you have  Choose the type of stock and continue through to enter the sale and the costs basis

The California Military Retired Exclusion may be found in TurboTax Online, in the California state income tax return, at the screen Any Pension or Annuity Adjustments.   You are correct.  A minus entry in the column Subtraction reduces the Exclusion.  The amount you pay the state likely will increase.   @MaryY1