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Turbotax used AMT calculations to calculate a large tax on a 2025 return I was working on.  The return included a significant capital gain from the sale of a second home, of which one half was inherited.  There was enough capital loss carryover to cover the gain, however, TT calculated the tax using AMT and gave no credit for capital loss carryover from previous years. The calculated tax owed was tremendous!  The return is for a retired couple (over 65), MFJ, and the income without the large capital gain was around $100K.  This couple has pensions, social security, and some W2 income and never paid AMT before.  I discovered that you have to go to investment income, capital loss carryover, then edit the "Here's what we have" section in the upper right corner.  Enter numbers from schedule D then answer "Are your carryover AMT amounts different?" with a "Yes."  Then enter from Schedule D AMT from the previous year the values requested.  The Net long term capital gain (or loss)  is the same for regular tax rate and AMT if the taxpayer never paid AMT.  Doing this allows the program to give credit for previous years' capital loss carryover.     This seems exceedingly complicated to do - I wonder if TT can upgrade the program in this area.  

The Person on the Return worksheet is summarizing the info entered in the Personal Info section for each person on the return.  The TS/SP link at the top simply points to the parent on a dependent worksheet.  If your dependent is a student, make sure that is indicated in Part I, Student Status.  If not, return to the Personal Info section interview to indicate that in the interview.    This should not prevent Efiling, as it is a worksheet and was designed to help prevent 'check this entry' errors.  If you can share more details, we'll try to help.    @user17734154580 

No, you can't change the contribution amount in the first box of the "Let's enter [name]'s HSA contributions" screen - it comes from code W in box 12 on the W-2. The number with code W in box 12 on the W-2, also should not be changed, since this reports the amount of HSA contributions that your employer reported going to your HSA custodian.    Typically, a taxpayer in your situation shows excess contribution when they double reported their own contributions, both as payroll deductions (code W in box 12 of the W-2), and also as "personal" contributions made directly to the HSA.   No dollars that rightly belong with the code W amount should be reported anywhere else on the return. Thus, if the code W amount contains contributions made by both the employer and the taxpayer, then this number must not be changed.   The term "employer contribution" confuses most taxpayers. It does not refer to the source of the dollars, but to how the dollars were handled. For example, the code W amount is removed from Wages in boxes 1, 3, and 5 on the W-2. Yes, this means that "employer contributions" are not subject to federal income taxes, Social Security taxes, nor Medicare taxes. This is as opposed to the "personal" HSA contributions that appear on line 13 on part II of Schedule 1 (1040) - these are removed from your taxable income, so not subject to federal income taxes, but they are subject to Social Security and Medicare taxes.   For this reason, it is better for most taxpayers to contribute via their employer through payroll deductions (the code W amount), and not by check or ACH transfer. Indeed, it is common for most taxpayers to contribute most of their annual amount by payroll deduction, and to make a personal contribution at the end of the year when they know how close their contributions are.   So please look at the second paragraph, and see if this is what you did. The second line on the "Let's enter [name]'s HSA contributions" screen should contain ONLY those dollars that you send directly to the HSA, not through your employer.   @strental 

Thanks for your post, but I am not New York State Education, or New York City Education - which is what that questions says.  Should it say "New York State OR New York City Education"?  And if it is not worded correctly and I should pick this for ANY NYS Gov't pension, why has it still not been fixed as of March 2025?  I read this carefully and obviously didn't select it as I am not part of Education.  We just noticed this problem in our return and new we need to go back and file amended returns for all the years the software did this incorrectly and told us to pay an extra $2,500 in taxes each year.  Insane this hasn't been fixed.

Enter your VA state 529 Plan contribution by following these steps in TurboTax Online:   Select State Taxes Select Edit or Revisit next to Virginia Navigate through the Virginia return until you get to the screen Here's the income that Virginia handles differently  Scroll down to Education and select Edit for Virginia College Savings Prepaid Tuition (Section 529) Plan

I took your advice and and entered my interest  from box 3 as a separate item and entered the accrued interest on just that item.. But schedule B still shows it as an addition to interest instead of a subtraction and it is labeled "Accrued market discount" which isn't even a choice. If Itry to enter the accrued interest as a negative number it shows as an error.    

If you are filing as Married Filing Separately you are not eligible for the deduction.  If you are Single and your AGI is over $175,000 or Married Filing Jointly and your AGI is over $250,000 you are not eligible for the deduction.   If you are age 65 or older and meet the requirement, the additional deduction is automatically added on your federal tax return.   Standard deductions for 2025 Single - $15.750 add $2,000 if age 65 or older Married Filing Separately - $15,750 add $1,600 if age 65 or older Married Filing Jointly - $31,500 add $1,600 for each spouse age 65 or older Head of Household - $23,625 add $2,000 if age 65 or older   New Bonus Standard Deduction (OBBB): An additional $6,000 deduction for taxpayers 65 and older. This is per eligible individual, meaning a married couple both over 65 could get $12,000. Important: This bonus deduction is temporary, lasting from 2025 through 2028. Income limitations: It phases out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers. The amount is calculated on Schedule 1-A, Part V, with that amount flowing to Form 1040 Line 13b Look at your Form 1040 - You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

The estate disposed of the property in the sense that it was distributed to you in kind.   I believe you need to check that box in TurboTax Business and then indicate that the property was converted to personal use in order to stop depreciation as of that date. You will then use the estate's adjusted basis (including accumulated depreciation) to report on your return going forward.

You don’t enter a 1095C into your return.   Only 1095A.   If you paid medical out of pocket and not reimbursed for it you can enter it as an Itemized Deduction on Schedule A.    Enter Medical under Federal (Personal for HB) Deductions and Credits Then scroll way down to Medical Then Medical Expenses - click Start or Update   You can only deduct the amount of unreimbursed Medical Expenses and Insurance you actually paid over 7.5% of your AGI.  And then all your itemized deductions have to be more than the standard deduction to get any benefit (so you would only be getting the benefit of the amount that puts you over the standard deduction).

All you have to do is enter your birthday.   If you are over 65, the deduction is automatic.   What's the new tax law for the senior deduction?   You must meet the following requirements: Age:  You must be 65 or older by December 31 of the tax year. Filing status:  Single, Head of Household, Qualifying Surviving Spouse, or Married Filing Jointly. (Married Filing Separately is not eligible.) Social Security number:  You must have a valid Social Security number and include it on your tax return.