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Friday
IRS requires you to establish your Required Annual Payment for the year and pay as you go. You can base your estimate on prior year's tax , or 90% of this year's tax, whichever is smaller. If ...
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IRS requires you to establish your Required Annual Payment for the year and pay as you go. You can base your estimate on prior year's tax , or 90% of this year's tax, whichever is smaller. If you know you will get a refund based entirely on withholding alone, you have thereby satisfied the 90% rule. There will be no penalty. @johnsmy
Friday
Thanks for the update!
Friday
Due to 2024 TurboTax issues - aka bugs, to avoid wrongful penalty, for each 1099-R, tell TurboTax that the calculated required amount is -0-. @thinkcab
Friday
Did you fail to attach the "Explanation Statement" showing that 2024 TurboTax had/still has issues resulting in wrongful penalties. ? Include dates and amounts of distributions. attach copies of 109...
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Did you fail to attach the "Explanation Statement" showing that 2024 TurboTax had/still has issues resulting in wrongful penalties. ? Include dates and amounts of distributions. attach copies of 1099-R. Include Dec statements showing year-end balance in all IRA accounts allowing IRS to calculate your RMD. Showing your own arithmetic for this calculation would be helpful. @jmtamol2
Friday
How do we add the improvements cost to the cost basis? It says, we should not change the cost basis that was previously reported.
Friday
Once you have basis, I don't think you can roll IRA back into an employer plan. Generally, you have more flexibility in a self-directed IRA than in an employer plan.
Friday
Follow the instructions from the IRS.
Friday
the non-deductible basis is the basis on the last Form 8606 you filed, If you only once elected a non-deductible contribution of N dollars, your basis was N. After a conversion, your new basis i...
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the non-deductible basis is the basis on the last Form 8606 you filed, If you only once elected a non-deductible contribution of N dollars, your basis was N. After a conversion, your new basis is calculated on the next Form 8606 for that year. @lteget
Friday
It's not in Documents. You have to open and be inside your return for the print option to show up. Save the PDF https://ttlc.intuit.com/community/saving/help/how-do-i-save-my-turbotax-online-retu...
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It's not in Documents. You have to open and be inside your return for the print option to show up. Save the PDF https://ttlc.intuit.com/community/saving/help/how-do-i-save-my-turbotax-online-return-as-a-pdf/00/26234
Friday
Hello, I have a question about how to report income from a sublet. I had a room in a shared apartment when I relocated. I found a subtenant to take the room for two months. My rent for the room h...
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Hello, I have a question about how to report income from a sublet. I had a room in a shared apartment when I relocated. I found a subtenant to take the room for two months. My rent for the room had been paid in advance by a third party, so the subtenant's rent payments represented a net profit for me. My tax advisor has recommended that I report the sublet income as "Other income" on the Form 1040, without a Schedule E. Is that acceptable or is a Schedule E required? Thank you for your help!
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Friday
To amend a state return:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/need-amend-state-return/L3hGFyaPp_US_en_US?uid=m6k6w0mg
Friday
Same here!!! I guess it's time to look for another way of doing my taxes!
Friday
Hello, I have a margin account, and thus I have the following issues: -I have a substantial amount of substitute payments or "in lieu of dividends". -I have a substantial amount of margi...
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Hello, I have a margin account, and thus I have the following issues: -I have a substantial amount of substitute payments or "in lieu of dividends". -I have a substantial amount of margin interest. My margin interest exceeded my capital gains, ordinary, and qualified dividends. The problem is that the substitute payments are not being counted as investment income by Turbotax (web version). I don't a way to force it into that category. I've already filed, so I would have to do a revision or just wait next year with carryover, but I expect I'll have the same issue even more so. I have not used the desktop version before, but I've seen that maybe the form-fill mode can fix. Thanks for any help.
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Friday
Did you get this resolved? I called TurboTax support twice and got two completely different answers. The first rep told me, “Sorry, you forgot to activate Audit Defense under the 2024 Advantage pr...
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Did you get this resolved? I called TurboTax support twice and got two completely different answers. The first rep told me, “Sorry, you forgot to activate Audit Defense under the 2024 Advantage program, so you’ll need to pay again.” But the second rep said I already have Audit Defense included with my TurboTax 2024 Advantage. Either way, the Advantage program doesn’t seem worth it if the benefits are so easy to lose—or so inconsistently explained.
Friday
1 Cheer
Figured it out. Box 11 line 2 on the K1 Addl Info worksheet, which is an input field, needs to equal form 4562 line 12 a ttax calculation. If they do, TTax is happy and the red error problem on form...
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Figured it out. Box 11 line 2 on the K1 Addl Info worksheet, which is an input field, needs to equal form 4562 line 12 a ttax calculation. If they do, TTax is happy and the red error problem on form 4562 goes away. The confusion here is that Box 11 line 2 on the K1 Addl Info worksheet has the following label: "Section 179 deduction allowed per current year Form 4562" and I had input the amount allowed after my basis limitation. As far as I can tell, however, I need to include the sec 179 amount before limitation to keep the program happy. Is this a shortcoming of the software? Anyway, Sched E pg 2 is correct, Ttax doesn't think I have any errors in my return, and I have all my carryforward values tracked separately. Should be good to go.
Friday
At the end of 2024, I paid $120 for a TurboTax Advantage subscription. On April 1, 2025, I installed TurboTax Desktop and activated my software with the license key. On April 15, 2025, I filed for an...
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At the end of 2024, I paid $120 for a TurboTax Advantage subscription. On April 1, 2025, I installed TurboTax Desktop and activated my software with the license key. On April 15, 2025, I filed for an extension. Now it’s October 2025, and I’m ready to file my 2024 tax return under that extension. However, just before filing, TurboTax is prompting me to pay $60 for Audit Defense again. I then noticed the fine print under TurboTax Advantage program terms and conditions: "To claim this member benefit, Audit Defense must be activated in your 2024 tax software by April 30, 2025." My questions are: Is the “Audit Defense activation” process separate from the normal TurboTax Desktop software activation process? If so, did I effectively forfeit my "free" Audit Defense benefit by filing for an extension and not explicitly activating AuditDefense before April 15, 2025? If answers are yes&yes, then this restriction seems unfair and not in line with fostering a positive relationship with customers.
Friday
On 2/18/25 I filed my taxes, not realizing that I had a penalty due to the distribution from one of my IRAs was less than the RMD, although total of all distributions exceeded total of all RMDs. I f...
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On 2/18/25 I filed my taxes, not realizing that I had a penalty due to the distribution from one of my IRAs was less than the RMD, although total of all distributions exceeded total of all RMDs. I filed an amended return which resulted in refunding the penalty amount, good. But now the IRS refuses to pay the refund and is requiring me to send corroborating documents for the amended return. They have all the docs I used to complete the two returns, but it looks like I will need to send them these with explanation of this error. My questions: - Has anyone had to go through this and how did you settle it? - Can Turbotax help in any way to resolve this? Thanks for any suggestions you all may have JaneT