All Posts

Withdrawals of your Roth IRA basis (the amounts that you contributed to your Roth IRA) can be withdrawn at any time without taxes or penalties.  Your 1099-R should have Distribution code - J in Box 7, which indicates "Early distribution from a Roth IRA, no known exception".  Your answers to the questions TurboTax asks you after you enter or upload your 1099-R will determine whether or not your withdrawal is subject to tax and/or penalty.  Review your 1099-R and make sure of the following:   Box 2a - Taxable Amount is blank Box2b - Taxable Amount not determined is checked You answer YES to "Did this money come from a Roth IRA"? You will be asked a series of questions about your Roth IRA.  Continue through and answer each question. On the screen with "What were your Roth IRA contributions prior to 2025?" - Enter the total amount of your contributions to the Roth.  Your contributions must be at least as much as your withdrawal for the total amount of withdrawal to be tax free. You may need to delete your 1099-R in TurboTax and re-enter to access all of the questions. 

Open your return to Other Tax Situations.  Locate the underpayment penalty and edit or update. Go through answering questions until you reach Annualized income method. Select yes - just like last time. It seems you were able to enter your income Jan -Mar, Jan -May, Jan - Aug and the program knows the full year amount. Tax withholding by quarter is entered differently and you have to look at the dates to determine the correct amount. The 4 boxes should total up to your annual sum. The program will flash and tell you what the 4 boxes must total. It really should not have let you get past the screen without correct numbers. Once those add up to the totals box, you can continue on. I cheated and hit continue while entering so I would know the total answer I needed.

I'm not sure what a pig butchering investment is but any investment is taxable if there is profit from it.  Investing in something is not tax deductible unless the investment becomes worthless or is sold at a loss.     If you have invested money in pig butchering then that is just where your money is right now until you make a profit or a loss from your investment.

When do you get this error; is it when you try to delete or try to file or somewhere else?  Try to go back to the 1095-A section, delete any forms that are showing and answer NO to the Do you have a 1095-A/Obamacare? question.       Scroll through the forms list and make sure you are deleting any 1095-A AND any 8962s also.     How to delete forms in TurboTax Online    How to delete forms in TurboTax Desktop  

Thank you, I will forward the suggestion.    I had stated in response to your related post:   If you open the Form 5329-T, and type in a Waiver Statement, the Statement does get saved, but shows up with the Form 1099-R (the title Explanation Stm appears under the Form 1099-R). I just tried this with my Mac.   It can also be found again if you search for the 5329-T using Open Form at the top menu in Forms Mode. In the box labeled Waiver of Tax Smart Worksheet, click on Explanation to QuickZoom to the statement.  

When entering a Form 1095-A with $0 values into TurboTax, do not enter "0" or "0.00" in the boxes.  This will generate an error.    Instead, leave the fields blank for months with no coverage or no subsidy.    If you entered zeros, delete the form and re-enter, leaving those specific, empty spaces blank. 

Well dawn as I stated already I tried to download and copy it straight from turbo tax documents but it says it won’t download try again in a few minutes. I don’t have the physical w-2 only see the one on turbo tax and it won’t worl

If you open the Form 5329-T, and type in a Waiver Statement, the Statement does get saved, but shows up with the Form 1099-R (the title Explanation Stm appears under the Form 1099-R). I just tried this with my Mac.   It can also be found again if you search for the 5329-T using Open Form at the top menu in Forms Mode. In the box labeled Waiver of Tax Smart Worksheet, click on Explanation to QuickZoom to the statement.  

Below is the reason.  In a nutshell, the 1099, which is a disability pension, is not taxable, but the new company will not change box 2a to show that it's not taxable. (1099s from the former company did show $0 in box 2a.)   I was advised to enter a negative amount in Other Income to subtract the amount. Last year, it worked. This year, it isn't working. IRS code 1.104.1  states that this income is not taxable.   Error reason: S1-F1040-080-03 - Schedule 1 (Form 1040), 'TotalOtherIncomeAmt' must be equal to the sum of [ 'GamblingReportableWinningAmt' and 'DebtCancellationAmt' and 'TotArcherMSAMedcrLTCAmt' and 'TotHSADistriHDHPAmt' and 'AlaskaPermanentFundDivAmt' and 'JuryDutyPayAmt' and 'PrizesAwardsAmt' and 'ActivityNotForProfitIncmAmt' and 'StockOptionsAmt' and 'RentalIncomePersonalPropAmt' and 'OlympicParalympicMedalUSOCAmt' and 'Section951aInclusionAmt' and 'Section951AaInclusionAmt' and 'ExcessBusinessLossAmt' and 'TaxableABLEDistributionsAmt' and 'GrantsOrScholarshipsAmt' and 'NonqlfyDeferredCompensationAmt' and 'CertainPenalInstnWagesAmt' and 'DigitalAssetsAmt' and the sum of all 'OtherIncomeAmt' in [OtherIncomeTypeStatement] ] minus (-) the sum of [ 'NetOperatingLossDeductionAmt' and 'TotalIncomeExclusionAmt' and 'NontxMedicaidWaiverPymtAmt' ].

If you open the Form 5329-T, and type in a Waiver Statement, the Statement does get saved, but shows up with the Form 1099-R (the title Explanation Stm appears under the Form 1099-R). I just tried this with my Mac.   It can also be found again if you search for the 5329-T using Open Form at the top menu in Forms Mode. In the box labeled Waiver of Tax Smart Worksheet, click on Explanation to QuickZoom to the statement.