All Posts

Just to wrap it up -  Turbo tax removes the worthless stock for the reasons listed.  CA does has limits on capital gains deductions that are different from Federal.     There is a bug in the program in that when the amount is adjusted and the loss is added back to AGI for California, it should be moved to a Capital Loss on Schedule D.  While there is a limit, it does become a loss carry forward and can be used against future capital gains or limited against income.  But the program does not do that, so it has to be done manually.  Worked through a session with on-line Turbo Tax support so got some confirmation.    Thanks for all the input. 

@randynelson504 See this for how to request a refund for the TurboTax product you purchased - https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-refunds/request-refund-turbotax-product/L834M6uyW_US_en_US

Cleveland is a Central Collection Agency (CCA). If you live and work in the same CCA, you only report it as your resident city. The program is trying to determine which local forms need to be filled in and the reason. You only need to file Cleveland once, as a resident.

I’m not following you.   But you enter state estimated payments under the federal side (because they can be a federal itemized Deduction).  THEN after you finish filling out the estimates under Federal you need to click on the State Tab at the top and start the state return over for it to update.  Only the state estimates paid in 2025 will go to federal Schedule A.      You have to pick the right state from the drop down box and enter the right payment dates.

You need to delete the amended return and start over.   In the Desktop program all you have to do is go to Forms mode and delete the 1040X.  Then try to figure out what changed from your original return.   Do you have a printout or pdf of your filed return you can compare?  You can use the Forms mode to fix any changes you find and put your return back to the way you filed.   Then you can try amending again.   Do you still have the original .tax2024 return on your computer?   You can open that and try amending again.  And just ignore or delete this wrong one.   

Assuming you filed Form 1065 via TurboTax Business, the amending instructions are below - How do I amend my TurboTax Business tax return?    @Frostscott    Amend a return for a partnership or multi-member LLC Open TurboTax. On the Work on a Tax Return screen, select Amend a Return. Select the return you want to amend. On the Amended Return screen, select Yes. Select the tax year that you would like to change. Continue until you reach the Done With Amended Return screen. Select Print to print Form 1065-X. Form 1065-X can’t be e-filed. Save the amended return for your records with a different name than your original return. Sign and send your amended return via certified mail with a return receipt for tracking.   See Instructions for Form 1065-X on the IRS website for a mailing address and other details.

Thank you however I do not see anywhere to input state estimated section when I am completing my state income tax return.  It is carrying over the Federal Amount (the Federal Amount...which is my actual 2025 payments is correct)    

Yes, I had about 5 casinos with multiple W2-Gs. I entered each casino as one form using the amounts totaled and last date from the wins.  Create your own total for Win/losses. Enter the total amount for Gambling losses.

Thank you for your reply.   I used TurboTax Premier 2025 desktop version's Step-by-Step method to work on my 2025 taxes. TurboTax asked me questions, and I entered my answers to those questions.   After I entered my Personal Info, the next section was the Federal Taxes section.   In the Interest and Dividends section, the first item is "Interest on 1099-INT." My wife and I both bank at the same Massachusetts bank. My wife received a 1099-INT form for her two accounts at our bank. Her 1099-INT form reported $841.75 in interest for her two bank accounts. I also received a 1099-INT form for my account at our bank that reported $54.13 in interest for my account. $841.75 in interest for her two bank accounts plus $54.13 in interest for my bank account = $895.88, which rounds up to $896.00 in interest for our bank accounts.   I also received a 1099-INT form for my brokerage account that reported $11.41 in interest. So the total of $896.00 for our bank accounts plus 11.41 in interest from my brokerage rounds up to $907.00.   That is the total amount of interest that was reported to us on 1099-INT forms, and that's the amount I entered as 1099-INT interest in TurboTax.   We don't own any Massachusetts state or municipal bonds, so none of our interest was from state or local municipal bonds.   In your reply you said that "Massachusetts exempts interest earned on Massachusetts state and local bonds as well as federal obligations. If the $907 was earned on a state bond, then it's been removed for good reason. If not then it may be that the system thinks the interest is on a state or local bond and you may need to go back to where you earned it and change the answers that were entered."   In the paragraph above, are you saying that Massachusetts does not tax interest earned in Massachusetts banks?    If that were true, why does MA Form 1, pg. 2 have line 5 "Mass. bank interest" in the same section as line 3 "Wages, salaries, tips" and line 4 "Taxable pensions and annuities"?   I looked at some MA tax returns for previous years filed by a CPA we used to use, and every year our interest from Massachusetts banks is reported on line 5 "Mass. bank interest."   Thanks, Bert

For 2025, qualified long-term care premiums are deductible as medical expenses up to certain age-based limits. Provided total medical expenses exceed 7.5% of Adjusted Gross Income. Costs for chronic care, including nursing homes and home care, are deductible if they are prescribed by a physician.    The limits by age are as follows:   Age 40 or less: $480 More than 40 but not more than 50: $900 More than 50 but not more than 60: $1,800 More than 60 but not more than 70: $4,810 More than 70: $6,020  Keep in mind:  The care must be for a "chronically ill" person and have a licensed health care practitioner’s certification.  The policy must be a "tax-qualified" long-term care contract You must itemize your deductions to claim these expenses Self-employed individuals may be able to deduct premiums regardless of the 7.5% AGI threshold. Deductible expenses include nursing home care, home health care, and other related services. This may include meals and lodging in a health care facility. You cannot deduct expenses that are covered by your insurance.    Where do I enter my long-term care premiums?   Publication 502 Medical Expenses Please return to Community if you have any additional information or questions and we would be happy to help.  

Follow these steps: Open to NY Continue to Retirement Distributions Summary or Pension and Annuity Exclusion Edit each 1099-R Enter the date you began receiving you receiving your pension I recreated your scenario with a birthdate to turn 59.5 near the end of the year. I marked the distribution date after turning 59.5 and can see the exclusions with no issues.   Verify: NY Pension / Annuities worksheet Part I has:  Date listed Gross Federal NY taxable   Part II line 3 line 4b   NYS Publication 36 states: "If you became age 59½ during the tax year, the exclusion is allowed only for the amount of pension and annuity income received on or after you became 59½, but not more than $20,000."