All Posts

Sunday Feb 15th and I'm having the same exact issue and am running the latest updates.  Also I can confirm that I was able to make this work in the 2024 version, so this is apparently newly broken this year.   This issue will affect huge numbers of people and potentially cost them a lot of money in 529 withdrawal penalties if they do not notice what is happening.   Intuit must make it a top priority to fix this.  

Using TT Desktop for 2025.   Ran thru the steps to import from Schwab. Clicked the continue tab and everything seemed to be working. But several categories, like 1099B says zero and others don't appear correct.   So I ran the import process again, and now I have multiple 1099's for the different categories of the some with figures some with zeros.   This is very unsettling and frustrating. Every year TT has a failing issue that makes the tax filing process a nightmare. This will be the last year for me, switching to Taxslayer - I've several good reviews about that software. Now I guess I delete the return I''m working on and then try to start over....

A distribution Code 3, means disability.    At the NY State level, when TurboTax asks this, it’s looking for the source. For a Code 3, your choice is usually:   "A qualified retirement plan" (if it was from a 401k, 403b, or employer pension) "An IRA" (less common for Code 3, but possible)   You will need to know the source of your Form 1099-R distribution.   Also, here is a link to what the codes mean from Box 7 of Form 1099-R.

You might try exiting the program and logging back in, or restarting your device in case there is a technical issue affecting your results.    To review the calculations:   Detailed calculation information in TurboTax Online can be found by navigating to Tax Tools > Tools > View Tax Summary > Preview My 1040 to access the Form 1040 Worksheet. This worksheet, specifically the Tax Smart Worksheet located between lines 15 and 16, provides the in-depth, step-by-step calculations for your tax liability.    If you are using the Online version, you will need to have paid for your product in order to see all of the worksheets.   If you are using a Desktop version, you can switch to Forms Mode by clicking on Forms at the top of the screen. There, you can scroll through the complete list of forms and worksheets TurboTax has prepared and click on the one you want to review, or click "Open Form" above the list of forms on the left and enter the one you are looking for.  

In the instructions that DoninGA gave you above, note that it doesn't matter what you enter for the reason. The reason that you enter is only used in the subsequent questions in TurboTax. It does not appear on your tax return. Just enter a short description such as "profit sharing."  

@user17709788658    Yeah, the only way to know whether TTX used the box 1 or box 2a values on a 1099-R...is to check lines 5a and 5b of the form 1040.   IF your 1099-R is the first one entered, then line 5b of the 1040 "should" show the box 2a value.  IF it's not the first 1099-R you've entered then you kind-of have to add things up yourself to know what should be on line 5b of the form 1040.   Since I had some after-tax contributions to my 401k, For my 1099-R , box 2a is only 0.4% lower , so it wouldn't be much of a deal if box 1 was actually used.

Can you answer the question asked by the original post? In the On Demand Help in the app it states "COMING SOON: We’re working on a new tool to help you look up the fair market value of your item. We expect it to be ready soon, but you can file without it" Can you provide any update on this tool and timing? The original post wasn't asking for alternatives but for information on this message in the application. (We know there are other ways to get FMV but we were relying on TurboTax to make the process convenient.) I agree with the original post that this is one of the reasons I have been using TurboTax and leads me to want to explore other options. Given the message in the system help I would like to know specifically what TurboTax has planned and the timing so I can evaluate it against other options. 

Generally speaking, homestead exemptions are applied for through your own local county tax assessor’s office. However, some states, such as Michigan, do offer a specific "homestead property tax credit" that can be claimed in the state section of TurboTax. Other states have certain property tax credits that offer a tax credit for the state's property taxes you have paid. New York state, for instance, has a real property tax credit.   If your particular state offers a state homestead property tax credit or other form of property tax credit, you will be asked questions regarding it as you go through your state tax return interview.  TurboTax will determine if the credit applies to your situation and if you are eligible, the program will determine your tax credit.   A homestead exemption generally has no direct effect on your federal tax return. It does reduce your local property tax bill, which may in turn decrease the total itemized deductions (property taxes) you claim in TurboTax. It is a state/local, not federal, tax reduction.    Click here for How do I contact my state Department of Revenue? Click here for Claiming Property Taxes on Your Tax Return Please return to Community if you have any additional information or questions and we would be happy to help.  

Turbo Tax doesn’t show you their calculation.  I searched and on 5/27/25 Champ Mike9241 says he found a way to get the Turbo Tax calculation https://ttlc.intuit.com/community/after-you-file/discussion/turbotax-incorrectly-computed-that-i-had-a-penalty/00/3640643    

"PRETAX" in Box 14 of a W-2 form represents pre-tax deductions for benefits—such as medical, dental, vision insurance, or Section 125 cafeteria plans—that are not subject to federal income tax. For tax software entry, this is often categorized as "Other-not classified"

To enter a Form 1099-MISC that is not for self-employment - Click on Federal (Personal using Home & Business) Click on Wages & Income (Personal Income using Home & Business) Scroll down to Other Common Income On Form 1099-MISC, click the start or update button On the screen Did you get a 1099-MISC?, click on Yes On the screen Let's get the info from your 1099-MISC, enter the amount received in box 3 and continue On the screen Describe the reason for this 1099-MISC, enter a reason and Continue On the screen Does one of these uncommon situations apply? - Select None of these apply and continue On the screen Did the (reason) involve work that's like (your name) main job - Select No and continue On the screen How often did (your name) get income for (reason) - Select 2025 and continue On the screen Did the (reason) involve an intent to earn money? - Select No and continue The amount entered from the Form 1099-MISC will be entered on Schedule 1 Line 8z The total from Schedule 1 Part I Line 10 flows to Form 1040 Line 8