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The IRS will say that an investment cost basis cannot be negative.  That is why you are prevented from electronic filing.   Research and correct the cost basis reported on the IRS Schedule 8949. ... See more...
The IRS will say that an investment cost basis cannot be negative.  That is why you are prevented from electronic filing.   Research and correct the cost basis reported on the IRS Schedule 8949.  
I bought TurboTax Home and Business desktop version from costco and activated my key and moved my account to online. How to know if my produce include audit defense, also how to add or upgrade my pr... See more...
I bought TurboTax Home and Business desktop version from costco and activated my key and moved my account to online. How to know if my produce include audit defense, also how to add or upgrade my product for live expert help?
No, the excess contribution won't be included in your 2026 income.  You removed it before the due date of your tax return, so it's as if it never happened.  The earnings on the excess contribution we... See more...
No, the excess contribution won't be included in your 2026 income.  You removed it before the due date of your tax return, so it's as if it never happened.  The earnings on the excess contribution were withdrawn/received in 2026, so they are reported on your 2026 tax return.  According to the IRS Instructions for Form 8889:   Excess Contributions You Make To figure your excess contributions (including those made on your behalf), subtract your deductible contributions (line 13) from your actual contributions (line 2). However, you can withdraw some or all of your excess contributions for 2025 and they will be treated as if they had not been contributed if:   You make the withdrawal by the due date, including extensions, of your 2025 tax return (but see the Note under Excess Employer Contributions, later); You do not claim a deduction for the amount of the withdrawn contributions; and You also withdraw any income earned on the withdrawn contributions and include the earnings in “Other income” on your tax return for the year you withdraw the contributions and earnings.
Your answer doesn't make sense as the IRS instructions for Form 1116 Line 3a are as follows: Line 3a. Include the following itemized deductions (from Schedule A (Form 1040)) on line 3a. Medica... See more...
Your answer doesn't make sense as the IRS instructions for Form 1116 Line 3a are as follows: Line 3a. Include the following itemized deductions (from Schedule A (Form 1040)) on line 3a. Medical expenses (line 4). General sales taxes. Real estate taxes for your home. State and local personal property taxes.   If you don’t itemize deductions, enter your standard deduction on line 3a.   Per the IRS, Line 3a has nothing to do with foreign qualified dividends and Line 3b also is not referring to total foreign dividends. I am itemizing and for Line 3a on Form 1116, I am adding my Medical Expenses ($0) to State and Local Sales Tax ($1764)  and Real Estate Taxes ($2958) and State and Local Personal Property taxes ($0). Total equals $4722 and that is what I put on Line 3a but your software program is duplicating this amount and placing it on Line 3b also (for some unknown reason). Line 3b is for "Other deductions" of which I have none. Line 3b should remain blank and it was blank on my 2024 return when I had a CPA do my taxes. Can you tell me how I can make sure the $4722 amount in Line 3a is not being copied down into Line 3b by your software program? Thanks       
i selected Yes for household employment taxes page and then next page shows something went wrong. i tried all way but was not able to locate it
if I withdraw from my retirement at 60 but not retired is that subject to the additional 10% tax?
The New York Department of Revenue handles timing and processing of your refund. You can track your refund here: Income Tax Refund Status, and you can contact the NY Department of Revenue here: New Y... See more...
The New York Department of Revenue handles timing and processing of your refund. You can track your refund here: Income Tax Refund Status, and you can contact the NY Department of Revenue here: New York (NY)
Yes, you can make an IRA contribution if you have earned income.  In Deductions & Credits, go to Retirement & Investments > Traditional and Roth IRA Contributions.   You can test how much a contr... See more...
Yes, you can make an IRA contribution if you have earned income.  In Deductions & Credits, go to Retirement & Investments > Traditional and Roth IRA Contributions.   You can test how much a contribution will reduce your taxes by entering various amounts.     Here's more info on Last Minute Ways to Reduce Your Taxes and 7 Best Tips to Lower Your Tax Bill.   @Beezo1951       
For those encountering the issue on windows, this may be related to one drive.  I found that while the file was listed in my documents, one drive had apparently crashed and couldn't access the old fi... See more...
For those encountering the issue on windows, this may be related to one drive.  I found that while the file was listed in my documents, one drive had apparently crashed and couldn't access the old file.  Restarting one drive fixed it.
My NYS tax return was accepted February 10th and I'm still waiting for my refund. Does anyone know what's going on and why are the refunds delayed this year.   Thank You.    
Yes.  You'll navigate to the property info to indicate you sold it, which you have already done and then also go to the assets and indicate here the assets (including the actual house) were sold. The... See more...
Yes.  You'll navigate to the property info to indicate you sold it, which you have already done and then also go to the assets and indicate here the assets (including the actual house) were sold. The interview will populate questions to determine the correct capital gain.   When you sell your rental property, follow the steps to report the sale found here: I sold my rental property. How do I report that?, with the selling expenses you asked about being reported in step 10:   "To report the sale of your rental property, follow the steps below: Go to the rentals section Answer Yes to the question Did you have any income from rentals or royalties? (You may not see this question since you have had the rental already entered) On the Your rentals and royalties summary page, select Edit (pencil icon) beside the property you sold. Select Edit (pencil icon) next to Rental property info. Under General info, select Edit under Situations (or on the page Tell us about your situation this year), then select Sold or disposed of property.  Continue through the screens until you return to the Here's your rental property info screen. Select Edit next to Sold rental property or Sale of property/depreciation. Go directly to your asset summary and select Edit beside the first rental asset you sold. Continue to the page Tell Us More About This Rental Asset and check the box for The item was sold... Enter the date of the sale in the pop-up box. Follow the prompts to enter the sale information, including the sales price and selling expenses you calculated above. Continue back to the Rental Asset list. Repeat steps 9-11 for each rental asset. Continue back to the Property Summary page. Select Done/Continue and answer any follow-up questions."  
Fo 2025 taxes, I have turbo tax downloaded to my Mac. When I try to hand enter information into form 8960 line 9b or the worksheet for 8960, I can right click on the line and get a box but the softw... See more...
Fo 2025 taxes, I have turbo tax downloaded to my Mac. When I try to hand enter information into form 8960 line 9b or the worksheet for 8960, I can right click on the line and get a box but the softwares dos not let me manually enter the data.  how to fix?
I tried to use the "Rental Properties and Royalties" session to report the sale of my rental property in 2025, but it only asked me for the rental information, not the selling information, though I c... See more...
I tried to use the "Rental Properties and Royalties" session to report the sale of my rental property in 2025, but it only asked me for the rental information, not the selling information, though I checked the box that I sold the property in 2025. Can you help?
It depends what state you live in.  While there is no renter's credit on the federal level, the money you pay to rent the land beneath your mobile home is generally considered a qualifying expense fo... See more...
It depends what state you live in.  While there is no renter's credit on the federal level, the money you pay to rent the land beneath your mobile home is generally considered a qualifying expense for state-level renter's credits or rebates. Although you own the home itself, most states that offer these benefits, such as California, Minnesota, and Maryland, treat "lot rent" or "site fees" as the equivalent of traditional apartment rent because it is paid for the use of your primary residence's location.
I filed fedtax return showed a refund I found an error filed an amended return and now I owe. However the amended return shows the tax due including the refund
I am having a similar problem. I have already filed a 1040, and now need to file an amended return. The 1040-X form is visible on-screen but will not print.  The PDF shows two blank pages (where th... See more...
I am having a similar problem. I have already filed a 1040, and now need to file an amended return. The 1040-X form is visible on-screen but will not print.  The PDF shows two blank pages (where the form should be) followed by two pages of worksheets. I am using Windows desktop, and the software is up-to-date as of a few minutes ago.   Please help?  
Did you have non-deductible contributions to your IRA?  If not, you don't need to enter a value here.  In the IRA contribution interview, there's a question asking if you made non-deductible contribu... See more...
Did you have non-deductible contributions to your IRA?  If not, you don't need to enter a value here.  In the IRA contribution interview, there's a question asking if you made non-deductible contributions, and if so,  you're asked for a year-end balance.  This info will go to Line 18 of the IRA Information Worksheet, then to Line 6 on Form 8606. If you haven't yet received Form 5498, use your year-end account balance.    Here's more info on Form 8606 and IRA Year End Balance.   @dsp4