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a week ago
@rjs that's very helpful! thank you
a week ago
a week ago
5 Cheers
Intuit also needs to realize that 43% of the US still uses Windows 10, and that 90% of the US doesn't have the money to upgrade their computers to be windows 11 compatible. What their IT depart...
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Intuit also needs to realize that 43% of the US still uses Windows 10, and that 90% of the US doesn't have the money to upgrade their computers to be windows 11 compatible. What their IT department needs to do is work with Microsoft and their paid for security updates, and get 2025 to work with windows 10. Listen IT people and forum mods, here's what will happen, most people want a desktop version for security reasons. Telling 43% of your userbase that you are going to discontinue something is not financially sound. It gives competitors a chance to gain a one up on you.
a week ago
A simple question. When filing a form 56 for the estate of a decedent, In part I, Identification: Do you enter both the EIN of the estate in the Identifying number box and his/her SSN in the Deceden...
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A simple question. When filing a form 56 for the estate of a decedent, In part I, Identification: Do you enter both the EIN of the estate in the Identifying number box and his/her SSN in the Decedent's social security no. box? This is specifically for the Estate 1041 not the individuals 1040.
a week ago
We can't see your tax return, but you must have entered something incorrectly or answered a question incorrectly somewhere along the line. The full amount that you converted should be on Form 1040 li...
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We can't see your tax return, but you must have entered something incorrectly or answered a question incorrectly somewhere along the line. The full amount that you converted should be on Form 1040 line 4b. Line 4b should not be zero.
In your original question you said "given the conversion to the Roth, we should not owe any taxes." That's not true. A conversion from a traditional IRA to a Roth IRA is fully taxable. (The only partial exception would be, as VolvoGirl said, if sometime in the past you made nondeductible contributions to the traditional IRA.)
You also said "Our 2023 tax return also shows this amount." But you have not told us where the amount that you converted appears on your tax return. It should be on line 4b, but you said that line 4b is zero. It's not clear what's on line 4a. If the amount is on line 4a, but line 4b is zero, then, again, you made a mistake in an entry somewhere.
Unless the amount that you converted is somewhere other than line 4a, the IRS is probably correct and you should follow the instructions in the IRS letter to pay the additional tax that you owe.
a week ago
That's basically correct. It's not just a matter of getting your questions answered, though. A good tax professional will have the resources to work with the IRS bureaucracy to resolve the issues and...
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That's basically correct. It's not just a matter of getting your questions answered, though. A good tax professional will have the resources to work with the IRS bureaucracy to resolve the issues and accomplish what you are trying to do.
Tax professionals do have lines of communication in the IRS that are not available to taxpayers, and they have access to higher-level contacts. They also have experience using those lines of communication to find out what's going on, clear up misunderstandings, and make sure that the right actions are taken. The first-level person who answers the 800 number is not going to have any idea why your wife got the letter, or what you should do. The people who answer the 800 number are good at answering routine questions about tax rules and handling simple, routine problems. Your situation is far from routine.
a week ago
4 Cheers
I too ran TT2024 on a Win10 sys; I did finally get to a real TT person today who said it's still early and things can change, also you can use the online TT version and use any computer with internet...
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I too ran TT2024 on a Win10 sys; I did finally get to a real TT person today who said it's still early and things can change, also you can use the online TT version and use any computer with internet to use it. I made my feelings known to the TT guy plus on the following survey. If enough customers raise hell I do believe they'll back off. I'm not buying another computer or updating my 10 sys to 11. Several years ago they did this same crap and I bought a new computer with Win 10 so I could use TT's software, not again!
a week ago
@rjs Thanks. So the 1-800 number would not get me to someone who knows what is going on. Instead, a tax professional has the resources to present my questions and confusion to the right persons? Is t...
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@rjs Thanks. So the 1-800 number would not get me to someone who knows what is going on. Instead, a tax professional has the resources to present my questions and confusion to the right persons? Is that a correct understanding?
a week ago
I skipped Win8 but kept Quicken on my Win7 box until I had to replace the PC for Win10. I'm on the subscription version of Quicken which, hopefullt, should continue to run on Win10 but maybe without...
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I skipped Win8 but kept Quicken on my Win7 box until I had to replace the PC for Win10. I'm on the subscription version of Quicken which, hopefullt, should continue to run on Win10 but maybe without the investments pricing updates. I also have a Win11 laptop but not liking what I see, so far.
a week ago
@ rk911 wrote: I've been a loyal TT and Intuit (Quicken) user for decades and this decision stinks. What's next, making my Quicken software unusable unless I buy a new PC? You need to reverse t...
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@ rk911 wrote: I've been a loyal TT and Intuit (Quicken) user for decades and this decision stinks. What's next, making my Quicken software unusable unless I buy a new PC? You need to reverse this assinine policy quickly. Quicken is no longer owned by Intuit, but Quicken also eventually banished Windows 8. New Quicken installations as of the date of this posting require Windows 10 or 11. So it'll be interesting to see what happens to that product in the future. Maybe Quicken will wait for Windows 12 (if such) to come out before dropping Windows 10.
a week ago
No interest in using the online version (and what's to keep THAT from being hacked?). Nope, I'll continue to use Quicken untill/unless I find something better (been using that longer than TT) but goi...
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No interest in using the online version (and what's to keep THAT from being hacked?). Nope, I'll continue to use Quicken untill/unless I find something better (been using that longer than TT) but going forward I'm a former Intuit customer.
a week ago
@turbokarst wrote: I'm also planning to purchase the extended support for Win 10. I guess after a couple decades of giving TTax my money, maybe HRBlock will get it in future. Tax software is a ...
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@turbokarst wrote: I'm also planning to purchase the extended support for Win 10. I guess after a couple decades of giving TTax my money, maybe HRBlock will get it in future. Tax software is a very "sticky" purchase, once you make the move to a competitor and invest in that learning curve, you are almost impossible to get back. When I wrote my answer above last April, the FAQ I mentioned only said that 2025 TurboTax "may" not be supported on Windows 10. They have since updated that FAQ and removed the "may." It now states outright that for Windows users, the upcoming TurboTax 2025 will only run on Windows 11 (64 bit) and that it won't install on Windows 10. I haven't seen anything yet about whether HR Block for 2025 is planning for their desktop product to install on Windows 10, so I don't know if they have made a decision.
a week ago
Thanks for the quick response! I should've added that we don't qualify for the deductions for contributions to an traditional IRA, which is why we did the backdoor Roth. What line is it on the 1...
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Thanks for the quick response! I should've added that we don't qualify for the deductions for contributions to an traditional IRA, which is why we did the backdoor Roth. What line is it on the 1040? Line 4a and 4b (taxable amount shown as "0") What code is in the 1099R box 7? - "2" An IRA should be on 1040 line 4a and the taxable amount on 4b. Did you get a taxable amount for it? - The amount listed on 1040 line 4b is "0"
a week ago
@rk911 We went though the same thing several years ago when we had to get Windows 10 from Windows 8. If you can't install the Desktop program or find another computer to install it on, you ca...
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@rk911 We went though the same thing several years ago when we had to get Windows 10 from Windows 8. If you can't install the Desktop program or find another computer to install it on, you can use the Online version on Windows 10. You can transfer from this year’s Desktop tax return into the Online version next year. So be sure to have the .tax2024 file on your computer. Then next year….You will notice several differences and may not like the Online version. It has less features and no Forms Mode. And you may need to use a higher version to enter certain things. You can only do 1 return per account. Your return is only saved online so be sure to save both the .tax2025 data file and the pdf file to your computer when you are done.
a week ago
It may have shown up on the wrong line so the IRS missed it. What line is it on the 1040? What code is in the 1099R box 7? An IRA should be on 1040 line 4a and the taxable amount on 4b. Did you...
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It may have shown up on the wrong line so the IRS missed it. What line is it on the 1040? What code is in the 1099R box 7? An IRA should be on 1040 line 4a and the taxable amount on 4b. Did you get a taxable amount for it? A ROTH conversion should be all taxable unless you made any non deductible IRA contributions.
a week ago
2 Cheers
I've been a loyal TT and Intuit (Quicken) user for decades and this decision stinks. What's next, making my Quicken software unusable unless I buy a new PC? You need to reverse this assinine policy...
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I've been a loyal TT and Intuit (Quicken) user for decades and this decision stinks. What's next, making my Quicken software unusable unless I buy a new PC? You need to reverse this assinine policy quickly.
a week ago
"The $800 earnings will be taxable plus 10% penalty if you are under age 59-1/2. " Almost certainly not. There will likely be no penalty because the distribution of the $800 will almost certainl...
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"The $800 earnings will be taxable plus 10% penalty if you are under age 59-1/2. " Almost certainly not. There will likely be no penalty because the distribution of the $800 will almost certainly be from Roth IRA contribution basis acquired from the permissible contributions made for earlier years. Because the distribution does not qualify as a return of contribution before the due date of the 2024 tax return, there was no requirement to distribute attributable earnings. Only the $3,000 needed to be distributed as an ordinary distribution. Since the distribution occurred less than 60 days ago, you have the option to roll back to a Roth IRA the $800 distributed unnecessarily (although the financial institution from which the distribution was made might disallow the rollover if they believe that the rollover is a portion of the distribution that they believe qualified as a return of contribution before the due date of the tax return.)
a week ago
The IRS sent a letter stating that "retirement income taxable" from the form 1099-R was missing from our 2023 tax return; however, we reported the amount shown in the 1099-R and also selected in turbo...
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The IRS sent a letter stating that "retirement income taxable" from the form 1099-R was missing from our 2023 tax return; however, we reported the amount shown in the 1099-R and also selected in turbo tax that the entire balance in the traditional IRA was converted to a Roth IRA within the 2023 tax year. Our 2023 tax return also shows this amount. The IRS is trying to tax us on the balance in the 1099-R, but given the conversion to the Roth, we should not owe any taxes. My spouse also reported the same in our tax return, and there were no issues raised for their account.
a week ago
Hi Fanfare Level 15! Thanks for the detailed repones! I appreciate the time and care in answering my question. I used Turbo Tax to amend my return. In particular, I update section Tradition and ...
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Hi Fanfare Level 15! Thanks for the detailed repones! I appreciate the time and care in answering my question. I used Turbo Tax to amend my return. In particular, I update section Tradition and IRA contribution under " Deductions and Credits" . Turbo Tax generates 1040X and form 8606 and I e-filed these forms successfully.
a week ago
@Katie1996 , Great.
Just note :
(a) you still have to file a US return ---- you should be able to qualify for Foreign Earned Income Exclusion ( so you only pay the UK taxes --PAYE
(b) you can...
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@Katie1996 , Great.
Just note :
(a) you still have to file a US return ---- you should be able to qualify for Foreign Earned Income Exclusion ( so you only pay the UK taxes --PAYE
(b) you can choose which country you pay Social Security to --- UK and US have totalization agreement.
(c) Enjoy
pk