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To enter your new vehicle data for farm use in TurboTax, follow these steps:   Navigate to the Farm Section by going to Wages & Income and selecting Farm Income and Farm Rental  Work through the Income & Operating expenses interview by entering your farm income first You will then reach "Enter Farming Expenses" Look for Other Interest and enter your business portion of the interest paid on your vehicle loan here Next, you will reach the Vehicle Summary page where you will be able to add your new vehicle information

No, 98% of your deductions are not allowed to be deducted in AL since the charity was not donated while a resident of AL. AL instructions, page 5 state: Part-Year Residents Part-year residents of Alabama should only report income earned while a resident of Alabama. Itemized deductions must be prorated to reflect only those expenses incurred while a resident of Alabama. Federal Tax Liability must be prorated by applying a percentage of Alabama adjusted gross income to Federal adjusted gross income in order to calculate the amount deductible on line 12 of Form 40. Part-year residents are allowed to deduct the full standard deduction, personal, and dependent exemptions

It depends. From what you indicated, if the mother opened the account more than a year ago, then it is likely long term for the most part. Any reinvested dividends within the last year would be short term.    As far as the cost basis, there is only an amount allowed that was paid by the mother. Fair market value (FMV) is not part of the equation when it comes to a gift. Inheritance is another matter, but this is not an inheritance.   If you do not have the cost basis, then zero is the answer. This would make all of the proceeds taxable. If you have a general idea when the fund was opened and the amount used initially, then you could use that as your cost basis. The mother's cost basis-initial investment, plus any additional money she invested over time and any reinvested dividends if that applies,    Any other amount should be able to be obtained from Nationwide.  It's not clear what form was received, however here are the instructions for investment sales. To enter your sale in TurboTax, follow these steps.  Open or continue your return. Navigate to the investment sales section: TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open TurboTax Desktop: Search for investment sales and then select the Jump to link. Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other Answer Yes to the question Did you sell any of these investments in 2025?  If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments. Click this link for more information. Where do I enter Investment Sales?

@DaveF1006    Thank you for your response!   What really threw me off was when it said NOT to include RMDs which are due on April 1st. "RMDs for the first year you're required to take a distribution are generally due on April 1."  I'm assuming I would have left this IRA RMD off if he had not take it until April 2026?   Ok, I will add that IRA RMD back in since he took it shortly after turning 73 in 2025.  The amount he took was the actual RMD - I have all the paperwork.   For the pensions, I've always just listed them, but knew this year might be different due to him turning 73 in 2025.  He has one pension where Box 1 and 2a are the same, so I know what to do there.  His Federal OPM pension has different amounts in Box 1 and 2a because he has non-taxable contributions he's recovering - do I use the Gross distribution (box 1) amount, or the Taxable Amount (box 2a)?   Thanks so much for your help!

For purposes of cost basis and cost depreciation, if a depreciable asset was purchased in a foreign currency, convert the purchase price to US dollars using the exchange rate at the time of the purchase.  

The best way to enter foreign interest is in Other Reportable Income.     You can delete the 1099-INT entry and replace it with the following:   Delete the 1099-INT entry you currently have (use the "trash can" icon). Go to Wages & Income -> Less Common Income. Select Miscellaneous Income, 1099-A, 1099-C. Select Other reportable income (at the bottom of the list). Description: Enter "Foreign Bank Interest (Turkey)" and the bank name. Amount: Enter the USD equivalent

Thanks. I want to upload all my documents like 1099s and 1098s etc. It let me upload the W2 as a PDF but that's it. Any other document it wants as a TXF file (I don't have) or I have to connect with the financial institution online and not all of them are in your system. It'd be way more consumer friendly and easier if we can upload our forms and statements from our PCs in PDF format.

Any health insurance premiums that are paid for out of your self-employed earnings are deductible as self-employed health insurance coverage.  That's why your federal health insurance benefits may not be deductible.  If they're being subsidized by your retirement plan then you are seen as already receiving a benefit.  And certainly your health insurance is theoretically more affordable as purchased from the federal government.     So, while you can deduct the cost as a medical expense on schedule A, you can't take a self-employed health insurance deduction for it.

You would amend your 2021 IRS form 1040 income tax return as you would for any other tax year except that amended tax returns for 2021 may no longer be accepted by the IRS.   Instructions for form 1040X, page 3, states:   Generally, for a credit or refund, you must file Form 1040-X within 3 years (including extensions) after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later.    A 2021 IRS form1040 income tax return would have been filed in April 2022 and three years would have expired in April of 2025.   If you used TurboTax Online, log in to your account and select Amend a return that was filed and accepted.    If you used the CD/download product, sign back into your return and select Amend a filed return.    See also this TurboTax Help.  

Yes, you will receive a 1099-SA for this withdrawal - by January 2027. The information on the 1099-SA is reported on your 2026 tax return.   Only the earnings from the 1099-SA (box 2) will be added to your 2026 tax return. If the distribution code is '2' (as it should be), the distribution amount in box 1 will be ignored. Why? Because TurboTax handled this automatically on your 2025 tax return.    Any employers contributions that were in excess will appear on line 8f on Schedule 1 (1040). Any "personal" contributions that were in excess will be removed from line 13 on Schedule 1 (1040).

A 2021 tax return must generally be amended by April 2025 (three years from the original deadline).  Y   ou can generally file a Form 1040-X to amend a tax return within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.   See: File an amended return If you have additional information or questions regarding this, please return to Community and we would be glad to help.

It depends on your GEOID - How do I find my GEOID for the Alternative Fuel Vehicle Refueling Property Credit?   The Alternative Fuel Vehicle Refueling Property Credit is for people in certain low-income areas who install energy-efficient charging stations.    Under the Residential Clean Energy Credit, you can get a federal tax credit for installing alternative energy equipment such as:   Solar electric property Solar water heaters Geothermal heat pumps Small wind turbines Fuel cell property Battery storage technology (beginning in 2023)   To show that you’re in an eligible census tract, you need to find your 11-digit geographic identifier (GEOID). Follow the steps under Worksheet 1 of the IRS instructions for Form 8911 to find your GEOID.

What are the steps I need to take if I have already filed my taxes?? New York State is filed/"ready to mail" status, and the Federal I was in the process of amending to try and add this inflation check but I have been increasingly confused on what the RIGHT WAY of doing this is...

Items entered on line 2 of the K-1P for Code ZZ must be entered manually, they will not transfer to another form in your return automatically.  You generally have to look at the K-1 instructions to determine what the value represents and then add it to your return on the appropriate form.   In your case, you stated that it represents a passive loss that should go to Form 8582.  One way to have this value flow to Form 8582 is to create a duplicate K-1 in your return by entering only the heading information and a single entry in the data section of the K-1.  Enter the loss in box 1 for business income/loss in the duplicate K-1.  Then, the loss will flow to the Form 8582 to offset any passive income being reported.