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yesterday
Turbo Tax does not give me the option for Direct Deposit. It will not accept "No" under "Application for Refund"
yesterday
My previous employer had both a Roth401k and a regular 401k. And the money is in Vanguard (i.e., I can't upload the 1099-R and have to key everything in). I'm under 59.5 and last year I pulled out $1...
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My previous employer had both a Roth401k and a regular 401k. And the money is in Vanguard (i.e., I can't upload the 1099-R and have to key everything in). I'm under 59.5 and last year I pulled out $10,000. Vanguard won't let you pull from just the Roth side - it pulls proportional amounts from each account, so I got $7600 from the Roth and $2400 from the traditional. Vanguard also withheld about $470 in taxes. Like the subject says, the 1099-R has values of 2 & B in Box 7. Box 5 has $7600 in it. Turbotax is giving me an error because I shouldn't have a value of "B" in box 7b for an IRA. I couldn't find much info on this in the Community. One thing I found was when it asks if this is a Roth IRA to say "No." So technically that's true because it's a Roth401k. But then my taxes due go up by about $900, meaning I'm paying about $1400 on $2400 of taxable income. Which doesn't sound right. I contacted the Turbotax help line, and they suggested I break up the 1099-R info into two separate entries. Any ideas out there?
yesterday
Thanks. No Aotc due to parent income. Here is what I've calculated. I have no idea how to enter it. +44575.00 Actual 529 qualified expenses -19896.00 Room & Board - 209.00 Books,...
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Thanks. No Aotc due to parent income. Here is what I've calculated. I have no idea how to enter it. +44575.00 Actual 529 qualified expenses -19896.00 Room & Board - 209.00 Books, etc. ------------------------------------------------ +24470.00 Remaining 529 money to use on tuition ------------------------------------------------ +46387.00 Tuition plus adjustment from 1098-T -24470.00 Remaining 529 money to use on tuition -------------------------------------------------- +21917.00 Tuition remaining -------------------------------------------------- +23783.00 Scholarships plus adjustment from 1098-T -21917.00 Tuition remaining --------------------------------------------------- =1876.00 Excess Scholarship Income
yesterday
That doesn't work any other ideas
yesterday
If you log into Online it will access the tax file you have been working on with Desktop. Your work is not wasted. Unless things have changed recently, TurboTax Online allows you to attach a PD...
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If you log into Online it will access the tax file you have been working on with Desktop. Your work is not wasted. Unless things have changed recently, TurboTax Online allows you to attach a PDF for 1099-B when you e-File, but Desktop does not. Contact TurboTax support for a credit for Online if you already bought Desktop from Intuit. @robNC
yesterday
I’m using TurboTax Business. I closed my single-person S Corp and liquidated property (some was sec 179 fully depreciated property and some was expensed as de minimis) as a “deemed sale” gain to me,...
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I’m using TurboTax Business. I closed my single-person S Corp and liquidated property (some was sec 179 fully depreciated property and some was expensed as de minimis) as a “deemed sale” gain to me, the only shareholder. How do I enter S Corp liquidated property in 1120-S without the deemed sale gain affecting the 1120-S ordinary business income? I’ve tried entering in the “disposed property” section of TurboTax and also tried Form 4797 but neither works for reporting liquidated property as far as I can tell. My understanding is that the S Corp reports the gain on the liquidation sale on a 1099-DIV to the shareholder but I’m assuming the IRS wants to know the original purchase price, purchase date, depreciation (if any), and gain for each liquidated asset as part of the 1120-S filing. I don’t know how to enter that in TurboTax.
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yesterday
Thank you for your guidance! Can you please explain why they want to know about prior years paid in 2025? I searched it up but not finding an answer . Thank you
yesterday
there are no prompts for me to do my 2025 taxes
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yesterday
This is a NC benefit and they do not count this retirement as taxes
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yesterday
@DaveF1006 Thank you, please bear with me as I want to make sure that I've got it right. I'm going to review my situation and tell you what I've done so far. I'd like to know if I've done things co...
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@DaveF1006 Thank you, please bear with me as I want to make sure that I've got it right. I'm going to review my situation and tell you what I've done so far. I'd like to know if I've done things correctly and how to fix my most recent problem which arose when I tried to follow your last advice. I have the desktop Home & Business product. My situation is: (1) I operated my own business for 6 months of 2025 and had income after paying expenses, (2) I linked my 1095-A to my business, and (3) my daughter, who was on my marketplace plan in 2025 (and I paid 100% of her premiums), is no longer my dependent for the first time. Because of these issues happening simultaneously, TT is generating an error. The first issue- the IRS knows my daughter has a Marketplace plan but doesn't understand that she's under me because it's the first time she's not my dependent. I had to fix this on her return and my return by jumping to my 1095-A and selecting "policy shared with another taxpayer". I filled out all necessary information and inserted 100% for my premium percentage, 100% SLCSP and 100% advanced payment of PTC. I'm not sure that's right, but I'm paying 100% of everything. Please let me know if this is correct so far. The second issue- It sounds like your recommendation (and @MarilynG1) for fixing the TT error is to disconnect my 1095-A from my business. When I do this, my taxes go up. You said that I could then add the monthly premiums as a deduction. I'm questioning this because TT says "If you signed up for a health insurance plan through Healthcare.gov or your state Marketplace or exchange, do not enter the premium amounts you paid in this section". So please explain the discrepancy. I tried to follow your direction anyway, but I cannot insert premium amounts at all. That field for "self-employed health insurance" under "Less Common Situations" is pre-populated with a number that's about 1/3 of what I spent on premiums, and TT is not letting me change it. I even opened the form and the number is fixed and unchangeable. Is it possible that the health insurance expense is being limited by my business income, which is less than my premiums? If that's true, the pre-populated number is still off because it's hundreds of dollars less than my income, so I don't understand what's going on. Please direct me because I'm not sure where to go from here. Many thanks for your time- Rachel
yesterday
Then you don't owe any repayment, @gillianmblake. You must have had a refund enough to cover any payback amount required. You can look at Form 8962 included in your return to verify the amount of...
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Then you don't owe any repayment, @gillianmblake. You must have had a refund enough to cover any payback amount required. You can look at Form 8962 included in your return to verify the amount of repayment that was calculated.
yesterday
my real estate is reported twice as net income from real estate and as miscellaneous income. why?
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yesterday
Sign into your account and click on Tax Home from the left side menu. From there, scroll down to Tax Returns and Documents. How do I view, download, or print a prior-year tax return?
Use the Dow...
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Sign into your account and click on Tax Home from the left side menu. From there, scroll down to Tax Returns and Documents. How do I view, download, or print a prior-year tax return?
Use the Download PDF and your full tax return will be downloaded - federal and state.
yesterday
I must receive it on 03/08
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yesterday
I just imported my 1099-INT and 1099-DIV from Acorns, but it won't let me import the 1099-B yet. This is a problem. I was hoping it would be resolved by now.
yesterday
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yesterday
Do you get Social Security benefits, and did you have Medicare premiums taken out of your Social Security? Medicare premiums are a medical expense. If you entered the Medicare premiums on the screen ...
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Do you get Social Security benefits, and did you have Medicare premiums taken out of your Social Security? Medicare premiums are a medical expense. If you entered the Medicare premiums on the screen where you entered your SSA-1099, the premiums would be automatically entered as medical expenses on your state tax return.
yesterday
Person on the return worksheet: Enrollment status must be entered
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yesterday
Thanks for your response! Unfortunately the system didn't work that way. It showed me I owed a balance while completing my taxes, but when it came to the end, no additional payment was due.