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yesterday
I traded some options for the same ticker in my traditional IRA and another individual taxable accounts. There were some gains and some losses within 30 days. I mostly traded option strategies like c...
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I traded some options for the same ticker in my traditional IRA and another individual taxable accounts. There were some gains and some losses within 30 days. I mostly traded option strategies like covered calls, iron condor, put credit spread, call debit spread, etc for the same ticker in each account. How are wash sales handle in this scenario? I have losses and gains in both accounts for the same ticker. How do I report these? How should I adjust basis? Can losses offset gains across these accounts? Appreciate any advice.
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yesterday
Took wrong deduction, can I change it after return is pending?
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yesterday
i have already made myself single but it continues to carry over teh information i input about my partner. we will be common law this year, 2026, and i mistakenly put it as last year as its when we m...
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i have already made myself single but it continues to carry over teh information i input about my partner. we will be common law this year, 2026, and i mistakenly put it as last year as its when we moved in. but now i cannot remove the information from my profile and file online. i need to delete the form 30300 but i do not see an option to delete!
yesterday
There is no name space on the top or hidden and I can not find the space for name.
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yesterday
Hello everyone, I realized I made an ineligible HSA contribution for the 2025 tax year and need guidance on correcting it before the filing deadline. My Situation: 1/1/2025 – 12/31/2025: I ha...
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Hello everyone, I realized I made an ineligible HSA contribution for the 2025 tax year and need guidance on correcting it before the filing deadline. My Situation: 1/1/2025 – 12/31/2025: I had a Marketplace Silver Plan ($0 deductible, non-HDHP). 9/1/2025 – 12/31/2025: I also had an Employer-sponsored HDHP. The Issue: Because I had the Silver plan for the entire year, I think I was ineligible to contribute to an HSA at all. Is that right? However, I contributed the full $4,300 individual limit. 😔 My Questions: Removal Process (Optum Financial): I have the Optum "Excess Contribution and Deposit Correction Request" form. Do I simply list the full $4,300 for 2025? Does Optum calculate the "Net Income Attributable" (earnings/interest) automatically, or do I need to calculate that myself from my statements before submitting? TurboTax Reporting: How do I reflect this removal in TurboTax? Do I need to complete Form 8889? Where do I enter the "Excess" so TurboTax knows the money was pulled out before the deadline? Since this $4,300 was pre-tax, I assume I now need to report it as "Income" somehow, so it's taxed—how to report this? Thank you for the step-by-step help!
yesterday
Are there any tax deductions for sales tax in Seattle Washington (King County)? If so, how much for 2026?
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yesterday
Please ignore my previous post. I was under the false impression that with my wife and I both having an HDHP (one of them being family coverage) and both of us owning our own HSA, and finally both of...
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Please ignore my previous post. I was under the false impression that with my wife and I both having an HDHP (one of them being family coverage) and both of us owning our own HSA, and finally both of us being at least 55 years old, that as a whole we could contribute $1,000 above the family contribution limit of $8550 for 2025. I've just learned we each can contribute an additional $1000 to our own account, as long as we don't exceed individual limit of $4,300+$1,000 and collectively we don't exceed $10,550. I thought our family contribution limit was $9,550. We therefore did not overfund out HSA accounts. No wonder the HSA Summary in Turbo Tax online reports that my taxable earnings on excess contributions is $0. Phew.
yesterday
I don't have Form W-2, why it appears this concept of Job Expenses for W-2 Income?
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yesterday
Turbotax asks if i filed with different software or filed with CPA or printed and mailed. I used turbotax- on my windows 10 computer. Using online version now
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yesterday
The letter has to mirror the requirements in detail and give specifics. I am retired now. No longer licensed. NY is a difficult state to deal with. They give you deadlines to respond yet fail ...
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The letter has to mirror the requirements in detail and give specifics. I am retired now. No longer licensed. NY is a difficult state to deal with. They give you deadlines to respond yet fail to respond timely to your responses, normally exactly close to last day they must respond by. i know partners at largest firms who failed their audit who worked from home for a NY employer as part of a retirement package but, as those partners spoke with NY clients and came into NY for the holiday party, even admitted driving through, they failed. the Firm letter was short and documented exact office requirements and job location and that we did not go to NY office, had no desk at the NY office, and were not working on NY clients and specified offices we did go to, and did not have the option to work at the NY office. Our letter: We basically copied the requirements you meet, ensure you have your documentation. For us, we worked on out of NY clients, never went into NY and did not have any office in NY. We also had an office in the home for meeting clients. We were not officers of the Firm. letter started with the exact NY Rule:
must meet Primary or 4 Secondary and 3 others. then I listed each one. And responded to it. ones under each category we met with specific details. We met more than required but, listed all even if NA, gave very detailed responses. first round was 1 sentence to each, we failed. It took a few times and excessive detail, photos of business card, photos of dedicated office space, even a letter from a client stating they visited the home office.
yesterday
Please tell me or help me with this process of completing my taxes
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yesterday
I did as you suggested and entered 6 months. Now Turbo Tax will not allow me to file as Head of Household and also will not allow me to enter child care expenses. Please let me know where to enter t...
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I did as you suggested and entered 6 months. Now Turbo Tax will not allow me to file as Head of Household and also will not allow me to enter child care expenses. Please let me know where to enter those expenses as it is my year to claim my daughter.
yesterday
Having the same issue and it's following the imported user. Import account>don't validate anything>select forms view and delete everything possible. Select "Deductions and Credits">skipping every...
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Having the same issue and it's following the imported user. Import account>don't validate anything>select forms view and delete everything possible. Select "Deductions and Credits">skipping everything> "I'll choose what I want to work on">"Done with Deductions">Continue and I get the error... Basically deleted everything possible and it still has the same issue.
yesterday
I have same problems as you described. What is the step by step process please?
yesterday
Q. Can TurboTax (TT) properly separate out up to $10,000 of earnings from a Section 529 Plan distribution that was used to pay qualified student loans and not tax those earnings?
A. Yes.
Q....
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Q. Can TurboTax (TT) properly separate out up to $10,000 of earnings from a Section 529 Plan distribution that was used to pay qualified student loans and not tax those earnings?
A. Yes.
Q. TT doesn't offer anywhere to indicate the funds were used to pay student loans?
A. You should have been asked that question in both the 1099-Q section and the 1098-T section (if used).
The 1099-Q is only an informational document. The numbers on it are not required to be entered onto your (or your student's) tax return. The interview is complicated and it's easy to make mistakes. Avoid it if you can and you probably can.
You can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses, including student loan payments, up to $10K, to cover the distribution. When the box 1 amount on form 1099-Q is fully covered by expenses, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records (you don’t need it). You would still have to do the math to see if there were enough expenses left over for you to claim the tuition credit. You also cannot count expenses that were paid by tax free scholarships.
References:
On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."
IRS Pub 970 states: “Generally, distributions are tax free if they aren't more than the beneficiary's AQEE for the year. Don't report tax-free distributions (including qualifying rollovers) on your tax return”.
"IRS Publication 970, Tax Benefits for Education states: If the entire 1099-Q went to qualified expenses, room and board, tuition, etc; then, you do not need to enter the form."
yesterday
I'm filling out a Michigan state return for my son who resides in Illinois but attends school (and worked at school) in East Lansing. This is a reciprocal state, but there was state and local tax wit...
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I'm filling out a Michigan state return for my son who resides in Illinois but attends school (and worked at school) in East Lansing. This is a reciprocal state, but there was state and local tax withheld on his wages that he earned from the school. How should I answer the questions asking if any of this income was earned in East Lansing (and also the state of Michigan)? Ultimately he should owe no taxes to Michigan nor East Lansing due to the reciprocity, but I'm not yet seeing that in the return so probably need to change an answer.
yesterday
From what you described, TurboTax (TT) is doing it correctly.
Scholarships that pay for qualified educational expenses (QEE - tuition, fees, books and other course materials) is tax free. Sch...
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From what you described, TurboTax (TT) is doing it correctly.
Scholarships that pay for qualified educational expenses (QEE - tuition, fees, books and other course materials) is tax free. Scholarship amounts that exceed QEE is taxable income, on the student’s tax return. Room & board are not QEE.
If box 5 of the 1098-T exceeds box 1, TurboTax (TT) will treat the difference as taxable income, unless you enter additional QEE at books and other expenses.