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Since your bond was called partway through the year, the amortization of the acquisition premium (the amount you paid above the bond’s original price) ended up much higher than the accrued OID interest for that short time.   TurboTax doesn’t allow “negative interest” on a single form, which is why it asks you to cap Box 6 and move the “loss” to Schedule A. But because you’re using the Standard Deduction, moving it there won’t help—it won’t resolve the error or let you claim the loss.   IRS Publication 1212 says you only need to report the total amount of tax-exempt OID (box 11 minus box 6, but not less than zero).   Open the 1099-OID Entry: Go to the 1099-OID interview section (or switch to Forms Mode and find the 1099-OID Worksheet). Zero Out Box 6: Remove the $479.18 from Box 6. Zero Out Box 11: Remove the $24.51 from Box 11. Since your acquisition premium ($479.18) is higher than your OID income ($24.51), your taxable OID for the year is $0.   The remaining $454.67 is a loss in basis. Because the bond was called, this counts as a sale or redemption. This premium should be included in your cost basis on your 1099-B (Form 8949), not as an interest adjustment.

Hi Roger, Thank you for the information. I did follow your steps and I was able to make it to the Transmit Your Returns screen. However, when I click on the Transmit Returns Now button, it returns to the We Need to Make One More Check screen. I click on the Continue button and the Check This Entry screen appears with this information: "Information Worksheet: Spouse Yonkers Income Checkbox: should be selected since you have Yonker's income and have indicated you are a resident of Yonkers" This is strange since in the Residency Status section for my Spouse, I have checked the box "Nonresident" for New York City and Yonkers.   Please help since I am unable to transmit my returns. Thank you. Frank  

so many issues with Schwab this year - as long as you've set the browser permissions which has been a general issue on the Turbotax side - there was a comment here that Schwab is still having issues their side so maybe check with Schwab directly if you're affected, and/or try again today or at the weekend.  I keep seeing messages in Schwab about data availability for tax download but they're not being very clear - originally the message was dated 2/25 but now it's dated today.   https://ttlc.intuit.com/community/taxes/discussion/re-why-can-t-i-import-my-charles-schwab-1099-into-2025-turbo-tax-premier/01/3804625#M1415169   so many issues with Schwab this year, if this doesn't resolve you may just want to input manually and move on.  Most 1099s are easily input esp R/INT/DIV.  For 1099B you can input at summary level unless you have cost basis adjustments (wash sales, AMD, non-covered lots) those are best input at detailed level or you can send in the details using Form 8453 (TT Online also allows upload of PDF to satisfy this filing requirement).

 The amended forms are not quite ready yet, but you can use this tool to see when they become available.  If you left off any forms, be sure that your return is fully process before submitting an amended form as the IRS may catch the omission and send you a letter of correction.    A few notes amount amending You will have to use the same TurboTax account that you used for the original tax return.   The refund calculator will start new at $0.  The new number you see will be the number you now owe or the extra you will get back.  This number takes into consideration the amount of your refund or payment in the original return.  Select your product below and follow the instructions.  Amend TurboTax Online  Amend TurboTax CD/Download   

The date has been moved back.  The Form 1040X Amended Return is now supposed to become available March 4.   But since the update usually occurs overnight Wednesday into the wee hours of Thursday AM, it may actually be March 5.   Rarely, a form can be released earlier than shown in the table.    No one can know for sure--only an expected date.  It's been moved back a couple of times already.   TurboTax Form Availability Tool   In the meantime, do not make any changes in your original return.   Also, if you are due a Federal refund, it's recommended to wait on the refund to arrive before amending.  Or if you owed taxes due, to wait until the return processes.

No.  Because the GI Bill benefits are excluded from income (meaning, it is not possible to make them taxable) this loophole will not work.  There is not an exception that makes them become taxable income.  And in order for the loophole to work, the income would need to be taxable income to the parent or the student. 

Here’s some information that might help, along with a few ways to get things moving. The “Tax Advantage” or “Advantage” program can have a different delivery path compared to a standard retail purchase. Here’s a checklist to help you start your download:   1. The "Advantage" Account Hub Sometimes the main "Download" button on the TurboTax homepage doesn't "talk" to the Advantage subscription correctly.  Sign in specifically at accounts.intuit.com. Look for Products & Billing on the left menu. Select TurboTax. You should see a section for Downloads or Order History. Your 2025 Home & Business license should be listed there with a "Download" button next to it. 2. Browser & Security Blocks (Common Sequoia Issues) Sequoia has tightened security on local network and background downloads. Switch Browsers: If you are using Safari, try Chrome or Firefox. Safari often blocks the .dmg file pop-up without a clear warning. If you have an active VPN (like Nord or Express) or a third-party antivirus, disable them for 5 minutes. They often flag Intuit's download servers as "suspicious" because of the encrypted licensing data. 3. The "Rosetta 2" Requirement (If the file downloaded but won't open) If the download actually finished but the installer gives an error: Modern Macs use Apple Silicon (M1/M2/M3), but TurboTax is often still built for Intel chips. Open your Terminal (Cmd + Space, type "Terminal") and paste this command: /usr/sbin/softwareupdate --install-rosetta --agree-to-license This ensures your Mac can "translate" the software. After running this, try opening the installer again. 4. Direct Download Link If the Advantage portal is looping, you can try the direct installer landing page: Go to InstallTurboTax.com. Enter your License Code (this should be in your confirmation email or under "Licenses" in your Intuit Account). This page is specifically designed to bypass the messy account dashboards and give you the raw .dmg file. Still nothing? If you click "Download" and literally nothing happens, check your Downloads folder in Finder. Sometimes the file downloads silently in the background as TurboTax_2025_HomeBusiness.dmg without a progress bar appearing in the browser.  

If you have already called California and they cannot find anything for you, then you can try calling the IRS and see what/why they have something listed for you.  It is there system saying you do have marketplace insurance.   

1) you'll need to send in the updated 8606 for 2024 to record the cost basis, in similar threads it's advised to send a 1040X with it, see https://ttlc.intuit.com/community/retirement/discussion/amend-tax-return-for-form-8606/00/3301099 https://ttlc.intuit.com/community/after-you-file/discussion/amend-form-8606/01/3428188#M767296   see also end here for prior year basis updates (tho this refers to missed 8606 filing altogether and states "Don’t amend your 2024 return to record your basis") https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-backdoor-roth-ira-conversion/L7gGPjKVY_US_en_US   2) yes update the cost basis in the interview question to reflect the correct carryover from 2024, which will go onto Form 8606 Line 2.   https://www.irs.gov/pub/irs-pdf/i8606.pdf   @dmertz @VolvoGirl @Mike9241 @DoninGA @mesquitebean 

The date has been moved back.  The Form 1040X Amended Return is now supposed to become available March 4.   But since the update usually occurs overnight Wednesday into the wee hours of Thursday AM, it may actually be March 5.   Rarely, a form can be released earlier than shown in the table.    No one can know for sure--only an expected date.  It's been moved back a couple of times already.   TurboTax Form Availability Tool   In the meantime, do not make any changes in your original return.   Also, if you are due a Federal refund, it's recommended to wait on the refund to arrive before amending.  Or if you owed taxes due, to wait until the return processes.

If your deduction (22,247) is higher than your actual premiums (19,007), you’ll likely need to pay back some of the Advance Premium Tax Credit (APTC) you received this year.   If your income was higher than you estimated when you signed up for insurance, the IRS makes you pay back part of the subsidy. Because you are paying that money back, the IRS allows you to add that repayment amount to your Self-Employed Health Insurance Deduction reported on Form 7206.   You’re repaying about $3,450 in credits, which gets added to your deduction and helps lower your taxable income. To see how these numbers connect, review these two forms in TurboTax using Forms Mode or the PDF.   Form 8962, Line 29: Look for "Excess advance payment of premium tax credit." This is the amount you are paying back. Form 7206 (Self-Employed Health Insurance Deduction): This is the worksheet that calculates the final number for Schedule 1. It pulls the premiums from your 1095-A and adds the repayments from Form 8962.