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yesterday
I am in the same situation with the post. After I report this traditional IRA, I owe more money in federal tax return. I am not sure if this is expected given my contribution has been after-tax.
yesterday
No, you won't deduct the full amount of your water and sewer utility bill since you only rent out the second floor of the home that you live in. You can chose the option to have TurboTax allocate you...
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No, you won't deduct the full amount of your water and sewer utility bill since you only rent out the second floor of the home that you live in. You can chose the option to have TurboTax allocate your expenses for you, so you will enter the total expense for the entire property and TurboTax will calculate the allocation deduction for the rental portion. When you enter your rental information in the Property Profile section, you will select that you rented a unit in a multi-unit where I live on the screen that says, “Tell us about your situation this year”. You will get to another screen that asks, “Want us to divide the rental-related portion?” Select Yes and you will be prompted to enter the rental portion of your home as a percentage. Later, when you are prompted to enter your utilities you should enter the full amount, and TurboTax will determine the correct amount to deduct based on the percentage you entered. Refer to the TurboTax article Where do I enter income and expenses from a rental property? and Rental Real Estate and Taxes for more information.
yesterday
divide your cost basis of discover stock pre merger by 169.1872 and multiply by .1872= cost of frac share sold
your cost basis of 169 sahreas of Cap obe is the cost basos of the discover shares pre...
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divide your cost basis of discover stock pre merger by 169.1872 and multiply by .1872= cost of frac share sold
your cost basis of 169 sahreas of Cap obe is the cost basos of the discover shares pre=merger less the cost assigned to the frac share sale
yesterday
It doesn't seem like any of these options work.
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yesterday
I need guidance on where in TurboTax Desktop I can enter my adjusted cost basis for a rental property that I sold in 2025. Here are the facts: The property was a rental for many years and was ful...
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I need guidance on where in TurboTax Desktop I can enter my adjusted cost basis for a rental property that I sold in 2025. Here are the facts: The property was a rental for many years and was fully depreciated in TurboTax. The tenant moved out on 12/31/2024. The property had 0 rental days in 2025 and 0 personal use days. I never lived in the property. I started remodeling on 1/1/2025 to prepare it for sale. I sold the property in April 2025. Because it was not rented or available for rent in 2025, I cannot enter remodeling costs as Schedule E expenses. I understand the remodeling must be added to adjusted cost basis to reduce gain and depreciation recapture. My problem: I cannot find where in TurboTax Desktop to enter the adjusted basis (original building cost + improvements – depreciation). TurboTax keeps looping me back to the Your Property Assets screen instead of showing an “Adjusted Basis” screen for the building asset. I appreciate guidance to the exact path in TurboTax Desktop to enter the adjusted cost basis for a rental property that was sold but not rented in the year of sale? Thank you.
yesterday
I am filing my 2025 federal tax return and have a complex situation involving a SECURE Act 2.0 Section 126 529-to-Roth IRA rollover that I need help with. Here is the complete picture: Backgro...
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I am filing my 2025 federal tax return and have a complex situation involving a SECURE Act 2.0 Section 126 529-to-Roth IRA rollover that I need help with. Here is the complete picture: Background: I initiated a custodian-to-custodian rollover from the WA State GET 529 plan to my Fidelity Roth IRA. The rollover was split across two tax years — $6,386.34 designated as a 2024 contribution and $7,000 designated as a 2025 contribution. After the rollover, I realized my 2024 earned income was only $2,229, making $4,771 of the 2024 contribution excess. Fidelity was unable to return the funds to the 529 plan, so I requested a return of excess contributions. Fidelity returned both the full $7,000 2025 rollover and the $4,771 2024 excess — totaling $11,771 — to my Fidelity brokerage account. The remaining Roth IRA balance of ~$1,618 represents only my direct 2024 contributions within my earned income limit. My dad separately paid tuition out of pocket. Tax Forms Received: 1099-Q (WA State GET): Box 1 Gross Distribution $13,386.34, Box 2 Earnings $1,479.83, Box 3 Basis $11,906.51, Box 4b QTP to Roth IRA Transfer checked. 1099-R (Fidelity): Box 1 Gross Distribution $11,771.00, Box 2a Taxable Amount $0.00, Distribution Code 8J (return of excess Roth IRA contribution). My Specific Questions: Of the $13,386.34 distributed from the 529, approximately $2,229 legitimately stayed in the Roth IRA (within my 2024 earned income limit) and the remaining ~$11,157 was returned to my brokerage account. Since I paid tuition separately, can all ~$11,157 be offset by 2025 qualified education expenses to shelter the earnings from tax? Or is only the $7,000 2025 portion eligible for the tuition offset, with the $4,157 2024 excess portion's earnings being taxable because 2024 qualified expenses have passed? TurboTax is still showing a "Check This Entry" error on the 1099-Q Box 4b, saying the software has not updated to support QTP to Roth IRA transfers yet. How should I enter the 1099-Q and 1099-R Code 8J in TurboTax while this update is pending, and is there a workaround? Should I file an extension if TurboTax has not updated by early April?
yesterday
I thought that was the price to complete the tax return. It was already checked. TurboTax purposely did this so people would accidentally buy it
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yesterday
Thank you, I will post to the Retirement section and see if I get any ideas there..
yesterday
how are you entering the FTC. through the Turbotax worksheet for the FTC or through the 1099s.
if through the 1099s what's needed is the FTC to be linked to a column on the 1116. Each 1099 must be ...
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how are you entering the FTC. through the Turbotax worksheet for the FTC or through the 1099s.
if through the 1099s what's needed is the FTC to be linked to a column on the 1116. Each 1099 must be linked to its own column also needed are the foreign income and country. Turbotax does not handle multiple countries on one 1099 - at least not with my desktop version. I use various, other countries or RIC. Your credit might be limited because generally the FT rate is much higher the the average tax rate you are paying. so your FTC will be based on the lower rate and then you must have a tax liability after certain other credits.
it would be great if you could view the 1116, but that may not be possible with the online versions.
i previously thought you could create separate 1099's in order to report each country separately. I find now i was wrong. an error kicks up because the extra 1099s are showing foreign income but turbotax doesn't like that i'm not reporting dividends on line one.
yesterday
I have been using TurboTax self filing for many years and it always worked like a charm. This year I caught on the $150 full expert bait and let a TurboTax expert file return. But the expert complet...
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I have been using TurboTax self filing for many years and it always worked like a charm. This year I caught on the $150 full expert bait and let a TurboTax expert file return. But the expert completely messed up my return. When I requested amendment, another expert took it up. But the new expert also does not seem to understand my tax situation (a bit complex involving foreign capital gains, foreign tax credit etc.). I am worried they are going to mess up the amendment also. Is there a way for me to take control back? Can I amend myself using standard TurboTax software? Willing to pay the filing fees again. The way the new expert is handling the amendment, I am standing to loose many thousands in tax credits.
yesterday
Thank you, @AmeliesUncle . I'll put it in Box 1. Is there any way to request that this be fixed in future versions of TurboTax.Owning STR's is becoming quite a common situation.
yesterday
1344782. Can you verify that?
yesterday
To claim the SEHI deduction in TurboTax, you will need your W-2 and the K-1 that the S corporation sent to you. Here's how to enter it in TurboTax and claim the deduction:
Open or continue...
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To claim the SEHI deduction in TurboTax, you will need your W-2 and the K-1 that the S corporation sent to you. Here's how to enter it in TurboTax and claim the deduction:
Open or continue your return.
Navigate to the K-1 section: TurboTax Online/Mobile: Go to the K-1 screen under Wages & Income. TurboTax Desktop: Search for K-1.
Answer Yes to the question Did you receive any Schedules K-1 or Q?
Select Start or Update next to S corporations (Form 1120S) and follow the prompts, filling out your information as you go.
On the screen that says Check boxes that have an amount or are checked on the form, select Box 17 Info and any other boxes that contain info on your K-1.
Select Continue.
Continue to enter information from your K-1.
On the Other Situations screen, select I personally paid health insurance and then select Continue.
On the Self-Employed Health Insurance screen, fill in the W-2 box 5 amount and the amount of health insurance premiums you paid (this may be on your W-2 in box 14).
Full instructions are here >> Can I deduct health insurance premiums as an S corporation shareholder?
You may be able to use the Self-Employed Health Insurance (SEHI) deduction if you're at least a 2% shareholder in an S corporation. To claim this deduction, the health insurance premiums must be paid or reimbursed by the S corporation and reported as taxable compensation in box 1 of your W-2.
yesterday
1 Cheer
You are asking the correct questions, and I appreciate that you seem to have thoughtful application.
The problem with the Convenience of the Employer rules is that it purposefully and complet...
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You are asking the correct questions, and I appreciate that you seem to have thoughtful application.
The problem with the Convenience of the Employer rules is that it purposefully and completely ignores the realities of remote work. Your employer "assigns" you to a work location because that is the main criteria New York uses- the "headquarters" or office location of the employer. For larger companies, they are able to assign their remote workers to a non-New York location to avoid the convenience rules; but if your company does not have offices in other cities this is more difficult.
You have identified the biggest flaw- Illinois does not give the credit for taxes paid to another state if the work is physically done in Illinois, so you could be taxed twice on that income at the state level. There are court cases but as I said before New York is actually winning these. See Zelinsky II—The Continuing Saga of Remote Work.
It used to be that they did not scrutinize as much especially with lower income, but in general that is not the case anymore- and New York does not only go after the employees, they can ensure compliance by the employers exactly in the way your employer has it set up to do withholdings for New York state only.
You can choose to allocate the wages and hope for the best (no New York audit), and I apologize for being a bit meekish because it is obvious you have good knowledge and are not in any way trying to get away with anything but rather looking to do the right thing.
@jackkgan
yesterday
@vipinramin You probably have a penalty on line 38. You can even have a penalty if you are getting a refund. If you get a penalty on 1040 line 38, you might be able to eliminate it or at le...
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@vipinramin You probably have a penalty on line 38. You can even have a penalty if you are getting a refund. If you get a penalty on 1040 line 38, you might be able to eliminate it or at least reduce it. You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you. It's form 2210. How to add form 2210 for Underpayment Penalty https://ttlc.intuit.com/community/tax-payments/help/how-do-i-add-form-2210/00/25703 It's under Federal tab or Personal (for Home & Business Desktop) Other Tax Situations Additional Tax Payments Underpayment Penalties - Click the Start or update button
yesterday
After following the special instructions for foreign tax credits in turbo tax, and reporting my highest 1116 first, I still don't get any foreign tax credit, where I should be getting 950$. Unless the...
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After following the special instructions for foreign tax credits in turbo tax, and reporting my highest 1116 first, I still don't get any foreign tax credit, where I should be getting 950$. Unless there are some hidden calculations I don't understand why it's not showing up. My second highest foreign tax credit ($21) from a 1099-DIV does show up, it's inexplicable.
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yesterday
For the line with tips, select Reported tips (not railroad tips) from the list. How do I enter qualified tip income in TurboTax?
yesterday
Self-employed health insurance deduction goes on Schedule 1 line 17 (which goes to 1040 line 10), as long as the expense is not greater than your net self-employment income. If it does exceed your ne...
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Self-employed health insurance deduction goes on Schedule 1 line 17 (which goes to 1040 line 10), as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Schedule 1 and the remainder gets added in to medical expenses on Schedule A. Medicare plan B payments are qualified as Self-employed medical insurance premiums and should be entered under Business instead of in the SSA-1099 Social Security Benefits section. It will not show up on Schedule C and not reduce any SE Tax on a net profit. It does reduce your 1040 total income for the regular income tax.
yesterday
No. TurboTax has no involvement with verifying your identity with the IRS. You have to follow the instructions in the letter you received from the IRS, the sooner the better, because it is going to...
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No. TurboTax has no involvement with verifying your identity with the IRS. You have to follow the instructions in the letter you received from the IRS, the sooner the better, because it is going to delay your refund.
I HAVE TO VERIFY MY IDENTITY
Sometimes the IRS chooses returns randomly to request verification of identity and sometimes there is something on the return that triggers the request. No matter why the IRS has required you to verify your identity, you need to follow their instructions in order to receive your refund. If you do not verify your identity you will not get your refund.
https://turbotax.intuit.com/tax-tips/security/tips-for-handling-identity-verification-requests-from-the-irs/L55RhaS2B
https://www.irs.gov/identity-theft-fraud-scams/identity-verification-for-irs-letter-recipients
yesterday
I have a W-2 where Box 14 includes two items: “CASDI” and “Qualified Tips” (the Qualified Tips amount matches Box 7 for Social Security tips). For TurboTax categorization: Should “Qualified Tips” ...
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I have a W-2 where Box 14 includes two items: “CASDI” and “Qualified Tips” (the Qualified Tips amount matches Box 7 for Social Security tips). For TurboTax categorization: Should “Qualified Tips” be entered as “Other (not classified)” or “Reported Tips (Not Railroad Tips) ” or something else? I want to make sure I’m not double-counting tip income or triggering any additional forms unnecessarily.