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It depends- whether an annuity has a Required Minimum Distribution (RMD) requirement depends entirely on how it was funded.  If you bought the annuity using pre-tax dollars (e.g., inside a tradi... See more...
It depends- whether an annuity has a Required Minimum Distribution (RMD) requirement depends entirely on how it was funded.  If you bought the annuity using pre-tax dollars (e.g., inside a traditional IRA, 401(k), or 403(b)), it is a qualified annuity and subject to RMD rules.  If you are receiving regular payments, the payments typically automatically satisfy the RMD requirement for that specific account. If you bought the annuity with after-tax dollars, there is no IRS RMD requirement. In TurboTax, if it is a qualified annuity, answer yes and indicate the taxable distribution is the RMD amount.  If it is not a qualified plan, there is a question that asks if it is a qualified plan- indicating that it is not will stop the RMD question.      
I tried the "Yes" radio button and it still uses the calculated amount and not that shown by OPM on the CSA form.  I tried modifying the worksheet numbers and that didn't work either.  Can Turbo Tax ... See more...
I tried the "Yes" radio button and it still uses the calculated amount and not that shown by OPM on the CSA form.  I tried modifying the worksheet numbers and that didn't work either.  Can Turbo Tax correct this software?
This is on the Federal part on turbotax. Thanks
This is on the Federal part on turbotax. Thanks
I saw comments that TurboTax asks you if you are someone's dependent but I don't come across that question anywhere in TurboTax 2025 when I create a new report. Can anybody help? 
Are you referring to the DC first homebuyer credit from 2011?  If so -   Click on Federal Taxes (Personal using Home & Business) Click on Deductions & Credits Click on I'll choose what I work o... See more...
Are you referring to the DC first homebuyer credit from 2011?  If so -   Click on Federal Taxes (Personal using Home & Business) Click on Deductions & Credits Click on I'll choose what I work on (if shown) Under Your Home On D.C. First-Time Homebuyer Credit, click on the start button
You can download old versions through your Intuit account under Products & Billing (accounts.intuit.com)   But Intuit introduced a license server in 2019 and Intuit doesn't support the s/w after 4 ... See more...
You can download old versions through your Intuit account under Products & Billing (accounts.intuit.com)   But Intuit introduced a license server in 2019 and Intuit doesn't support the s/w after 4 years (current tax year + 3 previous years) and you won't be able to activate it even if you had the s/w and a license key.  So currently you can't reinstall 2019-2021 on a new machine.   You may still be able to reinstall prior to 2019.  You may also run into issues with availability of state programs, and you can't open an old .tax file without the relevant state installed.  If you have the s/w installed and activated I don't believe it will 'stop' working after the 4 years but reinstallation on a new machine will encounter these limitations.   The bottom line is not be reliant on going back to the Turbotax s/w for past returns, and always ensure your save the full PDF with all forms and worksheets as your official reference as the .tax file may not be usable in the future.
You must omit this Form 1099-R.
Where do I enter NM State Refund applied to next years estimated taxes?
@PatriciaV  Problem 1- There is no "box 20" on the K-1 1120S.   there is a box 17 - "other information" option   Can you send me a screenshot of where I would enter the ZZ election?    Problem... See more...
@PatriciaV  Problem 1- There is no "box 20" on the K-1 1120S.   there is a box 17 - "other information" option   Can you send me a screenshot of where I would enter the ZZ election?    Problem 2- from there the instructions to follow to the next page to enter the amount of "State Income Tax Withheld" and choose "North Carolina" from the State Name drop-down menu is unclear because of the issue wtih step 1. 
The explanation does not look valid, because I am preparing 2025 taxes right now and Turbotax was able to find my  2024 1040 form. Nevertheless, the software claims that I didn't file taxes with Turb... See more...
The explanation does not look valid, because I am preparing 2025 taxes right now and Turbotax was able to find my  2024 1040 form. Nevertheless, the software claims that I didn't file taxes with Turbotax  
I am getting the below error, but the IT-360.1 Line 1b amount is EXACTLY THE SAME as the income allocated to New York State.   IT-360.1 TP: Line 1b is greater than the amount of Wage income allocat... See more...
I am getting the below error, but the IT-360.1 Line 1b amount is EXACTLY THE SAME as the income allocated to New York State.   IT-360.1 TP: Line 1b is greater than the amount of Wage income allocated to New York State on IT-203. Edit amounts on the Part-Year Resident/Nonresident Allocation Worksheet or City Wage/Self-Employment Income Allocation Worksheet as needed.   Help with this issue would be much appreciated!
The IRS has an entire publication regarding the General Rule: https://www.irs.gov/pub/irs-pdf/p939.pdf
Of course if the IRS pulls the money on the correct date there is no issue.  Doesn't take a genius to figure that out.  What happens if they don't and penalize  me for late payment?   Where is my pro... See more...
Of course if the IRS pulls the money on the correct date there is no issue.  Doesn't take a genius to figure that out.  What happens if they don't and penalize  me for late payment?   Where is my proof that I properly arranged a Direct Pay?  I certainly won't have a confirmation from the IRS.
If you truly have no inventory, you technically don't have "Cost of Goods Sold" in the eyes of the IRS. If you are trying to deduct the cost of items you bought and immediately used/sold for a client... See more...
If you truly have no inventory, you technically don't have "Cost of Goods Sold" in the eyes of the IRS. If you are trying to deduct the cost of items you bought and immediately used/sold for a client (like parts for a repair or paper for a printing job), these are more accurately entered as "Supplies" or "Other Expenses" rather than COGS.    If you must use the COGS (Beginning Inventory + Purchases - Ending Inventory = COGS), go to the self-employment section, choose Add expenses for this work, less common expenses, inventory) then simply report your beginning and ending inventory values as $0 to reflect that everything bought was sold during the year.   Here is some information you may find helpful: Do I need to report inventory?
Perhaps.  The TaxBook states that Connecticut nonresidents must report:   Capital gain or loss from real or tangible personal property located in Connecticut....   Connecticut Department of R... See more...
Perhaps.  The TaxBook states that Connecticut nonresidents must report:   Capital gain or loss from real or tangible personal property located in Connecticut....   Connecticut Department of Revenue states:   Gross income includes income from sources within Connecticut.   Connecticut part-year and nonresident filing requirements may be found here.   @JoygirlKJ     
If you do not live in the US, select "Foreign or U.S. Possession" from the state dropdown menu in the "My Info" section. This option is located at the very bottom of the state list (past Wyoming) and... See more...
If you do not live in the US, select "Foreign or U.S. Possession" from the state dropdown menu in the "My Info" section. This option is located at the very bottom of the state list (past Wyoming) and tells TurboTax you are not a resident of any US state.   You are correct that the sales tax section of TurboTax only allows you to enter a state in which you lived to deduct either tax on major purchases or the simplified calculation based on state of residence. However, in the sales tax section, you can designate that you lived in a particular state for the period of time in which you made a major purchase. Also, if you are on active military duty, you should use the sales tax rate of your home state of record because to the IRS, that is where you are considered to live for income tax purposes.