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To clarify, regarding the cost basis going forward for the now taxable asset after it was distributed from the Roth account: As stated in answer, when the asset in the Roth account is distributed, the cost basis is what was paid, and no tax is incurred at time of distribution. However, going forward, once the asset has been distributed from the Roth and is now a taxable asset, if sold in future at a gain what will the cost basis be? Will the cost basis be the value when the distribution was taken, or the original cost basis when first purchased in the Roth? Example: Purchased with Roth money (after tax dollars) for $1, then a year later distribution is taken while market value is $2. No tax incurred. Then a year later the asset is sold for $3. Is there a $1 capital gain? Or $2 capital gain?

If you purchased desktop software at Sam's, why are you using online instead?   Did you purchase the desktop software and then realize your computer did not meet the system requirements to use the desktop software?   What made you switch to online?   Switching to online will be more expensive if you have multiple returns to prepare for other family members.

Fidelity says that it is an "after tax balance that was growing tax deferred.  In this case, it would be directed to a traditional IRA".   Does this make sense?  This certainly was associated with the 401K to Traditional IRA rollover.  I notice that if I "fool" Turbotax by putting $1 in box 1 (instead of zero), and leaving zero in box 2a, then no error is reported.

If it is a simple entry you can try deleting it and re-entering the Form 1099-B as follows:   1. Choose the Tax Tools option on your left menu bar while working on your return 2. Choose Tools 3. Choose the Delete a form option under Other Helpful links  4. Find the form 1099-B in the list and delete it  

When using the TurboTax online editions you can only complete and file one tax return per account and User ID.  For another tax return you would need to create a new account with a new User ID and a new email address. Go to this website and click on Sign up to create a new account - https://turbotax.intuit.com/personal-taxes/online/file-your-own-taxes/   The TurboTax desktop editions where you install the software on your personal computer, Window or Mac, you get 5 free federal e-files included with the software.  After the 5 are used, you can create, print and mail as many other tax returns as needed.

I assume you are referring to the valuation method. The Thrift shop value is typically for most donated used items like clothing, shoes, books, toys, and household goods.         [Edited 3/16/26 | 3:08 pm PST]   

Thank you for clearing this up for me.  I have posted the question again with more details and I think it confused me more. But your answer tells me that I can't put the child on both returns which narrows down my options.  I appreciate you taking the time to answer my question.  Have a great day!

You do not get five e-files with online TurboTax.   You only get five e-files with desktop download software.   When you use online TurboTax software you get one return per fee.   Each return needs its own email, account and user ID.   If you use the same account and user ID for a second return, the second one overwrites the first return and it is lost forever.     https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-start-another-return-in-turbotax-online/00/25596 https://turbotax.intuit.com/personal-taxes/online/file-your-own-taxes/  

It depends which version of TurboTax you are using. Under Business Expenses, look for "All Other Expenses" or under Deductions look for "Common Business Expenses".   If you're using the desktop version of TurboTax, go to Forms (icon in the header), open the Schedule C Worksheet and scroll down to the bottom of the expenses section. Remove the zero for Qualified Energy Efficient Commercial Buildings. Click on Step-by-Step to return to the main screens.    @bentguy 

This issue will be resolved in a update on 3/19/26.   On or after that date, please make sure you have the latest updates and walk through the Virginia section again.      Updates in TurboTax Online are automatic.      If you are using TurboTax Desktop, please follow these steps:  Log-in to TurboTax Desktop  Select Online from the top left bar menu Choose Check for Updates Choose Ok @7t9r743V 

This is my second year claiming the Aerospace credit for the State of Oklahoma. The wording is somewhat confusing. I claimed $5000 in 2024. Is this what the form should read for this year?  If this is my second year claiming this credit on the Form 564: 1.  Credit for Employment during Tax Year 2025: $5000 2. Unused carryover credit from Tax Year (blank): $15000?  3. Total Credit Avaliable for Tax Year 2025 (add lines 1 and 2; enter on Form 511-CR): $20000   Is this correct? 

Yes, I had the same issue i the Deluxe version. In estimating Federal 2026 taxes, the software defaults to the 2025 actual withholding in the calculation despite the user's input of expected withholding for 2026. The result is an incorrect estimate of 2026 taxes, and likely the user will receive penalties for underpayment. You must override the 2025 actual withholding amount. Makes you wonder why the system asks for expected W2 2026 withholding if it does not use it in the calculation. Also, why use TurboTax if you must check everything by hand.

One key factor for the exclusion is that you need to be at least age 59-1/2 in order to get the pension exclusion in New York.  If you are that age or older, follow the next steps to get the exclusion to appear on your tax return.   If you go back to your New York return, Under Changes to Federal Income, click Update for Adjustments to federal income.   Under Wage and retirement adjustments, click on Start or Update by Received retirement income.   Click Edit for the beneficiary IRA.  Select Yes on the next screen.   Enter the decedent information on the next screen.  For the $20,000 pension exclusion, you need to allocate that exclusion amongst all the beneficiaries, so the your percentage share will be 100% for one beneficiary, 50% for two beneficiaries, etc.   Once you follow these steps, the Pension and annuity income exclusion will appear on line 29 on form IT201.