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If you inherited the proceeds from the life insurance policy, it is not taxable.   If this was not an inheritance, only gains above the premiums paid are taxable.    If you sell a life insurance policy, you will post it in one of two ways. Federal Taxes Wages & Income  Investment Income  Stocks, Mutual Funds, Bonds, Other (1099-B).    If you received a 1099-R for a surrendered policy,  Enter it under Retirement Plans and Social Security

To determine the average trading price for the stock you donated, look up the price of the stock on the day it was donated.  Take the high price for the day, and the low price for the day, and add them together.  Take that sum and divide by two - that is your average stock price.  You can look up this information on any online broker website, the NASDAQ website, etc.  

incredible.. I purchased TTAX Premier in December...TTAX form 4562 timeline for release is still questionable.. that is the only area that I need to complete...Product too expensive for the inability to provide a functioning tax software.  Blame it on BBB...but there should have been a pullback on the release of the product.  Plus the software and verification processes are enough for me to look elsewhere next year..TTax...not good service, not dependable, and no realistic timelines are being kept.. look for a refund.. ?

To report your Form 1099-R distributions for your IRA(s), including the amount of the RMD, do the following:   Return to your 1099-R entries by clicking Review to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R) in the Federal Wages & Income Click on the pencil to the right of the 1099-R Click Continue through the entries you've made When you reach, "Let's get more information about your Required Minimum Distribution (RMD), enter the amount of your RMD that was due by December 31, 2025, Continue. Only the RMD amount, no extras On the next screen, "How much of this distribution applied to your December 31, 2025 RMD?", enter your RMD that you entered in the prior screen, Continue When you reach, "Review your 1099-R summary, Continue (not the pencil) When you reach, "Let's go over any required minimum distributions (RMD), Continue (not the pencil)   Follow the above steps for each of your Form 1099-R entries (if applicable).   If you still receive alerts about RMDs, be sure each number is exact for each box.    If after doing the above steps, you receive alerts, you may go in and remove the Form 5329 (if one was generated), since you know it is all correct.   To delete Form 5329:    Go to Tax Tools on the right hand panel inside of TurboTax Click on the down arrow and scroll down to Tools Click on Tools and select Delete a form from the menu items that appear in the Tool Center Click on the trash can icon to the right of Form 5329

Yes, you may be able to claim a federal tax credit for installing certain energy-efficient interior shades (like honeycomb or cellular shades) under Home Energy Credits.   You will enter the information about your shades in the "Deductions & Credits" section of your TurboTax program. Under "Home Energy Credits." This will generate Form 5695, which is required to be filed with your tax return in order to qualify for this credit. You can easily get to these TurboTax input screens as follows: Click on Search in the top right of your TurboTax screen Type (exactly) 5695, residential energy credit in the search box Click on the link Jump to 5695, residential energy credit This will take you to the input screen in TurboTax to enter your information regarding your blinds Your screen will say Energy Efficient Home Improvements Continue through your screens and answer all follow-up questions In general, the credit is 30% of the product cost (up to $1,200 annually). Your shades meet specific energy performance standards and be designed to reduce heat gain/loss. You must have the Manufacturer’s Certification Statement and a receipt showing the product cost. While the receipt is not filed with your tax return, it is required to prove eligibility and costs if the IRS audits your claim   Click here for What Is the IRS Form 5695? Click here for How do I add or remove Form 5695? Click here for Where do I enter qualified energy-saving improvements?   Click here for Energy Efficient Home Improvement Credit.   Click here for 2024-2025 Energy Tax Credit: Which Home Improvements Qualify? Please return to Community if you have any additional information or questions and we would be happy to help.  

Yes---go through the FILE section and in Step 2 you can enter your banking information.   You have to go to Step 2 in the FILE section.   HOW TO CHANGE OR ENTER BANKING INFORMATION FOR REFUND https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/change-transferred-direct-deposit-information/L77NCbU6D_US_en_US?uid=m6tuh572     You cannot  change banking information while your return is in pending, nor can you change it after the return is accepted.  The IRS does not allow it.    

If you have a tax refund it can direct deposited into a US bank that is located in the US.  In the File section of the program, on Step 2 you can enter the bank routing and account number for a direct deposit of a tax refund.

PS, just for clarity, I am clearly not in a posistion to worry about the $17K cap, my issue is geting the tax program to correctly calcuate the number. As long as your property and SIT are below $40,000 you should calulate the reduction in your itemized as your 2025 OK state witholding with no proration in Line 511-D Line 2?

@Buritu If you are using the Mobile app and you did NOT use TurboTax for the 2024 tax return, then the 2025 return is free. See this - https://blog.turbotax.intuit.com/tax-news/e-file-is-now-open-why-you-should-file-your-taxes-early-21087/   Otherwise - The TurboTax Free online edition is for very simple tax returns that do not require any other form or schedule other than the Form 1040.  If your tax data requires entry on any other form or schedule then you must upgrade to the Deluxe edition or higher.   If you have not paid for the online edition you are using, have not filed your tax return or registered the Free edition, then you can clear your return and start over with a lower priced edition. Click on Switch Products on the lower left side of the program screen while working on the 2025 online tax return. Click on Clear & Start Over   Go to this TurboTax website for the Free online edition - https://turbotax.intuit.com/personal-taxes/online/free-edition.jsp   Please Note - TurboTax Online: Important Details about Filing Form 1040 Returns with Limited Credits A Form 1040 return with limited credits is one that's filed using IRS Form 1040 only (with the exception of the specific covered situations described below). Roughly 37% of taxpayers are eligible. If you have a Form 1040 return and are claiming limited credits only, you can file for free yourself with TurboTax Free Edition or TurboTax Live Assisted Basic (if available), or you can file with TurboTax Full Service at the listed price. Situations covered (assuming no added tax complexity): W-2 income Interest or dividends (1099-INT/1099-DIV) that don’t require filing a Schedule B IRS standard deduction Earned Income Tax Credit (EITC) Child Tax Credit (CTC) Student loan interest deduction Situations not covered: Itemized deductions claimed on Schedule A Unemployment income reported on a 1099-G Business or 1099-NEC income Stock sales (including crypto investments) Rental property income Credits, deductions and income reported on other forms or schedules

It may be because you are gong to get an updated/corrected tax form from Schwab.  Charles Schwab recently sent out emails notifying some customers that they would be receiving a corrected tax form.  The notification indicated that this would result in receiving an error message when attempting to import tax information into tax preparation software.  Below is an example of what they sent out.: We’re reaching out to let you know that you’ll be receiving a Corrected Form 1099-B for your account(s) ending in: xxx.   You may have received an error message when attempting to import your tax information into a third-party tax preparation software. (Downloaded CSV files may also show incomplete information.)   To avoid filing with incorrect data, please wait for your Corrected Form 1099-B before submitting your tax return.   What to expect next:   Corrected 1099-B forms will be issued on or around February 27, 2026. You will receive a notification when your corrected form is available. Once available, you will be able to import your updated tax information into your tax preparation software.

If it is a sales tax, it is deducted on Schedule A if you opt to use sales taxes rather than state income taxes, or you don't have state income taxes. To be of benefit, your itemized deductions  must exceed your standard deduction unless you must itemize std deduction 2025 joint or qualifying surviving spouse $31,500 single or married filing separately $15,750 head of household 23,625     the "senior deduction" is allowable regardless of which method you choose