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Answer YES, if Robinhood gave you a promotional crypto reward (such as their "Learn and Earn" crypto, sign-up bonuses, or referral rewards).   The IRS explicitly states that you must check "Yes" if you: Received digital assets resulting from a reward or award. Received an airdrop. (Promotional crypto is often treated similarly to an airdrop). Received payment for services (e.g., if the reward was for completing a "Learn" module, the IRS views that as a form of compensation/reward for your time). If your total rewards from Robinhood were $600 or more, they will issue you a 1099-MISC.   Open or continue your return. Under Federal tab, Click on Wages & Income. Scroll down to Other Common Income, and Click on Start/Revisit next to Form 1099-MISC. Enter the details exactly as shown on your form. When asked for the "reason" or "source," select "Nonbusiness income" or "Other income." When asked if it "involved work like your main job" or if there was an "intent to earn money," answer NO (otherwise the program will incorrectly charge you 15.3% Self-Employment tax). If it was under $600, you may not get a form, but you are still required to report the fair market value of the crypto (at the time you received it) as "Other Income" on Schedule 1 (it's considered Ordinary Income).   Open or continue your return. Under Federal tab, Click on Wages & Income. Scroll down to Less Common Income, and Click on Start/Revisit next to Miscellaneous Income, 1099-A, 1099-C. Scroll down to Other reportable income, and Click on Start. Select Yes to "Any Other Taxable Income?" Enter "Crypto Rewards" or "Robinhood Crypto Bonus" (for the description). Enter the USD value of the crypto at the exact time you received it. That reward amount (e.g., $5) becomes your cost basis; thus if you ever sell that crypto later, you will only pay capital gains tax on any earnings above that $5.

from the iRS In general, you must report the interest in income in the taxable year in which you redeemed the bonds to the extent you did not include the interest in income in a prior taxable year (use of accrual basis to report interest each year)     however Treasury Direct says you can change methods from redemption method to annual metthod Reporting the interest every year You may choose to report the interest every year.  But you will not get a 1099-INT every year. You only get a 1099-INT at the end. If the savings bonds are in a TreasuryDirect account, you can see the interest earned each year in the account. If the savings bonds are on paper, our Savings Bond Calculator can help you figure out the interest to report. When you get the 1099-INT at the end, it will show all the interest the bond earned over the years. For instructions on how to tell the IRS that you already reported some or all of that interest in earlier years, go to IRS Publication 550 and look for the section on U.S. Savings Bonds. Changing from one method to the other You can change from one reporting method to the other. You were deferring. You now want to report every year. You may do this without permission from the IRS. But you must do this for all the savings bonds for the Social Security Number whose tax return this is. In addition to the interest for the year you are now reporting, you must also report all interest those bonds earned in the years before you changed. It seems that the executor, administrator, and so on who’s required to file the decedent’s final income tax return can elect to include all of the interest earned on the bonds before the decedent’s death on the return.   However, not only will income taxes be owed, but also penalties and interest for late payment of the taxes. Penalties for late payment are 1/2% per month on the amount owed so 3 years late is aboit 18% And then there is the interest compounded monthly, possibly another 24% (UNOFFICIAL) , so if the taxes owed were $1000 , there would be owed over $420 in penalties and interest  . so are you in th e 42% bracket. 

Schedule B would report Interest and dividend income. Normally, you would not need to file that schedule if your interest and dividend income was less than $1,500. However, you would need to file it if you had a foreign bank account, as it mentions here in the Instructions to Schedule B.

I had the same thing happen except I cannot print the $0 Corrected 10099-NEC. When I do I get an error " This recipient's record does not have an amount reported for an independent contractor/nonemployee compensation." Will I be able to print the correction once it is accepted by the IRS or is there something else I need to do?

To enter, edit or delete Property Taxes - Click on Federal Taxes Click on Deductions and Credits Click on I'll choose what I work on (if shown) Under Your Home If paid through your lender On Mortgage Interest, Refinancing, and Insurance, click on the start or update button If paid directly On Property Taxes, click on the start or update button

It is easy to be confused, but this is because of the way the IRS refers to things.   What you can't do with an FSA is CONTRIBUTE to your HSA - the HSA will still be there when you return to HDHP coverage (if you ever do).    Yes, you had Family HDHP coverage all year (2025), but we are not trying to figure out your insurance coverage, we are only trying to calculate your annual HSA contribution limit. FOR PURPOSES OF CALCULATING THIS LIMIT, you have to say that you had NONE for HDHP coverage for any month (Jan-Nov in your case) that either one of you had FSA coverage.   So don't let it confuse you...in this section, you are telling TurboTax month by month if you had HDHP coverage with no conflicting coverage (like an FSA or Medicare or whatever)...NONE means that either you had no HDHP coverage OR you had HDHP coverage but also had conflicting coverage.   P.S. To put it more accurately, once you have an HSA, you will always have it so long as there is money in it (in this way, it is like an IRA). You don't lose the HSA even when you lose your HDHP coverage or have conflicting coverage.  

It depends. If you are saying you got a refund in 2024, that is not a question when trying to figure out your underpayment penalty. The key is your tax liability for 2024 to meet the criteria for possible penalty relief.   The IRS is a pay as you go system which means when the money is earned the tax is due.   You can choose to use the annualized income/tax method in TurboTax by using the steps below. Have  your 2024 return ready just to confirm your numbers. Open your  TurboTax Online or TurboTax Desktop return Search (upper right) > Type underpayment penalty  TurboTax Online: Click 'See More' at the bottom of the FAQ that pops up > Click on Go to annualizing your tax TurboTax Desktop:  Click the Jump to.. link Continue selecting to use the annualized method and enter the income in the slots where earned.  For wages, interest, dividends or anything earned equally through out the year divide by 12 and multiply by 3/5/8.  Continue to follow the screen prompts Generally, you can avoid the penalty if your total timely estimated payments and withholdings are greater than or equal to the lesser of: 90% of the total tax after credits for the current year, or 100% of the total tax after credits in the prior year See one exception below. You can also avoid the penalty if the amount you owe is less than $1,000 as long as any estimated tax payments you made are timely.   Note: High-income taxpayers. If your adjusted gross income (line 11 of your 2023 Form 1040) is greater than $150,000 (or $75,000 if you're married and file a separate return from your spouse), you can avoid a penalty by paying at least 110% of your total tax from the prior year.   If you are saying you should have reported a long term capital gain that occurred in 2024, and you failed to add it to your tax return, you should amend that tax return using the instructions below for TurboTax Online and TurboTax Desktop. Follow the instructions in the link below to obtain the necessary TurboTax Desktop products (2024 and 2023). The amendment can be completed using the steps below. How do I amend a tax return for a prior year?

If you go back to the Deductions and credits section and then click Revisit for Traditional and Roth IRA Contributions in the Retirements and Investments category, you'll get a screen "Tell us about your IRAs".  You can unselect the check box (or boxes) for the Traditional IRA contribution, then Continue.  You'll get a pop-up asking if you are sure you want to delete this contribution and you select Yes and that will delete that information.  You can then go back and revisit the IRA contribution section and re-enter the contribution and mark that you did not recharacterize the contribution.

@Mike9241 I am not eligible for the senior deduction, and I do not see Schedule 1-A form either. So, I used 0 for it. I recalculated the number and it does not match the number computed by TurboTax. The difference between the numbers computed using your formula and TurboTax is exactly the same as the State Income Tax paid. I do not understand why TurboTax is deducting Standard Deductions and State Income Tax paid from the AGI. I expected the number to be the same as what I got using your formula.

There are multiple ways to report the 1099-NEC. Since you want to make a statement. this method may suit you better. At the end of the day, the goal is to have the correct income reported. Your form for reimbursed housing is not taxable. It was probably sent to make sure that business could claim the deductions for the money they sent you.   This will be a 2 step process to get everything in place. Step 1  See another post of mine for how to enter. Your description will be Insurance Reimbursement for housing Your entry screens may be a little different depending on the program. The key is to be sure you say no intent to earn money and sporadic or only for 2025.   Step 2 remove the income. Reverse the income by scrolling to the bottom section,  Less Common Income Select Miscellaneous income, 1099-A, 1099-C, start Select Other Reportable Income start/edit Other taxable income - select the Add button enter description  enter negative amount, put a minus sign in front of your income done

I assume you are talking about vehicle use for your self-employment work that is entered in TurboTax Online in Income>Self Employment Income>Self Employment Income and Expenses.    If so, you are correct that you will indicate that the former vehicle has been sold. Make sure to follow the prompts to answer all of the questions related to the sale of the vehicle. These questions are after you enter the date of the sale.   After you have completed the sale information for the former vehicle, you will select Add Another Vehicle in the Vehicle Summary area. You will then enter information about the new vehicle and enter total and business miles for the year.   Here is a TurboTax article on business use of vehicles for more information.

An IRA owner must calculate the RMD separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs.    If you are sure that you have satisfied all RMD requirements, then in TurboTax, on your form 1099-R for RMD withdrawals, answer that The entire distribution was an RMD then on the following page, to the question What is the RMD for your account? enter the amount of the distribution from that IRA account. No entry is necessary for the second IRA.   By doing this, you are telling TurboTax that all RMDs are satisfied and TurboTax will not calculate any penalty. The information you entered in TurboTax is to enable TurboTax to calculate any penalty where applicable, and is not reported to the IRS.

It is nearly the end of March.  When will Intuit/TurboTax have the updates that fix the issue with the 4b box being checked? This is preventing filing and it is beyond aggravating. If this were working we could have filed 2 weeks or more ago. When will this be fixed?!

Regarding the suggestions:   > Importing may have caused this issue with your Form 1099-DA. If that is the case you can delete the 1099-DA form entirely and enter it manually.   Nope, the bug is that you can't even enter it manually.   >Try leaving the box empty or try rounding to the lowest possible, non-zero decimal place.   It won't let you leave it blank. The lowest non-zero that it will take is overstating the true value by 10x in the case of bitcoin. Deliberately entering wrong values that do not match your 1099-DA doesn't seem like a good idea.   > if you are entering them one by one and they have very small amounts, try selecting sales section totals   The total value is still below its rounding threshold. Also, these are noncovered sales so that would require physically mailing separate forms to the IRS just to workaround Intuit's broken software.   > If the 1099-DA shows $0 cost basis, select "I need to adjust my total cost basis"   The issue is with number of units