All Posts
7 hours ago
Please note i still get the message: [mywife] had Roth excess contributions of $7,008. To avoid a penalty you can withdraw these excess contributions before the due date of your return. If [mywif...
See more...
Please note i still get the message: [mywife] had Roth excess contributions of $7,008. To avoid a penalty you can withdraw these excess contributions before the due date of your return. If [mywife] has withdrawn all or some of these contributions, enter the amount withdrawn below.
7 hours ago
You will not get the childcare credit until (unless) you enter income earned from working. The credit does not work unless you enter your income first. If you are filing a joint return you must s...
See more...
You will not get the childcare credit until (unless) you enter income earned from working. The credit does not work unless you enter your income first. If you are filing a joint return you must show income for both spouses, or show that one or both of you was a student or disabled. If you have self-employment income and show a loss you will not get the childcare credit. You will not get the credit if you are filing married filing separately.
If you have entered all of your income and you have entered your dependent(s) then work on the childcare credit by entering the Tax ID or Social Security number of your childcare provider and enter the amount you paid for the childcare.
One of the most common mistakes that messes up the childcare credit for people is listing all of the earned income under only one name on a joint return. Make very sure that your incomes are listed under each of your names. It’s pretty easy to check. Go to the Income section, and click “update” on Wages and Salary. That will take you to the W-2 Summary. Do you see income listed under both of your names?
The person receiving the care had to be 12 or under or qualified as mentally or physically disabled. To claim the childcare credit you need to be filing as Head of Household or Married Filing Jointly. (NOT married filing separately)
If your child was born in 2025 make sure you say the child lived with you all year. The credit is a percentage of your expenses based on your AGI (the higher the income, the lower the percentage) You must provide the Social Security number for each child you are claiming, and the Social Security number or Tax ID for each care provider.
In the case of divorced or never-married parents—only the custodial parent can use the childcare credit.
And remember that the childcare credit is a NON-refundable credit. It can reduce your tax owed down to zero, but it is not added to your refund.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/child-dependent-care-credit/L8h8A5Klg_US_en_US?uid=m5yifys1
7 hours ago
If your retirement accounts are with Vanguard, you can go online to your Vanguard account and see how much your 2025 RMD was. Vanguard will also show you how much it will need to be for 2026.
7 hours ago
System will not accept military retirement pay input Do you mean that you are not able to download your IRS form 1099-R from DFAS? Or something else? Please clarify. In TurboTax Online, fol...
See more...
System will not accept military retirement pay input Do you mean that you are not able to download your IRS form 1099-R from DFAS? Or something else? Please clarify. In TurboTax Online, follow these steps to report IRS form 1099-R: Down the left side of the screen, click on Federal. Down the left side of the screen, click on Wages & income. Scroll down to Retirement Plans Social Security. Click the down arrow to the right. Click Start / Revisit to the right of IRA 401K Pension Plan Withdrawals. At the screen Did you get a 1099-R in 2025?, select Yes. At the screen Choose all the situations that apply to you, make selection and Continue. You will be given options: to connect with your financial accounts, to upload your form, or type it in myself. See also this TurboTax Help.
7 hours ago
"5 days early" means you are supposed to receive your federal refund from one to five days sooner than the refund date shown on the IRS refund site. If it does not meet that "at least one day soone...
See more...
"5 days early" means you are supposed to receive your federal refund from one to five days sooner than the refund date shown on the IRS refund site. If it does not meet that "at least one day sooner" date, they are supposed to refund the $35 fee.
You have to pay attention to the date on the IRS refund site.
You need your filing status, your Social Security number and the exact amount (line 35a of your 2025 Form 1040) of your federal refund to track your Federal refund:
https://www.irs.gov/refunds
7 hours ago
You can try the manual add to create multiple IT-203-F Schedule B Forms since you have TurboTax Desktop:
Click the Forms icon in the top right corner of your TurboTax window.
In the form...
See more...
You can try the manual add to create multiple IT-203-F Schedule B Forms since you have TurboTax Desktop:
Click the Forms icon in the top right corner of your TurboTax window.
In the forms list on the left, locate the NY IT-203-F form.
While in the form view, look for the "Copy" icon or button in the top toolbar to create a new, blank copy of the schedule for the next restricted stock vest.
Fill out the additional IT-203-F Schedule B forms as necessary for each of your 2025 stock vests.
Use the scroll bar to cycle through all created forms to ensure all information is accurate.
7 hours ago
"5 days early" means you are supposed to receive your federal refund from one to five days sooner than the refund date shown on the IRS refund site. If it does not meet that "at least one day soone...
See more...
"5 days early" means you are supposed to receive your federal refund from one to five days sooner than the refund date shown on the IRS refund site. If it does not meet that "at least one day sooner" date, they are supposed to refund the $35 fee.
You have to pay attention to the date on the IRS refund site.
You need your filing status, your Social Security number and the exact amount (line 35a of your 2025 Form 1040) of your federal refund to track your Federal refund:
https://www.irs.gov/refunds
7 hours ago
TT totally missed the boat on this requirement, which was published at least 6 months ago. TT should not allow you to file a return without banking information, period. This is causing heartburn fo...
See more...
TT totally missed the boat on this requirement, which was published at least 6 months ago. TT should not allow you to file a return without banking information, period. This is causing heartburn for hundreds of filers, undoubtedly. If we can't trust the software to not create a huge hassle for us, what are we paying for?
7 hours ago
The main rules have been placed here as well as the steps to entry.
Depreciation Rules:
The basic concept of a 1031 exchange is that the basis of your Old Property rolls over to your New Pro...
See more...
The main rules have been placed here as well as the steps to entry.
Depreciation Rules:
The basic concept of a 1031 exchange is that the basis of your Old Property rolls over to your New Property. In other words, if you sold your Old Property for $100,000, and bought your New Property for the same, your basis on the New Property would be the same. It makes sense then that your depreciation schedule would be exactly the same, and does not change! In other words, you continue your depreciation calculations as if you still own the Old Property (your acquisition date, cost, previous depreciation taken, and remaining un-depreciated basis remain the same).
Buy Up:
If you 'buy up' in your exchange (your New Property cost more than you sold your Old Property), the answer is easy – you treat the buy up part as you would a new addition to an existing property. In other words, you treat the amount of the buy-up the same as you would the cost of construction, for example, of a garage added to an existing house – the cost is the amount of the buy-up; the date you start depreciating it is the date you purchased the new property; and the depreciation method you use is the method most appropriate for that type of property in the year you bought the New Property (regardless of the method you used for the original house). If you think of it this way, then it's easy, even if your property is a large office building or a more complex purchase.
IRS Fact Sheet-Section 1031
When you have your TurboTax return open you can use the following steps to update the original assets for the exchange.
First use the Search (upper right) > Type rentals > Press enter > Click on the Jump to... link
Or Wages & Income > Rental Properties and Royalties > Update > Continue to Rental and Royalty Summary > Edit the property
Scroll to Assets/Depreciation > Click Update > Select 'Edit' next to each asset
Edit beside each asset > Continue to the Tell Us About This Rental Asset
Select the checkbox beside 'This item was sold, retired, .... traded in ....etc. > enter the date it was traded (sold/retired)
You can choose not to select this and just change the name of the assets given up in the trade to identify them with the new property. The depreciation for the year will not change on these assets.
Answer the question about whether it was 100% business > Leave the original date it was placed in service (may be purchase date or later depending on your circumstances)
Continue to the screen 'Confirm Your Prior Depreciation'
The amount displayed is only for prior years and does not include the current year.
Continue until you see the current year amount displayed and make a note to add the two amounts together for the Section 1031 like kind exchange.
This completes the asset portion of the trade.
Answer 'Yes' to Special Handling.
Next you will complete the like kind exchange, Form 8824 (Section 1031 exchange):
Use the Search (upper right) > Type like kind > Press enter > Click on the Jump to... link
Select the checkbox beside 'Any additional like-kind exchanges (section 1031)' > Continue
Complete the information for the 'Real estate given up' and 'Like-Kind Property Given Up' > Continue
Name the event > Continue > Complete the information for the 'Like-kind property received'
If you did not give unlike property in the exchange click 'No' and continue past these screens, if 'Yes' answer the questions.
Enter any exchange expenses (sales expenses) > Continue to see your deferred gain.
If you marked the original assets as sold, traded, etc (see 5. above) then go back to your rental activity and then enter new assets with the exact same information as the property given up with a new name, but with the same date placed in service as the old property, for all assets that are part of the exchange.
Enter a new asset for any buy up/added cash in the exchange including the purchase/selling expenses you paid in the trade. The new asset will begin depreciation on the completion date of the trade/like kind exchange.
These links may be helpful as well:
Where do you enter a like-kind or Section 1031 exchange?
IRS Fact Sheet for Section 1031 Exchange
IRS Instructions for Form 8824
7 hours ago
Topics:
7 hours ago
You need to read the instructions that came with your K-1 very carefully for more information about what is being reported in box 1. There is likely a supplemental page of information that will expl...
See more...
You need to read the instructions that came with your K-1 very carefully for more information about what is being reported in box 1. There is likely a supplemental page of information that will explain the meaning of the box 1 statement and give you guidance about what to enter.
7 hours ago
Where do I find the amount of my RMD for 2025
Topics:
7 hours ago
How can I see my TurboTax fees?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/review-fees-turbotax-online/L1XnIzgzg_US_en_US?uid=m682vq7k
No one in ...
See more...
How can I see my TurboTax fees?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/review-fees-turbotax-online/L1XnIzgzg_US_en_US?uid=m682vq7k
No one in the user forum can resolve a billing issue. If you have a question about your TurboTax fees or billing, make sure you use the word “billing” in your request for help. Do not use the word “refund.”
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/contact-turbotax/L2y9ZKpQB_US_en_US?uid=m5s9l2vh
7 hours ago
System will not accept military retirement pay input
Topics:
7 hours ago
Topics:
7 hours ago
Please see the answer I gave you on the other thread.
7 hours ago
Begin by contacting the ACA marketplace to report that an unauthorized application for benefits was filed using your credentials last year, a situation you have only recently discovered.
The m...
See more...
Begin by contacting the ACA marketplace to report that an unauthorized application for benefits was filed using your credentials last year, a situation you have only recently discovered.
The marketplace will start an investigation. The process for getting a canceled Form 1095-A can take up to 45 days, which is longer than the tax filing deadline.
If you try to file electronically, your return will be rejected. File a paper tax return by mail, followed by a detailed explanation of these ACA-related circumstances.