All Posts

Yes, that is called a "Claim of Right repayment"  There are two options, take a Credit or take a Deduction.  The deduction would be reported on your Schedule A, or you can claim a credit for the tax you paid on that income the year it was originally received.    Please use this link for the steps to enter in the TurboTax program. 

To paper file your state tax return, you will need to go back into the Filing area in TurboTax and select File by mail.    This selection will generate the instructions for you to mail your New Jersey tax return instead of e-filing it and will allow you to print the forms that you need to mail to NJ.    See this TurboTax article for detailed instructions on how to file by mail.

I'm having the same issue in Windows based Turbo Tax Premium, where there are multiple 1099 forms from the same provider and importing a second a third 1099 import deletes all previous imported information. No option to not delete "old data" with import

Thanks for the reminder about the 110%.  It had not been an issue for the last 10 years or so using the regression analysis (capital gain swings can be large and otherwise unpredictable, so I constructed the linear trend making sure it was always larger than the previous year, although that did not always happen).   The estimate for 2025 ended up being just 104% of tha actual from 2024.  But even at 110% it wouldn't have met the $150,000 threshold.  My 2025 vs 2024 estimated incomes ended up being 118%, but in actuality 2024 went lower and 2025 went higher.  Guess I'll adopt a conditional to use the regression or 110%, whichever is higher.   Now I have to decide if I want to annualize for $7. 😁

@DaveF1006  Can you please look into my problem described above. I have shared my return so you should be able to look at what is wrong. I am going berserk in trying to figure out what I should do to fix my problem. 

Thank you; if this can be corrected to help others, I know it will be appreciated. I opened case # 1771105186366 yesterday, and a wonderful customer service rep, Pat, did her best to assist me, even by loading a brand new licensed copy of the Desktop software on my computer. Despite all her excellent assistance, the desktop version still did not display the option, "Tips included in box 1 of my W2 but not boxes 7 or 14." So, Pat agreed with User RobertB4444 that I should enter it myself in box 14 and use the category "Reported Tips (Not Railroad Tips)". That did the trick, software-wise, but I am a bit nervous because I had been told by a tax professional that we should never alter the information that is on the original W2. I e-Filed today and am keeping my fingers crossed that the IRS will accept it and I won't get a future letter from them denying my tip deduction. Thanks for reporting this issue to the moderators, best wishes to all.

You fill out the 1099R exactly as shown. For 2025 there might be a new code Y on the 1099R for QCD. The IRS does not require financial institutions to use code Y to report QCDs yet, instead making the use of code Y optional. I got my 1099R from Vanguard for my QCD and it only had code 7 in box 7.   If you are over 70 1/2 then after you enter the 1099R keep going though the followup questions. TurboTax will ask you if any portion of your distribution was transferred to charity. You can then enter the amount transferred to charity. For a QCD, check 1040 line 4b. It should be 0 (unless you have other taxable 1099Rs) and the QCD box checked. The code in box 7 of form 1099-R must be 7 and the box IRA/SEP/SIMPLE must be checked. You can’t do a QCD from a 401K.

You can use TurboTax to amend if you used TT for the original return that you already filed.   You cannot change or add anything on the return that you just e-filed, nor can you stop it.  It is too late, just like when you put an envelope in a US mailbox on the corner.  The IRS does not allow you to take it back.   If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.”  The changes will go nowhere.   Now you have to wait until the IRS either rejects or accepts your return.  If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.    Sometimes—not always— the IRS corrects your mistakes, while they are processing your return.    If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund.  THEN you can prepare an amended tax return and e-file or mail  it in. You have to be able to work from that return exactly the way it was when it was e-filed originally.  You will need to use a form called a 1040X.     Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself.  Sit tight and wait until you see what the IRS does with the return you just e-filed   The Form 1040X is scheduled to be available on February 26.   The date is subject to change, so check on 2-26  to see if it is ready.   Before that, do not change anything at all on your return.  

There is an update scheduled to be installed on February 20, 2026 for both the online and desktop TurboTax programs. If you are working in the desktop TurboTax, you should do your updates on that date to make sure you have the most recent version of the program. Please keep in mind that the IRS did not finalize the depreciation and amortization form until February 11, 2026 so that is why it was not available earlier in TurboTax, as it takes time to conform our program to the updated regulations.

I am getting this same page asking for Canadian pension plan info.  Right after entering SSA info.   BTW, second complaint:  I've been using Turbo Tax since 1993. This year it is a disaster. It did NOT import my data from Ameriprise even though the steps said it did.  I'm having to manually input everything.  It appears you are perhaps trying to discourage using the downloaded version.  There is no way I can trust your servers to not get compromised, so I don't want online filing.

Yes, it is needed for the following reasons.    If you have more than one asset listed (and you would have at least two, building and land) you need to allocate the sales proceeds between those assets in order to get the assets "off the books" and out of your TurboTax program.    If you made a profit on the land, which is never depreciated, that gain would be a Capital Gain, not Depreciation Recapture. Capital Gain and Depreciation Recapture are taxed differently.   

MEDICAL EXPENSES The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2025—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.   To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses       2025 STANDARD DEDUCTION AMOUNTS SINGLE $15,750  (65 or older/legally blind + $2000) MARRIED FILING SEPARATELY $15,750  (65 or older/legally blind +1600) MARRIED FILING JOINTLY $31,500  (65 or older/legally blind + $1600) HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)

I did a final complex 1041 in 2021 for my mother’s estate after she passed in 2020. We distributed all trust income to my sister and me. Then 5 years later we found some unclaimed stock and the proceeds were given back to us by state of NJ. The only taxable income was 5000 of interest and the attorney fee for probate was 3500. I was told to just do an amended simple final 1041 for those two items. Way too complicated to show everything again in this amended simple final. I just want to show those two items and can attach an explanation if possible. If that is okay wanted to find out about the tax on the 1500 of income and if anything needs to be distributed or just left as is?