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You can select yourself as the policy owner because they are your dependent.   The income will be based on the income for the entire household. You can enter their 1095-A information directly into your tax software.  To enter a 1095-A in TurboTax, you can follow these steps               Select Tax Tools On the drop-down select Tools There will be 2 green boxes Select Topics Search Type the 1095-A Continue through the questions and it will be posted to your return. On the 1095-A, you should not enter "0" zeros.   This will cause a Review Error.  Simply leave the area blank.    

Please read the section starting on page 13 in Pub 575 under Simplified Method and go look at Worksheet A for the calculation. This will allow you to see exactly how the calculation is done.   "With 21,000, and a yearly recovery of 1,000, it will take 21 years for me to recover. I don't believe I have 21 years in me." - If I am not mistaken, you have already received 15 years worth of annuity payments ("Mine started in 2011"), so you should have recovered the large portion of the "cost" or "basis" already (which I think was your point).   Please understand that this whole process is not to the advantage of the IRS, but to that of Congress, the fellows who write and pass the underlaying laws on which the Tax Code is based. It's not like the IRS employees or department collect a percentage (unlike, say, tax collectors in the New Testament who paid themselves out of what they collected).   More importantly, the only people who can change the process are your elected representatives.    So if you have a question on a specific line on Worksheet A, please let me know.

TurboTax only knows what you tell it. If you enter your contribution history, that is the basis and TurboTax can track it. For Coverdell ESA, you will need to check your bank statements. ROTH IRA - records of past contributions Traditional IRA - basis is carried forward on Form 8606, check line 14.

Has the 7220 issue been fixed? I still cannot e-file because it is asking for it even though my system is less than 1 MW and I am not claiming additional credits due to PWA. I would assume it is a simple fix (i.e. if this, then that type of update). We have just about 2 weeks remaining to file and I paid for software to be able to e-file that is not letting me due to a bug.  

Whether you deduct the cost of an expenditure for the current year or recover it through depreciation over several years depends on whether it was for a minor repair or replacement or resulted in a capital improvement to your home. As @DianeW777 explained earlier in this thread:   Capital Improvements: Extend the life of your asset and is not an ongoing repair expense. This would include the improvements to the part of the home not related directly to the home office.  In other words, any capital improvements to the entire home are eligible to be use as part of the cost of your home.  For any year after the year your business began, you would add an asset called improvements.  The home office use percentage will be applied to this new asset.     For example, if you repair some minor damage to the floor, that could be seen as a current year expense. If, however, you replaced the flooring throughout the home, the new flooring would be listed as a new asset subject to depreciation.   The difference between repairs and capital improvements is also discussed in this TurboTax tips article.   @Mptorres 

Since you're using TurboTax Desktop, check the Charitable Contributions Summary in FORMS.  If one of the charities amounts is incorrect, then go to the Charitable Organization Worksheet for that charity to correct.   If you see 'Needs Review' on the Deduction Topics page, that's a display issue only, and may change once you're done entering deductions. As long as you've verified your amounts are correct on your tax forms, you don't need to worry.   @DonPayne         

@lwschui wrote: Thanks for your reply.  This was never an issue with Desktop TurboTax for the past years and it came up after I switched to Online version this year.  I already checked the Identity Protection PIN is not mandatory based on IRS documentation and used the TOOLS menu to reenter the same answer again.     1. Is there another to get pass this error without requesting IRS for the pin? 2. If not, what are the IRS requirements to obtain this pin? how long will it typically take (we have only 15 days left before the deadlin)? Please post the exact rejection error code/message so we can see exactly what the rejection is.    

@msiskandar Those are two separate PIN's.  The 6 digit IP PIN you received from the IRS in entered in the Other Tax Situations section. The e-file PIN in the File section of the program is any 5 digits you select.  And you must enter the 2024 AGI for your electronic signature.

@bailly , try telling Turbo that you have 1099-R and then enter everything as if you have a 1099-R----- the EIN for the payor may give you trouble -- just use a dummy EIN as I mentioned earlier.  That should work.

It appears that when going through the 1099-Q form, that the taxes are flagged when I select State from the Private, State or Coverdell options.  This seems to check the box Box 6 in TurboTax despite that box not being checked on the actual 1099-Q form.   If I uncheck box 6 and then check question 5a in the worksheet, then the federal taxes pass the check. This means Intuit seems to think they have things correct on the Federal side--this is not correct and this needs to be fixed. Not sure on the state side as the taxpayer name is flagged under state as if they have not completed something there. The state follows the federal method so not sure why there is a problem. Taxes are due is less than two weeks and this is still not fixed.  Disappointing is an understatement.