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yesterday
For both the 2024 and 2025 tax years, because you withdrew the excess contributions and earnings before the filing deadline (April 15), the IRS treats them as if they were never made. You do not need...
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For both the 2024 and 2025 tax years, because you withdrew the excess contributions and earnings before the filing deadline (April 15), the IRS treats them as if they were never made. You do not need to pay the 6% excise tax penalty.
If you filed you 2024 tax return, you will have to amend the return to report the earnings. The earnings on the 2024 excess are taxable in 2024, even though you withdrew them in 2025. Enter the 2025 1099-R for your 2024 tax return.
Box 1: Total amount withdrawn (contribution + earnings).
Box 2a: Just the earnings amount.
Box 7: Use codes P and J.
Year: Select 2025 as the form year when prompted.
The earnings on the 2025 excess are taxable on your 2025 return. Create another substitute 1099-R for the 2025 return.
Box 1: Total amount withdrawn in 2026.
Box 2a: Earnings only.
Box 7: Use codes P and J.
Year: Select 2026 as the form year.
When asked if an exception applies to the early withdrawal penalty, select "Corrective distributions made before the due date of the return" to zero out any 10% penalty on the earnings.
In the Deductions & Credits section, you must still enter the Roth contributions for each year. When TurboTax identifies them as excess, you must indicate that you withdrew the entire excess amount plus earnings before the deadline to avoid the 6% penalty on Form 5329.
yesterday
I'm moving to the desktop product. I started online until I was able to get a copy of the desktop product (I bought a physical copy of TurboTax from my local Costco to get the best deal).
yesterday
A Roth IRA is a valuable asset. If you want to use the SS deduction (which will eventually be gone) to offset conversions into a Roth IRA, go right ahead. Any action you take will appear on your 2...
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A Roth IRA is a valuable asset. If you want to use the SS deduction (which will eventually be gone) to offset conversions into a Roth IRA, go right ahead. Any action you take will appear on your 2026 tax return. Whether you have achieved a tax-free Roth conversion depends on how you look at it. @intuit-rwck9
yesterday
Since you didn't name the error, start here:
employer state id missing on forms w2 or 1099
missing an attachment for one of the new subtractions
You need to go to the final review and see...
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Since you didn't name the error, start here:
employer state id missing on forms w2 or 1099
missing an attachment for one of the new subtractions
You need to go to the final review and see what the error is, what form is showing, what line, more information. The review has a box for you to correct. Reply with more information for more help.
yesterday
Look at your tax return Form 1040. The dependents you claimed are listed on page 1 under Dependents and there will be a box (7) that is marked to indicate their credit status.
yesterday
You'll need to enter something in the fields to remove the flags. Try entering zero in the empty fields, or if its a date that it wants, enter a date based on the type of gain that the transaction s...
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You'll need to enter something in the fields to remove the flags. Try entering zero in the empty fields, or if its a date that it wants, enter a date based on the type of gain that the transaction shows. For example, if its a short-term sale, enter a date within a year of the date sold date. If its a long-term sale, enter a date that is over a year from the date sold date.
yesterday
Your rollover IRAs are a traditional IRAs, so distributions from those IRAs, distributions that were not rolled over, must be included on line 7. TurboTax has correctly included the distribution on ...
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Your rollover IRAs are a traditional IRAs, so distributions from those IRAs, distributions that were not rolled over, must be included on line 7. TurboTax has correctly included the distribution on Form 8606 line 7 automatically. Your basis in nondeductible traditional IRA contributions does not reside in any particular one of your traditional IRAs. It applies to an individual's traditional IRAs in aggregate, including the individual's rollover IRAs. Because your traditional IRAs are treated in aggregate for these purposes, the taxable result is the same no matter which of your traditional IRAs you take distributions from.
yesterday
You will add your additional W-2 in the same section you added the first one.
Click on Federal > Income > Wages & Salaries (W-2)
Choose Add another W-2
Then, fill out the information f...
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You will add your additional W-2 in the same section you added the first one.
Click on Federal > Income > Wages & Salaries (W-2)
Choose Add another W-2
Then, fill out the information from the W-2
yesterday
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yesterday
What was the 1099-MISC income for? Once the type of income is known, someone can likely guide you through the proper 1099-MISC questions.
yesterday
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To remove or delete a form, take steps listed below.
Open or continue your return.
Search for the form name in the search bar
Select the Jump to link in the search results to get to t...
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To remove or delete a form, take steps listed below.
Open or continue your return.
Search for the form name in the search bar
Select the Jump to link in the search results to get to the summary screen.
From here, you can select the trash can icon to delete.
If you are still unable to delete the form, try clearing your cache and deleting your cookies. How do I view and delete forms in TurboTax Online?
yesterday
how much i pay?
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yesterday
My 1099 has reported income as other but I did not have an outside employment. What can Ido to to stop additional questions.
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yesterday
i am in a loop - how to get out of? Federal form does already have her ssn
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