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yesterday
Son had no estate when he passed. Nine years later CoinBase contacted parents about son's balance as bitcoin. Parents claimed the balance and cashed it out.
Are the funds taxable?
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yesterday
If you are eligible for any sort of child-related refundable credit like earned income credit or additional child tax credit it will be added automatically. If your filing status is single with no...
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If you are eligible for any sort of child-related refundable credit like earned income credit or additional child tax credit it will be added automatically. If your filing status is single with no dependents, then, sorry there are no "special" tax breaks for that.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/qualifications-earned-income-credit-eic-eitc/L7w4BFP32_US_en_US?uid=m62rmz09
https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant
https://www.irs.gov/pub/irs-pdf/p596.pdf
Look at your 2025 Form 1040 to see the child-related credits you received
PREVIEW 1040
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr
Child Tax Credit line 19
Credit for Other Dependents line 19
Earned Income Credit line 27
Additional Child Tax Credit line 28
yesterday
I purchased the car before 2025. Maybe around 2015 or 2016. Not sure. and I use my car for business.
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yesterday
If you use TurboTax Online, you can file one federal return and any number of state returns needed per Intuit Account.
If you use TurboTax Desktop, you can file five federal returns with up to ...
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If you use TurboTax Online, you can file one federal return and any number of state returns needed per Intuit Account.
If you use TurboTax Desktop, you can file five federal returns with up to three state returns each. To start a new tax return in TurboTax Desktop, click File in the top-left corner and select New Tax Return. Save your current return, then follow the prompts to begin a fresh return, ensuring you save it with a unique name to distinguish it from others.
How many tax returns can I file with TurboTax?
@joannehigg115
yesterday
sounds like a lot going on; you mentioned "what amounts should be entered into the taxable and nontaxable conversions boxes for Roth IRA contributions in tax year 2023" but you said earlier you did b...
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sounds like a lot going on; you mentioned "what amounts should be entered into the taxable and nontaxable conversions boxes for Roth IRA contributions in tax year 2023" but you said earlier you did backdoor Roth so just to be clear, think of Backdoor Roth as two separate transactions/steps - a non-deductible contribution to a Traditional IRA; and a conversion from Trad IRA to Roth IRA (not a contribution to Roth, or recharacterization) Form 8606 will calculate the non-taxable and taxable amount of the Roth conversion, based on the basis you carried forward, the non-deductible contribution and the market value of your Trad IRAs as of 12/31/25. All your Trad IRAs (any IRA not designated as a Roth) are considered one pool. Converting 401k to Trad IRA with pre-tax money will result in more tax due from the backdoor Roth as the conversion is considered taken in a pro-rata money from both pre-tax and after-tax (basis/non-deductible contributions). The remaining portion of the non-deductible contribution will carry over as basis for future years and is distributed over time until the IRA balance is $0. Form 8606 performs this calculation, in a nutshell the non-taxable portion will be: conversion amount * (carryover basis + non-deductible contribution) / (market value as of 12/31/year + conversion amount) I ended up doing some examples here for someone with a similar pre-tax issue so this thread maybe helpful https://ttlc.intuit.com/community/retirement/discussion/re-how-do-i-enter-the-non-taxable-amount-of-my-roth-conversion/01/3896174#M269327 so you'll need to go back to 2023 and make sure all the info for your 1099-R and contributions are entered correctly, and Form 8606 will calculate the non-taxable and taxable amounts and the basis carry forward on Line 14 which carries to 2024 Form 8606 Line 2 and so forth. I'd spin up a spreadsheet and do your own calculations to keep track of it all. At this point you should probably do (or already did) an extension for 2025 as you'll need the right final carry over basis from 2024 for your Form 8606. I don't think you have to wait to file 2025 as long as you have right carryover basis, but if you have an extension you may as well file everything in order 2023 / 2024 / 2025. Hopefully you are using TT Desktop, when doing amendments be sure to first save a separate copy of the .tax file and PDF with all forms and worksheets from your original filed return, otherwise the amendment process just overwrites this. Hope that helps point in the right direction - see here for the general steps in Turbotax for backdoor Roth though they changed verbiage for 2025 but the general premise is the same and just pay attention to the on-screen questions https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-backdoor-roth-ira-conversion/L7gGPjKVY_US_en_US
yesterday
If you can't get them imported, enter them manually. Where do I enter my self-employment business expenses, like home office, vehicle mileage, and supplies?
yesterday
Here's how you can view, download, or print a prior-year tax return? You can also request a transcript from the IRS https://www.irs.gov/individuals/get-transcript
yesterday
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yesterday
If you didn't enter any data, you usually don't need to worry about "removing" it, as the software will simply see $0 and defaults to the higher deduction anyway. However, if it’s bothering you or tr...
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If you didn't enter any data, you usually don't need to worry about "removing" it, as the software will simply see $0 and defaults to the higher deduction anyway. However, if it’s bothering you or triggering an error, here is how to clear it: TurboTax essentially asks you to choose between State/Local Income Tax or Sales Tax. Go to Federal > Deductions & Credits. Find Estimates and Other Taxes Paid and click Start/Revisit next to Sales Tax. The software will ask how you want to enter your info. Select the option that says "EasyGuide" or "Enter my own." Once you get to the final comparison screen, simply select the button for "Income Tax" instead of "Sales Tax." This effectively "removes" the sales tax selection.
yesterday
He already filed. I told him to put zero because he did not pay
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yesterday
Turbo tax completed a Sched 62 WH, incorrectly listed my MA state tax withdrawals from my W-2 and attributed it to Fidelity. I am unable to correct this and as such can not file! Please fix this!
yesterday
i dont have a computer of laptop comparable to file my 2024
yesterday
But then when I tried to submit, I needed a irs up number before I can file
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yesterday
Section 179 is an election to expense certain qualifying fixed assets in full, rather than slowly take depreciation expense of their cost value year-after-year. For most taxpayers, electing 179 expen...
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Section 179 is an election to expense certain qualifying fixed assets in full, rather than slowly take depreciation expense of their cost value year-after-year. For most taxpayers, electing 179 expense is a highly desirable option.
It is subject to certain limits.
Learn more: TurboTax - What's a Section 179 deduction?
IRS Pub. 946 How To Depreciate Property, Electing Sec. 179
yesterday
The annuity start date is the date that you began to receive the pension benefits.
Each month pension benefits may include an amount previously invested by the taxpayer. Consider this a return...
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The annuity start date is the date that you began to receive the pension benefits.
Each month pension benefits may include an amount previously invested by the taxpayer. Consider this a return of capital to the taxpayer.
The amount received by the taxpayer that was not previously invested is taxable income to the taxpayer. So, such a retirement distribution has a taxable and a nontaxable component.
The IRS uses the Simplified Rule method and the General Rule method to determine how much of the retirement distribution is taxable and how much is a return of capital.
The Simplified Rule method is the more popularly used method.
The tax free amount previously recovered is the total of the amount previously invested and recovered by the taxpayer.
yesterday
Yes, you can fix it. To see what is causing your return to be rejected and find out how to fix it:
Sign in to your account
Select the Fix my return button
Follow any “fix it” ins...
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Yes, you can fix it. To see what is causing your return to be rejected and find out how to fix it:
Sign in to your account
Select the Fix my return button
Follow any “fix it” instructions to update the information causing the rejection.
What does my rejected return code mean and how do I fix it?
yesterday
Re-upping this because it was the fix for me after hours of trying everything else - "go back to the state and do not skip the Public Pension Subtraction. I had continually skipped it since it didn...
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Re-upping this because it was the fix for me after hours of trying everything else - "go back to the state and do not skip the Public Pension Subtraction. I had continually skipped it since it didn’t apply to me but turbo tax was assuming one of my 1099r’s was a pension. I selected the None of the Above and this is what got rid of my error."
yesterday
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yesterday
I didn’t get an issued pin. Do I need both.