All Posts

@AmyC again thank you so much! One last clarification (I apologize if this has been answered) - I need to indicate somehow to turbo tax that the cost basis was not reported to the IRS (since it was left blank in the 1099-B) as opposed to being reported incorrectly. Will TT let me indicate this?

If you right-click on the field 'gross income from all sources' on Form 1116  and choose 'data source', you'll get a pop-up screen outlining the sources for that amount.    "Calculated Gross income from all sources: This is total income before deductions and is the sum of: Form 1040, lines 1, 2b, 3b, 4b, 5b and 6b plus Schedule 1 (Form 1040), line 1 plus Schedule 1 (Form 1040), line 2a plus Schedule C, line 7 (all copies) plus All gains reported on Schedule D minus Schedule D, line 11, Subtotal Line A(Form 4797, Gain from Part I) plus All gains reported on Form 4797 plus Schedule E, line 3 total plus line 4 total plus  Schedule K-1 Worksheet - Estates and Trusts, Box 14 Code B : Foreign Tax Information section, line 7 (if it has a value); otherwise income reported in Part III lines 5, 6, 7 and 8 plus Schedule K-3 - Partnerships Line B - Gross income from all sources Schedule K-1 - Partnership Additional Information page 1, Box 11 section, Code A, line 1 (if positive) and line 3 and line 4 and Code I, line 5 Schedule K-3 - S Corporations Line B - Gross income from all sources Schedule K-1 - S Corporation Additional Information page 1, Box 10 section, Code A, line 1 (if positive) and line 3 and line 4 and Code H, line 5 Schedule F, line 11 (all copies) plus Form 4835, line 7 ( all copies) plus Schedule 1 (Form 1040), line 7 plus All positive income amounts on the Other Income Statement"   @KimT-IL   

Once your return is filed, TurboTax has no control over the processing or the timing when the IRS releases your refund.    Your refund could be offset. The IRS and State Governments have the ability to offset a refund to pay for certain past due debts.  You generally will receive a letter stating what the offset was for.    The IRS provides a toll-free number, (800) 304-3107, to call for information about tax offsets.   Here are a few FAQs to help you track your refund: When will I get my federal tax refund? How do I track my state refund? Why does Where's My Refund say "approved" but TurboTax still says "accepted"? Why do some refunds take longer than others? What if my IRS refund is taking longer than 21 days?

I had replied to a different post by you - now that I see this one, my memory was triggered as to your situation re: the 3 inherited IRAs.  Your situation is such that this is the first year that you withdrew from these inherited IRA accounts.  If your parents were New Jersey residents when they made contributions to those IRAs, their contributions were taxed by New Jersey in the year of contribution.  When funds are withdrawn from the IRA, only the amount of the IRA attributable to earnings will get taxed by New Jersey, while the amount of the withdrawal  attributable to the contribution will not be taxable by New Jersey.  When you go through the instructions below, compare the results that you get in TurboTax to what you would get from manually preparing the Worksheet Cs - one for your mom's IRA and one for your dad's IRA.   I'm going to repost the instructions from my earlier post here, modified for realizing that you have 3 inherited IRAs:   As you go through your NJ return, after Wage adjustments, you come to a screen IRA Distribution for You.  This screen will show the Gross distribution and the Federal taxable amount that you input after making your Form 8606 calculations.   Click Continue.  The next screen is IRA Information for You.  You will mark that Yes, this was the first year of withdrawal from this IRA.  You will then enter the total contributions that your parents made to the IRAs that were taxed by New Jersey when those contributions were made.  Then you will enter the total value of all of the IRA accounts.  There should not have been any contributions made by you to the inherited IRAs in 2026, so the bottom box is left blank. The Retirement Exclusion Summary page will show the amount that TurboTax determined for the taxable amount and will also show if any of that taxable distribution is subject to an exclusion (if you are 62 years old or older). If the amount of the contributions to the inherited IRA made by a New Jersey resident is high relative to the earnings, then very little of the IRA will be taxable to New Jersey.  Following the above steps should take care of getting the taxable amount of the inherited IRAs calculated correctly. The following from the TurboTax Audit Support Center explains our audit support that is included in the cost of the return in addition to information from Audit Defense.  And yes, if you paper-file your return, you are able to purchase Audit Defense.  Prompts about Audit Defense sometimes pop up periodically while filing the return, but you will also have an opportunity to add it to your cart when you checkout.

Improvements to your personal primary residence are not reported on a tax return.  The cost of the improvement is added to the basis of the home when it is sold.   To report the sale of the second home you need to complete the Investment sale section.   To enter an investment sale - Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Under Investment Income On Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B, 1099-DA), click the start or update button Using the online editions -   On the screen Did you have investment income in 2025? click on Yes On the screen Save time and connect your financial accounts click on Enter a different way On the screen How do you want to add your docs?, select Type it in myself On the screen OK, let's start with one investment type, select Other and continue

Yes, even though your daughter worked in OH, she has to pay IL state income taxes on the income that she made in OH.  The good news is that she is getting a refund for the taxes that were withheld in OH.   Refer to the TurboTax Blog Illinois State Income Tax in 2025: A Guide for additional information.

As I said, for me everything from previous years carried forward except the rental property. None of that info carried forward. TT online didn’t even recognize the property itself. So I ended up recreating the property info and then redoing all of the depreciated assets based on their individual depreciation methods. I keep good records so it wasn’t crazy but like others have mentioned, the supposed benefit of TT is maintaining the records so I don’t have to redo it. I pulled my hair out trying all of the things a mentioned previously and none of that worked. 

The deduction is based on your date of birth in My Info. So it is included.    You will only see the Standard or Itemized deduction on ‌line 12e of your tax return. However, the Senior Deduction is reflected on line 13b . Line 13b includes multiple deductions Senior deduction No tax on tips No tax on Overtime No tax on car loan interest. It is reflected on Schedule 1A, Part V, Line 37 There's a $6,000 deduction for individuals older than 65, and a $12,000 deduction would apply to couples who qualify.    For more information, see Deductions for Seniors.  

The merger date is used for tax purposes, October 27th wins.  FMV: The IRS usually looks for the average of the high and low trading prices (or the closing price) on the Closing Date of the merger. Companies often use the Closing Price on the day before the merger or the day of the merger. Search "[Company B] Investor Relations Form 8937" online. It will give you the exact per-share value the company is reporting to the IRS. Using their number is the best way to ensure your return matches what the IRS expects to see. Great questions throughout!