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@MelindaS1  I agree with the calculations you listed above but Turbotax needs to show the underline math for the ratable share calculation working (as you have shown) for Form 1116 Line 3a  When one left clicks Form 1116 Line 3a it jumps to a frivolous location of "Foreign Tax Computation Worksheet" Line 3a(5)b instead of showing the calculation you have listed. The user of Turbotax needs to know the underline math of the "automatically" calculated on Form 1116 Line 3a  Thank you

I assume that you mean forex gain/loss from forex trades.   Retail Forex traders fall under Section 988, which covers short-term foreign exchange contracts like spot Forex trades. Section 988 taxes Forex gains and losses like ordinary income.   You do not report your Forex loss on form 8949 which is for Capital gains and losses.   Forex gains and losses are reported on your tax return as Other Income. A loss is reported as a negative number.   To report your Forex loss, please follow these steps: Click on Federal, then on Wages and Income Navigate to the list of income categories Locate the Less Common Income section and click on it Click Start next to Miscellaneous Income at the bottom On the next page, click Start next to Other Reportable Income. Describe your loss as Section 988 Forex loss and enter a negative number for your loss.

If you tried a traditional IRA contribution and that did not reduce your adjusted gross income, there is likely nothing else you could do since the tax year is over. I can't think of another tax deduction you could make after year-end.

Yes, the Special Depreciation Allowance error on assets from a prior year return should be resolved with the update expected to be released by February 13, 2026.    You can sign up for email notification here.

If you electronically file a Form 1040-X for tax year 2021 or later, you may request your refund be directly deposited into your checking or savings account. Otherwise, the IRS will send a check to the address on the return.