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2 weeks ago
Hello, In 2024, I contributed the max to my Roth IRA, and later realized my income would have exceeded the limit. I then withdrew from the Roth, contributed to a Traditional, and did a conversion...
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Hello, In 2024, I contributed the max to my Roth IRA, and later realized my income would have exceeded the limit. I then withdrew from the Roth, contributed to a Traditional, and did a conversion to Roth. In hindsight I should have done a re-characterization, but my sequence of actions resulted in what looked like an excess contribution on paper even though the net amount that entered my IRA was within the limits. I ended up paying some penalty when filing for tax year 2024 just so I can file on time. My question is, what is the best way to proceed now? My goal is to clear up any existing issues and get to a place where I can just do a backdoor roth conversion every year. I'd prefer to just have a professional handle everything, would that be the TurboTax Live Full Service? Do I need to wait until the new tax season begins? I have not contributed anything in 2025 yet to any IRA and I want to make sure that I still max out my 2025 contributions.
2 weeks ago
Turbotax automatically applies the correct standard deduction based on your age calculated from your birthdate. You don't have to select anything extra yourself.
2 weeks ago
The amount of your standard deduction goes by your age at the end of the tax year.
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPAR...
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The amount of your standard deduction goes by your age at the end of the tax year.
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)
2025 STANDARD DEDUCTION AMOUNTS
SINGLE $15,750 (65 or older/legally blind + $2000)
MARRIED FILING SEPARATELY $15,750 (65 or older/legally blind +1600)
MARRIED FILING JOINTLY $31,500 (65 or older/legally blind + $1600)
HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)
For 2025 through 2028 there is an extra deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out above certain incomes.
2 weeks ago
1 Cheer
@M-MTax That link doesn't work for me. Is it this one? https://ttlc.intuit.com/turbotax-support/en-us/help-article/loans/whats-turbotax-flex-advance/L2Xg6In6b_US_en_US?uid=mhz8qpz8
2 weeks ago
1 Cheer
You misunderstood. When you prepared your 2024 tax return, the software uses your age at the end of 2024. Turning 65 in 2025 does not give you that extra amount on a 2024 tax return. If you turn...
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You misunderstood. When you prepared your 2024 tax return, the software uses your age at the end of 2024. Turning 65 in 2025 does not give you that extra amount on a 2024 tax return. If you turned 65 in 2025, you will have an extra amount for your standard deduction when you prepare your 2025 return--that you file in 2026.
2 weeks ago
@BettyRobichaud2019 Not sure what you mean by "I have a tax return to be issued for year ending 2021"
Do you mean that you filed a 2021 tax return? How long ago did you file it? Did you e-f...
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@BettyRobichaud2019 Not sure what you mean by "I have a tax return to be issued for year ending 2021"
Do you mean that you filed a 2021 tax return? How long ago did you file it? Did you e-file it in 2022, or did you mail it in at some later time? When?
A tax return is the Form 1040 you send to the IRS. A tax refund is the money you get back if you paid too much tax.
Are you asking about a tax return or are you asking about a refund? Please explain.
2 weeks ago
Federal and state refunds come from completely separate entities. There is no rule as to which one will come in first or how long it will be between their arrival in your account.
TurboTax giv...
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Federal and state refunds come from completely separate entities. There is no rule as to which one will come in first or how long it will be between their arrival in your account.
TurboTax gives you an estimated date for receiving your refund based on a 21 day average from your date of acceptance, but it can take longer. “21 days” is not a promise from TurboTax or the IRS.
First, check your e-file status to see if your return was accepted:
https://turbotax.intuit.com/tax-tools/efile-status-lookup/
Once your federal return has been accepted by the IRS, only the IRS has any control. TurboTax does not receive any updates from the IRS. Your ONLY source of information about your refund now is the IRS.
You need your filing status, your Social Security number and the exact amount (line 35a of your 2024 Form 1040) of your federal refund to track your Federal refund:
https://www.irs.gov/refunds
To track your state refund:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_US_en_US?uid=lt447ebr
If you chose to have your TurboTax fees deducted from your federal refund, that will take some extra time, while the third party bank handles the refund processing
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refunds-take-longer-others/L14YlqFrH_US_en_US?uid=lexdr7zh
.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/irs-refund-taking-longer-21-days/L2vRAJbdU_US_en_US?uid=lexe7lst
2 weeks ago
Are you trying to apply for the Flex loan? Scroll down and check through the Frequently asked questions section https://ttlc.intuit.com/turbotax-support/en-us/help-article/loans/whats-turbotax-flex...
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Are you trying to apply for the Flex loan? Scroll down and check through the Frequently asked questions section https://ttlc.intuit.com/turbotax-support/en-us/help-article/loans/whats-turbotax-flex-advance/L2Xg6In6b_US_en_US?uid=mhz8qpz8
2 weeks ago
One thing I can think of (any maybe the only thing) would be if you were having any Turbo Tax fees deducted form your refund but the IRS changed your refund or didn't send your refund. Then you stil...
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One thing I can think of (any maybe the only thing) would be if you were having any Turbo Tax fees deducted form your refund but the IRS changed your refund or didn't send your refund. Then you still owe the fees. Did you get a letter in the mail saying you still owe something? If you owe the IRS or state any prior tax due or penalties that has nothing to do with Turbo Tax. Turbo Tax doesn't send any payments to the IRS or state.
2 weeks ago
Did you try the account recovery lookup? How to view all your accounts https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_U...
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Did you try the account recovery lookup? How to view all your accounts https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx First LOG OUT of whatever TurboTax account you're logged into right now. Then use this TurboTax account recovery website to get a list of user ID's for an email address. Run the tool against any email addresses you may have used https://myturbotax.intuit.com/account-recovery/ Something else you could do is close that credit card and get a new one so it can't get charged.
2 weeks ago
No you don't need Turbo Tax Business to enter a K-1 you received. It goes on your personal return. You needed to use the Online Premium version or any of the personal Desktop programs to enter a K-...
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No you don't need Turbo Tax Business to enter a K-1 you received. It goes on your personal return. You needed to use the Online Premium version or any of the personal Desktop programs to enter a K-1. Online for 2024 is now closed. How to Amend the current year https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk To enter a K-1 go to Federal Taxes Tab or Personal (Home & Business version) Wages and Income Then scroll way down to S-Corp, Partnerships and Trusts Schedules K-1 - Click the Start or Update button Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S
2 weeks ago
When did you turn 65? In April 2024 or 2025? If you turned 65 in 2024 then you need to amend to change your birthdate. The Standard Deduction goes by your date of birth. You must have entered it ...
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When did you turn 65? In April 2024 or 2025? If you turned 65 in 2024 then you need to amend to change your birthdate. The Standard Deduction goes by your date of birth. You must have entered it wrong, but if it was wrong the IRS should have rejected your return. When were you born? If you turned 65 in April 2025 (this year) you don't get the additional increase until you file 2025 return next year. And then the amounts will be Single 15,750 + 2,000 for 65 and over or blind (17,750) AND there is the new separate $6,000 Senior Deduction you can get.
2 weeks ago
@Opus 17 wrote: Maybe if the transfer switch is manual, it might be allowed. And this is largely irrelevant, since we are talking about "completion" instead of "in service" (for a residenti...
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@Opus 17 wrote: Maybe if the transfer switch is manual, it might be allowed. And this is largely irrelevant, since we are talking about "completion" instead of "in service" (for a residential system). Maybe they vary, but the automatic switches that I've seen have a manual option as well. Yeah, you are right. But it may be more support for any arguments from those who say it isn't "completed" until after the inspections.
2 weeks ago
Turbotax software does not allow this change. How do I amend my return?
2 weeks ago
I use TurboTax Advantage. Never got the email that TurboTax 2025 was ready to install. Website showed the error message 'We're hitting a snag, but we're working fast to fix it. Please try again late...
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I use TurboTax Advantage. Never got the email that TurboTax 2025 was ready to install. Website showed the error message 'We're hitting a snag, but we're working fast to fix it. Please try again later.' Customer service was able to order it by phone and I got the email, but when I log in and try to download, get the same error. This has gone on for days, and there is no way to get to someone in technical support to get an estimate when it will be fixed. How do I get to someone who will fix this problem?
2 weeks ago
I have filed my taxes with Turbo Tax premium for 2024, however I just received a final K-1 form from my mother's estate with amounts listed in box 5 for other portfolio and non business income as wel...
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I have filed my taxes with Turbo Tax premium for 2024, however I just received a final K-1 form from my mother's estate with amounts listed in box 5 for other portfolio and non business income as well as box 11 D for deductions. I realize I need to amend my taxes to reflect this income. I am unable to do that in turbo tax personal. Do I need to buy Turbo Tax business? Will that transfer my personal taxes over and allow me to amend them to include the K-1?
2 weeks ago
@W16VA wrote:
Thank you for the additional 'sidebar' warnings and recommendations!
I certainly learn more from the discussions, topics which never cross my mind until this stage in my life.
...
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@W16VA wrote:
Thank you for the additional 'sidebar' warnings and recommendations!
I certainly learn more from the discussions, topics which never cross my mind until this stage in my life.
I am not expecting anything from my employer relating to Salary Deferral or my wife's own HSA.
I would be happy if she can contribute to her HSA via her IRA money, own salary or savings, as long as our joint return get a HSA deduction, as I do not qualify for my own HSA.
I will ask and ensure that the plan managing bank recognizes that her share and money is separate from the plan premium, and stay within the rules as much as I am learning about.
Money is fungible. That means that once money is in your hands (your wallet, your bank account), it loses its "identity" or point of origin. Your wife can contribute to an HSA in her name using any money that comes to hand, including your net wages, once they are deposited in your bank account. (It doesn't even have to be a joint bank account.) There is no requirement that it be "her" money from her work or savings. It would be best, in most cases, for her to contribute to her HSA from your work income (if you can afford it) and leave any investments or IRA funds alone until needed for something else. The tax deduction would be applied to your joint return assuming you file married filing jointly.
The only thing that is probably not allowed is for you to contribute directly to her HSA by payroll deduction. (Although @dmertz disagrees and I could be wrong).
2 weeks ago
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2 weeks ago
Ihave a tax return to be issued for year ending 2021 can you advise Betty Robichaud
2 weeks ago
It astonishes me that even though Microsoft has extended support for Windows 10 for another three years, Intuit has discontinued support for Windows 10 in TurboTax. It requires negligible work to mak...
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It astonishes me that even though Microsoft has extended support for Windows 10 for another three years, Intuit has discontinued support for Windows 10 in TurboTax. It requires negligible work to make software that runs on both Win10 and Win11, but Intuit has nevertheless decided to kick millions of customers to the curb. The mind boggles.