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I have the same question and situation which was 90% answered by reading the above.  There is one caveat I have though.  Just like the original poster, my son was 18 on January 1st 2024 and graduated High School in June 24, while working after school and summer.  He has already filed his own returns without help from me back in January.  The only thing I do not know is if he checked that box stating "Someone else can claim me as a dependent".     To my understanding, as long as he did check that box I can still claim him.  The unfortunate part is that he has since left for the Navy and I cannot contact him to ask if that box was checked or not (likely he would not remember either).   What would happen to my return if I still claimed him as a dependent but he did NOT check that box?    

You will have to print and mail your 2023 amended return.    Yes, you only enter the contribution amounts without earnings for each year ($7,500 for 2023 and $8,000 for 2024) when TurboTax asks for the amount contributed to Roth IRA. Make sure you enter the contribution amount as withdrawn on the penalty screen.   Click on "Search" on the top right and type “IRA contributions” Click on “Jump to IRA contributions" Select “Roth IRA” Enter the Roth IRA contribution Continue until the penalty screen and enter the excess contribution amount withdrawn.   For "Corrective distributions made before the due date of the return" you will enter the earnings from box 2a of Form 1099-R.   Yes, on the 2024 return you will only enter the earnings from box 2a of the 2024 Form 1099-R with code J8.   @tax124 

In TurboTax Premium Online, to calculate IRA contributions, follow these steps:   Down the left side of the screen, click Federal. Down the left side of the screen, click Deductions & Credits. Click the down arrow to the right of Retirement and Investments. Click to the right of Traditional and Roth IRA Contributions.

If you indicate under your personal information that you received income from Arkansas, TurboTax will prompt you to add that state under State Taxes. Or you can go to the State Taxes topic and add a state.   The information from the federal Schedule K-1 will automatically be transferred to the state return when you open each state. The state K-1 may have information you need to adjust during the state tax interview.

If the IRS is making the adjustment, then you do not need to file an amended return since the change has already been made.     If you had noticed the issue before the IRS adjustment and delay, then an amended return would have been the right way to handle it.   @Bgreiser 

Is there a spot that asks for the date that you installed the septic system?     You are correct, the credit for those who installed the system prior to 2023 are only able to take the $1,500 credit.  After that the limit increased to $4,000. 

@KBSC  said "Daughter ..... filing her own tax return as she has earned income, dividends, and 1099Q."   What are the numbers? Having her declare some of the scholarship taxable (assuming the scholarship is not restricted to tuition) may wipe out some of the tax (but not the penalty) on the 1099-Q.    Scholarships are a hybrid between earned and unearned income. It is earned income for purposes of the $14,600 filing requirement (2024) and the dependent standard deduction calculation (earned income + $450).  It is not earned income for the kiddie tax and other purposes (e.g. EIC). 

Thanks for all of the information. So to clarify the process: 1. Enter the full scholarship amount on my student's return under "any aid not already reported". 2. Do not enter any expenses on my student's return. 3. When it asks if student paid for room and board with a scholarship or grant, enter the full amount of the scholarship (as that is accurate in our case)? 4. On the parents' return, enter the tuition paid from the 1098T and the amount for books/supplies from personal receipts? 5. On the parents' return, DO NOT enter the scholarship info from 1098T box 5 (since the student has entered it on theirs)? 6. Hang on to the 1099Q for personal use with documents supporting payments for room and board (as in our case the scholarship + 1099Q distribution does not exceed cost of room and board).   This is what I did, and it did trigger the AOC for the parents and taxed the student for the scholarship.  I just want to make sure I followed all of the steps correctly.   In this scenario, it is counted the student's income as 'unearned' (as seen on form 8615).  

Code IND-032-04 means: "The Spouse AGI—Adjusted Gross Income—you entered on your Tax Return does not match IRS AGI records."   During the checkout process, you will be prompted to enter your and your spouse's AGI.  Re-enter your spouse's correct AGI as listed on your or her last year's Tax Return.  If your spouse did not file a return in the previous year enter "0" for your spouse's AGI.  See how to find your and your spouse's AGI .  If you cannot locate it, please print and mail your current eFile.com tax return to the IRS and get it postmarked before April 15 as the AGI is not required for verification on paper returns.

Yes, unless the real estate office is a corporation. You might ask the agent to confirm they need Form 1099-NEC.    Also note that the deadline to file Form 1099-NEC is March 31. See IRS Instructions for Form 1099-NEC Filing Dates.

Thank you.   I didn't try to enter it as a new vehicle. Currently the vehicle IS under my business assets if this is what you mean "transferred over". If this is the case, then where should I start to enter my vehicle expense? Is there any other place that I should go instead of trying to enter those in the "Business Vehicle Expense" section? Since it doesn't seem to recognize the vehicle from my asset list, instead it started to treat it as a new vehicle.    Or maybe I didn't go further enough to reach the above question that you mentioned. I stopped when it started to ask me trade-in values, maybe I should try go furthur....

Yes, TurboTax can handle the $30,000 retirement income deduction for Virginia, but it requires manual input. In 2024, Virginia allows retirees deduct up to $30,000 from their military retirement income. The age limit has been removed. TurboTax does not automatically apply this deduction. You will need to enter the relevant information in the Virginia state tax section of TurboTax.   Open the Virginia state tax section in TurboTax Look for the section labeled "Military Benefits Subtraction" or similar. You will find this in a section labeled Here's the income Virginia handles Differently. Enter the qualifying retirement income up to $30,000 per retiree.

The Modified Adjusted Gross Income (MAGI) for Roth purposes may be found in IRS Publication 590A, page 40.   If contributions are made only to Roth IRAs, your contribution limit is generally the lesser of:    $7,000 ($8,000 if you are age 50 or older), or Your taxable compensation.  However, if your modified AGI is above a certain amount, your contribution limit may be reduced.  These Roth contribution calculations may be found on page 39.

I would like to add onto this post as TurboTax did the same thing for my mom’s return. Also causing a delay and an adjustment by the IRS in her refund.  did I need to file an amendment to correct this error?