All Posts

You are being asked to provide your modified adjusted gross income less exemptions for your SD-100, Line 5. As you can see below, this is your modified gross income less (formula for that is below) less your exemption amount (which flows from your Ohio IT 1040, Line 4).    **Your modified adjusted gross income (MAGI) is your Ohio adjusted gross income (Ohio IT 1040, line 3) plus your business income deduction (Ohio Schedule of Adjustments line 12). If you did not take a business income deduction, your modified adjusted gross income matches your Ohio adjusted gross income.     @m-davis-21 

Your income likely qualifies as investment income on Schedule E.   In TurboTax Premium Online, follow these steps.   Down the left side of the screen, click Federal. Down the left side of the screen, click on Wages & income. Click to the right of Rentals, Royalties, and Farm. Click to the right of Rental Properties and Royalties. At the screen Your 2024 rentals and royalties summary, select Add another rental or royalty. At the screen What are you here to report, select Royalty.  Click Continue. Establish the royalty activity. Report the income at the screen Let's enter the income for royalty. Select Form 1099-MISC to report the royalty income. The investment income derives from property that you own.  This includes natural resources extracted from your property by a third party who leases your property, as well as royalties from intellectual property that you didn't create yourself.    Investment income includes amounts received from oil, gas or mineral properties when natural resources are extracted from your property.  These royalties are based on units, such as barrels, tons, etc. and are paid to you by a person or company that leases the property from you.  You may be eligible for a depletion allowance.  

I finally got rid of the Turbotax warnings I was getting. Here's what I did.   I was getting Turbotax errors (not Netfile errors) saying: The amount of FOREIGN capital gains in Box 52 plus boxes 54 and 56 can’t be more than TOTAL capital gains in box 52.  Similar message for boxes 52, 55, and 57.   And another error to the effect of: The sum of capital gains in boxes 52 and 53 must equal the total capital gains in box 21.   I had 4 T3s and did not know which had the problem. I deleted the T3s I had entered, one by one, until the warnings went away. That meant deleting 3 of them.  Then I re-entered them one by one, checking for warnings each time.   When typing in the T3 info, I did not type anything into the box 21 fields. I went to the ‘Other Boxes’ page and entered my amounts in boxes 52 to 57 as supplied on the form. I generally entered the same amounts twice: once under Foreign capital gains and once under Total capital gains.  When I went back to the first page, Turbotax had usually filled in the box 21 numbers, for both Foreign and Total capital gains.  The Turbotax errors went away.   I do not know if I would get any Netfile errors because I am not ready to submit. I don’t trust that Turbotax hasn’t corrupted my numbers in the background on my return, so I am going to re-enter the whole return again.  Thank you, Turbotax. After 15+ years of using you, I won’t be using you again.

To complete and file a 2023 tax return using TurboTax you would need to purchase, download and install on a personal computer one of the 2023 desktop editions from this website - https://turbotax.intuit.com/personal-taxes/past-years-products/   A 2023 tax return can only be printed and mailed, it cannot be e-filed using TurboTax.

"income tax withholding and refundable credits will be at least 100% of the tax" This rule applies to withholding only, not estimated tax payments.   Your action is sufficient if your 2024 AGI was below $150,000. Otherwise the prior years tax must be multipled by 1.10   (110%)   "satisfy the IRS rule that estimates are not required if you have paid in 100% of your 2024 tax." Unfortunately, this is not the whole story.   @tovaface 

I have no solution to your problem yet, but as a fellow Minnesotan trying -- and failing -- to accurately enter out-of-state tax-exempt interest reported in MN KF Line 1 without the KF Line 1 values being doubled (in my case, by being ADDED in M1M line 1, and thus consequently in M1 Line 2, to my 1040 Line 2a total federal tax-exempt interest), maybe I can help identify the range of the problem, since I'm possibly sharing your problem. Here's the specifics, and a prediction: Specifics: I have two different payers of simple MN KF Line 1-only entries. Consequently, my TurboTax-Online program's two MN KF Line 1 Out-of-State "Tax-Exempt Interest" (TEI) entries were summed accurately by M1M Line 1 to contribute their combined TEI sum to the M1M Line 1 -- but when it comes to the M1M Line 1 checking that its total KF Line 1 entries sum to ≤ 1040 Line 2a's total federal TEI (which contains both of the two MN KF Line 1 entries)? NOPE! M1M Line 1 goes haywire instead by ALSO sucking into its sum ALL of my 1040 Line 2a federal [total] TEI, thereby SUMMING the 1040 Line 2a total with my two KFs that comprise part of my 1040 Line 2a total -- which, in my case, creates a monster M1M Line 1 = to my first MN KF's Line 1 + my second MN KF's Line 1 + my entire 1040 Line 2a total, which contains both MN KFs Lines 1! I had to file my MN income forms last year (2023) on paper, hand-corrected, after MNDOR rejected the e-filed MN M1 state returns with THIS error code:  "M1 Error Code 0630 - Schedule M1M: the sum of line 1 (and line 2) cannot be greater than: line 2a on Form 1040 or line 9b on Form 1040NR." My M1M thus failed that test, by being > than my 1040 Line 2a by the exact value of BOTH of my two MN KF Lines 1. so... Prediction: If your Minnesota KF Line 1's out-of-state tax-exempt income is the ONLY source of tax-exempt interest reported on your 1040 Line 2a federal tax-exempt income, then your KF Line 1 would exactly match your 1040 Line 2a value -- but your M1M Line 1, and thus M1 Line 2, would be exactly double the value of the KF Line 1 and of the 1040 Line 2a, because the M1M Line 1 Box is SUMMING the KF and the 1040 Line 2a, instead of just CHECKING that the KF Line 1 value isn't LARGER than the 1040 Line 2a. I was able to reproduce my error in ESTIMATED taxes where I've simplified the entries for KF Line 1, and for 1040 Line 2a. I suppose it could be user error, but if so it is a fundamentally easy error to make, somehow. Perhaps your TurboTax agent can just "fake create" a test-case KF Line 1 item of $500 as one's whole income for the year, and then see if TT appropriately enters it as both a federal 1040 Line 2a $500 tax-exempt income AND as a MN KF Line 1 $500 item, but inappropriately merges them at M1M Line 1 into a $1000 taxable Minnesota income? Does any of my experience also match anything you see?

Try closing TurboTax, clearing your cache and deleting your cookies. Review the TurboTax Help article How to clear your cache and How do I delete cookies? for specific instructions for your browser. Also, reboot your computer.   If that doesn't work, delete your W-2 and enter it again.   To delete the Form W-2:    Open TurboTax  Enter W-2 in the search bar  Select Jump to w-2 link in the search results  Select the trash can icon to delete the W-2. Refer to the TurboTax article How do I change my W-2 info in TurboTax? to delete your W-2.   If you still need assistance, reply back to us.

If you are entering an employer's state ID number in Box 15 of Form W-2 and you see an error message, this may mean that the format of the number does not conform to that state's requirements. Each state may have its own rules about the format of the ID number. Some have a specific number of digits and specific characters peculiar to that state. See if the number in box b of the W-2 is different and will work.     If the TurboTax error message asks you for a state ID number in a specific format, such as needing exactly 9-digits and ending in XYZ, then enter any value that conforms to that format. Otherwise, you could try entering a series of 9s.   If you can't get information from the payer, you can also look on your state's Department of Revenue website for information about the employer ID number format required.    

There are basically five tests to determine if your grandchildren can be claimed on your tax return.   They are as follows: They must be your child, adopted child or foster child, brother or sister or a descendant of one of these. (i.e. This requirement is met if they are her grandchildren.)  They lived with you more than half of the year (these exceptions apply). They are under the age of 19 (unless they are a full-time student. In that case it is age 24. They can be any age if totally and permanently disabled. You provided more than half of their support The child does not file a joint return with anyone else (unless to claim a refund of taxes paid or withheld).   Click here for additional information regarding dependents. Click here for additional  information on who you can claim as a dependent. Click here for additional information on how to claim a dependent.