All Posts

One additional clarification:  If the financial institution does finally recognize their error and issues a corrected Form 1099-R showing a gross distribution of $0, you would still omit the corrected form from TurboTax.   Make sure that you retain all documentation relating to the movement of these funds, particularly anything that shows that the payment was made directly to the new Roth IRA, in case the IRS questions the reporting of the transaction.  Absent such documentation, the IRS could assume that a distribution occurred.  Because it was a trustee-to-trustee transfer, there should be no Form 5498 from the new IRA reporting receipt of a rollover, so you'll need to have documentation that supports your position that the transfer was completed.

For calculating estimated tax payments -  Click on Federal on the left side of the online program screen Click on Other Tax Situations Under Other Tax Forms On Form W-4 and Estimated Taxes, click on the start button

The investment type Other at the screen OK, let's start with one investment type is a catch-all category that includes the sale of land, the sale of second homes, the sale of personal items, sales that may or may not have been reported on an IRS form 1099-S.  This is the correct category.   Continue on to the screen Review this XXX sale.  Under What type of investment, you may select Stock or many other investment types.   Enter 'worthless' in the Description of the item.  At the next screen, select This was a worthless security.   @ravibhatta007 

You can file your return without concern using the 'Other Adjustments' since you have the documents and information reflected as your accrued interest. Keep all the information with your tax file and you will need it when you redeem the bond because it will be part of your purchase price.   @user17720242157 

To amend your 2024 return, you will need to only make the changes necessary to the information from your 1099-MISC.  To enter the form in your return and report this income on your 2024 return, follow these steps:   Go to Wages & Income  Scroll to Other Common Income Select Revisit next to Form 1099-MISC and enter the information from your form Enter the info from your form, enter "Paid Family Leave" or "FMLA" for the description Select "None of these apply" for Uncommon Situations Select "No, it didn't involve work" Select "No, it didn't involve an intent to earn money" See the following TurboTax help articles with steps on how to amend and more information:   How do I amend my federal tax return for a prior year? Do I need to amend?   Please reach out again if your issue continues and give us more details so that we can assist you.     @iceberg08 

I guess it's still a bit confusing. Even though $3100 is all the qualified education expenses, only $1800 are out of pocket. The rest is covered by the scholarship. So That's all I can use for AOP , right? 

Yes you must submit it with your tax return and it must be mailed. See the information below.    Form 3115 Instruction: By including this with the current year tax return, you can complete everything on the 2024 tax return. Adopt a change in accounting method: This option allows you to go back as far as you need. Make the adjustment on your current year tax return to expense the missing depreciation. Why am I adopting a change in accounting method? Not claiming depreciation in two or more years indicates that you've chosen an accounting method without depreciation. In this case, you must now elect to change your accounting method to include depreciation. You must use the TurboTax Desktop ‌ to complete this form. TurboTax doesn't help you with this form. And your return must be mailed because this form is not supported through e-file. Keep in mind that even if you prepare the form 3115 in TurboTax, you will need to manually include the Section 481(a) adjustment to your return under miscellaneous expense.

It’s not the description. In fact, whatever we input in the easy step is converted into a specific type of form. These entries are then converted into Capital Sales entries. If it’s a digital asset, it requires a token name. However, in the easy step, we only have a token description and no provision for adding a name.

If you were able to upload it last year, you can try to find it that way this year. Enter the control number you used last year.    If that is not an option, you can setup an IRS online account and get a copy from the IRS that way.    HERE is the link to setup an online account.  Click on "Sign in" and either continue to sign in or create an account from there. 

The IRS guideline is that refunds are issued within 21 days, provided they are Electronically filed  With Direct deposit,  And provided there are no other issues. To check your tax refund status in TurboTax,  Sign in to your account and  Go to the "Tax Home" or "Order Details" screen  It will tell you if your return was accepted. If you want to know the status of your tax return,  you should use the IRS  Where’s My Refund website.  You'll need Your Social Security or individual taxpayer ID number (ITIN) Your filing status The exact refund amount on your return

@kimstaunton You should be able to claim her as a dependent under the Qualifying Child rules if she meets all the rules.   To be a Qualifying Child - 1. The child must be your son, daughter, stepchild, foster child, brother, sister, half brother, half sister, stepbrother, stepsister, or a descendant of any of them. 2. The child must be (a) under age 19 at the end of the year, (b) under age 24 at the end of the year and a full-time student or (c) any age and permanently and totally disabled. 3. The child must have lived with you for more than half of the year. Temporary absences while away at college are considered living with you. 4. The child must not have provided more than half of his or her own support for the year. 5. If the child meets the rules to be a qualifying child of more than one person, you must be the person entitled to claim the child as a qualifying child. 6. The child must be a U.S. citizen or U.S., Canada or Mexico resident for some portion of the year. 7. The child must be younger than you unless disabled.

The 2021 IRS form 1099-NEC reported box 1 and box 2 income.   The IRS presumes that income reported on an IRS form 1099-NEC is self-employment income and expects the income to be reported in a self-employment activity on Schedule C.   In TurboTax, create a self-employment activity, then add the 1099-NEC income and business expense.   Follow these steps which could differ slightly for the 2021 software:   Down the left side of the screen, click on Federal. Down the left side of the screen, click on Wages and Income. Scroll down to Self-employment.  Click to the right. Click on Start / Edit/Add to the right of Self-employment income and expenses. You will go through several screens that create your self-employment activity. If you arrive at the screen Your self-employed work summary, click Edit to the right of the activity. At the screen Here's your info, scroll down to income and click Add income for this work. This is where you will enter the 1099-NEC income information. At the screen Here's your info, scroll down the expenses and click Add expenses for this work. Follow the directions to enter the expense.

If you are filing as Married Filing Separately you are not eligible for the deduction.  If you are Single and your AGI is over $150,000 or Married Filing Jointly and your AGI is over $250,000 you are not eligible for the deduction.   If you are age 65 or older and meet the requirement, the additional deduction is automatically added on your federal tax return.   Standard deductions for 2025 Single - $15.750 add $2,000 if age 65 or older Married Filing Separately - $15,750 add $1,600 if age 65 or older Married Filing Jointly - $31,500 add $1,600 for each spouse age 65 or older Head of Household - $23,625 add $2,000 if age 65 or older   New Bonus Standard Deduction (OBBB): An additional $6,000 deduction for taxpayers 65 and older. This is per eligible individual, meaning a married couple both over 65 could get $12,000. Important: This bonus deduction is temporary, lasting from 2025 through 2028. Income limitations: It phases out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers. The amount is calculated on Schedule 1-A, Part V, with that amount flowing to Form 1040 Line 13b Look at your Form 1040 - You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.