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When entering the 1099-B transaction, if you need to adjust your cost basis check the box that says that your cost basis is incorrect. You will be asked about the adjustment you need to make.    

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 53, 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.

I just got off the phone with a specialist too (and was joined from someone from a 'higher department').  They say it will not be fixed by Wednesday as they told me initially when I talked to them Sunday.  They do not have an estimated resolution time yet.   But they definitely know it is a Turbotax software issue.  In my session with them, I even deleted my capital loss (well made it a gain) and the line 68140 was populated.  They probably were not aware of this issue (or completely understood it) because the CRA was issuing this same error  erroneously and was only fixed April 7th.      Also I tested in my Turbotax 2023 (by entering a loss) and the issue did not exist then so it is new.    Bugs happen.  And this probably only happened because of the big change they had to make to their software to handle the split of Capital Gains into 2 periods (which was then cancelled)  by the Federal Government. But it is taking them awhile to fix (at least from my perspective having worked in IT all my working career).  Hopefully they will add this scenario to their suite of test cases.   I think I will still use TurboTax in the future.  I like using last year's information to start this year's return.   Fingers crossed for a fix soon.      

If your son's W-2 only has an amount in Box 1 and the rest of the boxes are blank, it generally means that the income reported in Box 1 is taxable. Box 1 on the W-2 form represents taxable wages, tips, and other compensation   This amount is subject to federal income tax. - if the grant required your son to perform services (like working as a lab assistant), the income is taxable.   To enter your W2 as noted by @Bsch4477 follow instructions at this link.

To ensure that you get the military discount, review your entries in the personal info section.  Open TurboTax Select the dropdown by My info and select Edit Select Edit under Personal profile and check your entries Make sure that you have shown your military status as of December 31, 2024? Make sure that you entered your highest military pay grade in 2024 Enter an answer for combat zone or hazardous duty area you served in during 2024 Select a state and select Assignment detail On the next screen you will see the message: Yes! You qualify for our enlisted military discount.   Refer to the TurboTax Blog TurboTax Offers Free Tax Filing for Military Active Duty and Reserve.  

You can't use an older version of TurboTax to do your taxes you have to use the 2024 version.   Please click here for Troubleshoot TurboTax Desktop for Windows issues.   You can also try contacting TurboTax Customer service using this link: Turbo Tax Customer Service.

Yes, that is correct.  Property taxes are deductible when paid to the taxing authority, so that is what was paid on your behalf from your mortgage company if you escrowed.   For more information, see this article: Claiming Property Taxes on Your Tax Return

You have to file an amendment but wait until your tax return is fully processed and you receive your refund or your balance due is deducted from your account.  When you do your amendment to add your 1099-R, TurboTax will calculate your new refund or balance due based on your additional income. If your original refund was more than what you should have received when your 1099-R is added, you will have a balance due.   For more information and instructions, review the TurboTax articles How to Correct Federal Tax Returns, How to File an Amended Tax Return with the IRS and Video: How to Amend Your Tax Return.  

The 529 is nontaxable when used for 529 qualified Room and Board (including students living at home) and Qualified Education Expenses - Internal Revenue Service.  Be sure to track where the money went to qualified expenses. If possible, leaving $4k to be used for tuition and the education credit goes a long way, if you qualify. You will receive a 1099-Q for the distribution and it is not entered if all of it went to qualified expenses.   IRS Publication 970, Tax Benefits for Education states: Page 45: Don't report tax-free distributions (including qualifying rollovers) on your tax return.   Reference: What You Need to Know about AOTC and LLC