All Posts
April 7, 2025
5:25 PM
Topics:
April 7, 2025
5:24 PM
When going through possible credits, I was not asked about my property taxes paid.
Topics:
April 7, 2025
5:24 PM
The steps provided by AbrahamT will work to remove the flag. Follow these steps to correct the issue:
In TurboTax Desktop click Forms in the upper right corner
Scroll down and click the ...
See more...
The steps provided by AbrahamT will work to remove the flag. Follow these steps to correct the issue:
In TurboTax Desktop click Forms in the upper right corner
Scroll down and click the Schedule B
Scroll down to line 7b and click the x
@murthydevarakonda
April 7, 2025
5:24 PM
ADDENDUM: In the interest of time, I'll add this: If the above info doesn't give any clue as to what's going on, here's how to phone TurboTax Support for assistance. Support hours are 5AM-9PM P...
See more...
ADDENDUM: In the interest of time, I'll add this: If the above info doesn't give any clue as to what's going on, here's how to phone TurboTax Support for assistance. Support hours are 5AM-9PM Pacific, every day this time of year. FAQ: What is the TurboTax phone number? https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
April 7, 2025
5:24 PM
Not sure if this will help chi_johnson since this reply is around two months later, but in my case the problem was that I had a printout of an IP PIN issued by the IRS in October of 2024 that I thoug...
See more...
Not sure if this will help chi_johnson since this reply is around two months later, but in my case the problem was that I had a printout of an IP PIN issued by the IRS in October of 2024 that I thought was valid for 2024 taxes. It turns out between October, 2024 and April, 2025 they had issued a new IP PIN for me, without sending any notification. So, once I logged into my IRS account and discovered the new IP PIN they had issued, I was able to update that on my return and it was finally accepted. Guessing maybe the IRS updates the IP PIN at the start of every calendar year? Anyway, be sure to check your IP PIN on the IRS website with your login credentials to be 100% sure you are using the most current one. Hope this is useful to someone to save them the 3 hours of frustration I went through earlier today!
April 7, 2025
5:24 PM
As you have probably learned by now, the guarantee is only for penalties and interest (and maybe a refund of the cost of the program)
April 7, 2025
5:24 PM
When is an HSA contribution considered overfunding?
Topics:
April 7, 2025
5:24 PM
If you enter Form 1099-MISC in the Other Common Income section, at the screenDoes one of these uncommon situations apply?" none of those are accurate. In the alternative, you can enter the a...
See more...
If you enter Form 1099-MISC in the Other Common Income section, at the screenDoes one of these uncommon situations apply?" none of those are accurate. In the alternative, you can enter the amount under Other Reportable Income. In TurboTax Online: Go to Wages and Income Scroll down to Less Common Income Go to Miscellaneous Income Select Other Reportable Income and follow the prompts. Enter a description for the reason for the payment. this then goes down the path of reportable income, and will generate a schedule C. If you are in Review, you can return to the Income section to make any needed changes Can you detail specific accurate instructions. For special dividends?
April 7, 2025
5:23 PM
I got 3 K-1 forms for 2024, but have no idea what to do with them. Apparently info about them arrived with the downloaded tax info from Fidelity. TurboTax H&B says that since I earned money in anot...
See more...
I got 3 K-1 forms for 2024, but have no idea what to do with them. Apparently info about them arrived with the downloaded tax info from Fidelity. TurboTax H&B says that since I earned money in another country, this credit could reduce my US taxes. Apparently this is a "foreign tax credit" which I've heard of but never dealt with. It mentions the K-1 form of which I have three this year. I checked "You have no more foreign taxes to enter other than those you've already entered on a 1099-div, 1099-int, 1099-OID, or a schedule K-1." Maybe that was incorrect but the other options seem even less likely. Then it says I have to complete form 1116 for the FTC, otherwise next option, deduction or credit. To try something I choose "take a credit" over "itemized deduction", because it sounds simpler (I don't itemize). Next it says I have to choose the countries I earned in. None of the K-1 forms spec a country. I have no idea what I'm supposed to do. Thanks for any help! edit: looking at the tax summary from fidelity, there is a foreign tax paid amount of $68. If the idea is to get a tax break on $68, and it's any trouble to implement, it'd be an option just to skip it, correct?
Topics:
April 7, 2025
5:23 PM
I had this same issue. Turbo Tax calculated 47% as taxable social security amount when further research indicates that this should have been 85%. Interestingly, our 2023 tax return in Turbo Tax shows...
See more...
I had this same issue. Turbo Tax calculated 47% as taxable social security amount when further research indicates that this should have been 85%. Interestingly, our 2023 tax return in Turbo Tax shows 85%. I spent all afternoon trying to find someone at Turbo Tax to help with this. Now, I’ve decided that the IRS is right, so will pay per their notice.
April 7, 2025
5:23 PM
How do I erase my 2024 return and start over?
Topics:
April 7, 2025
5:23 PM
You would look at Line a of Schedule A to find how much state income tax you deducted for 2023. Lines b and c are for real estate taxes and personal property taxes.
If your deduction was limite...
See more...
You would look at Line a of Schedule A to find how much state income tax you deducted for 2023. Lines b and c are for real estate taxes and personal property taxes.
If your deduction was limited to $10,000, use that instead but only IF your income taxes on Line a were over $10,000.
You only have to report a refund as taxable to the extent that you received a tax deduction for what you paid.
See this help article for more information on entering the form.
See this article for more information about Form 1099-G.
See this TurboTax help article for more information about whether you need to report your state tax refund from last year as income.
@terentia
April 7, 2025
5:22 PM
Assuming you meant a 1099-OID (Original Issue Discount)...
When you purchase a bond or note at a discount, you'll get Form 1099-OID (Original Issue Discount). The discount is taxable interest o...
See more...
Assuming you meant a 1099-OID (Original Issue Discount)...
When you purchase a bond or note at a discount, you'll get Form 1099-OID (Original Issue Discount). The discount is taxable interest over the life of the bond, which gets reported every year you hold the bond, even if you don't actually receive any interest.
Follow these steps to enter your 1099-OID in TurboTax:
Open or continue your return.
Navigate to the 1099-OID section:
TurboTax Online/Mobile: Go to 1099-OID.
TurboTax Desktop: Search for this exact phrase (we recommend you copy/paste from here): 1099-oid original issue discount. Select the Jump to link.
On the Miscellaneous Investment Income screen, select the first box for Form 1099-OID.
Follow the onscreen instructions.
To remove an unwanted 1099-OID, follow the first couple of steps. This will bring you to the Form 1099-OID Summary screen where you can select Delete next to the unwanted 1099-OID.
TurboTax FAQ: Where do I enter Form 1099-OID?
April 7, 2025
5:22 PM
It sounds like you answered Yes on the following screen, or skipped over the question. When you entered your social security income, you would have been shown the screen below.
April 7, 2025
5:21 PM
We are filling out form 1041. The decedent loaned money to a family in order for them to pay off their home loan. Monthly payments are made by the family to the title company and a monthly fee is c...
See more...
We are filling out form 1041. The decedent loaned money to a family in order for them to pay off their home loan. Monthly payments are made by the family to the title company and a monthly fee is charged by the title company to release the payments to the trust. Are the monthly fees deductible from the interest being reported on 1041?
April 7, 2025
5:20 PM
I have the exact same question and called 3 different TT experts who couldn't give me an explanation. On form 8995 I ave 48k carry over losses. If I put this number in the box for QBI carryover loss ...
See more...
I have the exact same question and called 3 different TT experts who couldn't give me an explanation. On form 8995 I ave 48k carry over losses. If I put this number in the box for QBI carryover loss it will wipe out most of my W2 income which does not make sense at all. Can some one answer this please?
April 7, 2025
5:20 PM
Can I start a return for my son?
Topics:
April 7, 2025
5:20 PM
If you are using TurboTax, enter the sale proceeds, the cost/basis/value and the selling costs.
If this was your personal residence, enter under
Wages & Income
Less Common Income
Sale of...
See more...
If you are using TurboTax, enter the sale proceeds, the cost/basis/value and the selling costs.
If this was your personal residence, enter under
Wages & Income
Less Common Income
Sale of Home (gain or loss)
The gain or loss is reported on Schedule D unless the homeowner's exclusion to capital gain applies and the gain is not reported.
If this was a rental, enter in the rental section, if a second home, enter under "Investments, Other sale"
@mjckhc
April 7, 2025
5:19 PM
I have completed my federal return, in which I have gain in 2024 ($2000), but have more carryover losses from previous years. Therefore, the net income is zero for my rental house. OK request people ...
See more...
I have completed my federal return, in which I have gain in 2024 ($2000), but have more carryover losses from previous years. Therefore, the net income is zero for my rental house. OK request people to submit tax filing when gross income is higher than $1000, so that I think I need file the return in OK. Turbotax asks the OK portion of my federal rental income. Since my federal income is zero, so I entered zero for OK. Then when I come to the last page of OK return, it says I don't have to file the OK return since my gross income is lower than $1000. This OK filing doesn't reflect the gain and carryover part.
April 7, 2025
5:19 PM
This is true if you nor your spouse (if filing a joint return) is covered by a retirement plan at work. This definition also includes things like SEP-IRA for those who are self-employed. Double-...
See more...
This is true if you nor your spouse (if filing a joint return) is covered by a retirement plan at work. This definition also includes things like SEP-IRA for those who are self-employed. Double-check your physical W2s as well as any W-2 entries for a check box beside "retirement plan". If this box is checked it disqualifies you from being able to deduct a contribution to your IRA (though you can still make it, it just can't be deducted).