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Hello, I hope all is well. I'm looking at a recharacterization and I noticed the amount on the Roth IRA Contribution Worksheet is different compared to the amount on the 1099 R for the year the funds moved. Would this require an amendment of the 2023? Does the increase in need to be updated for the 2023 tax Return.    As an example, for 2023 $7325 was contributed and 175 was recharacterized. But the 1099 R with Distribution Code R has a 188.13. The 7325 is listed on the worksheet.    Thanks a million  @DanaB27 

If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines.    You must first wait until the initial return is completely processed. You will have to use the same TurboTax account that you used for the original tax return. Once you begin your amendment, you'll see your original return. The refund calculator will start new at $0 and only reflect the changes in the refund or tax due Only make changes to the areas of your return that need to be corrected. You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment Select your product below and follow the instructions.  Amend TurboTax Online  Amend TurboTax CD/Download 

Is there an amount on the 200V?  Because a lot of forms are created and added as you enter information into the tax return that turn out to be unnecessary after you enter further information as you go along.  As long as the 200V is showing a zero amount owed then it was generated earlier when the program thought you owed NY and zeroed out later when it turned out you didn't and you can ignore it.   @fhorns147 

Hi AmyC,   Regarding Safe Habor, I don't think I qualify for it, because I live in 1 of the 4 units. One of the conditions according to TurboTax said to qualify under safe harbor "Didn't use it as your residence." So I would need to prove the property is a business. It's confusing to me.

In TurboTax Premium Online, follow these directions for the sale/disposal of a rental property.     Down the left side of the screen, click on 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 rentals and royalties summary, click the pencil to the right of the property sold. At the screen Here's rental property info, scroll down to Assets, click the pencil to the right. At the screen Your property assets, click Edit to the right of the rental property. At the screen Tell Us More About This Rental Asset, select The items was sold, retired, stolen, destroyed, disposed of, converted to personal use.... Enter the date sold.  Continue. Continue through the screens about the disposal of the asset. I am confused over the "Land" value issues.  The cost of land for the rental property asset may be added at the screen Tell Us About This Rental Asset.   If the computation is properly computed, you will find that there will be two sale entries, one for the rental structure and one for the land the structure sits on.  The rental property asset maintains a cost basis for the structure and a cost basis for the land beneath the structure.

No. You won't calculate the credit yourself.  The TurboTax program is equipped to do that for you. Don't attempt these calculations on your own.    Any credit that is disallowed this year will be carried over the next ten years if unused during this time period.   @Woody16 

You'll enter it as though she had received the 1099-R this year.  Enter the 1099-R just as it will be when you receive it next year and then when you do receive it you can ignore it because you already entered it on your 2024 return.   @heykevk 

Your best option is to delete this entry from the rental property profile. Go to Rental Properties and edit your property. Follow the interview to the page "Do any of these situations apply?" Verify that you have checked the box next to "I have at risk losses carrying over from 20XX" then Continue  The next page is At Risk Loss Carryovers, Clear the amount in the Sec 465(d) carryover box. If you are unable to clear the amount that you have entered, you can clear this by entering a negative "Miscellaneous" expense in the Other Miscellaneous Expenses interview of whatever activity generated the 465 carryover. (Describe as "Section 465 (d) carryover offset.")    A Section 465(d) carry over is not a current deduction. The amount under Section 465(d) comes from previous losses that were carried forward into the current tax year to offset related income (if any). If you generate a loss and you are not "at risk" for those losses, they are carried over to offset future income. Any carry over you see in this year would have been generated last year and brought forward to your current tax return.   TurboTax cautions you against entering the carry over again this year - since the program automatically enters the amount from last year.