All Posts

There won't be a penalty, you already filed your return.   You should wait for the notice as the notice will have instructions for submitting the documents.   However, if you know you owe, you can make a payment at the IRS website - See IRS Payments.     The IRS has a document upload tool, but they will include a code you can use the tool to upload your documents with the notice.  IRS Document Upload Tool

Hey Robert, when you say “just enter the sum total for the section into the TurboTax system” are you talking about the Cost Basis, Proceeds, and Total Loss amounts? If so, I had transferred (imported) that information into TurboTax directly from Tastytrade and was reflected on my 2024 tax return.

Are you talking about an IP PIN?   The IP Pin will change each and every year. This is an Identity Protection Pin.      You can get an Identity Protection pin here, or if you lost your IP PIN, you can go here to Retrieve IP PIN.     

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.   Nest, follow the steps below to print your prior-year tax return using TurboTax Online;   Sign in to your account Select the down arrow by Your tax returns and documents  Select the year of the tax return that you want to print Select Download/Print (PDF) your federal and/or state tax return(s) Select Include government and TurboTax worksheets (If you would like to see your worksheets)'.

If this is for a tax return that you already submitted then you need to amend the return in order to get the correct loss from schedule F.  If your farm is a passive activity it may be that your passive loss was disallowed and carried over to next year on form 8582.   If you had double the depreciation entered on your return then you should go back and delete one of the assets when you file the amendment.   In most cases when you have money invested in an activity all of the money you have invested is "at risk".  As in I have invested $1000 in this farm and if the farm blows up then I will lose my entire $1000.  If the system asks if all of the money that you have invested in something is 'at risk' and you tell it that not all of your investment is at risk it will generate form 6198 to try and figure out how much you have at risk in your investment.   @CarolK 

Making contributions to your spouse's or common-law spouse's RRSP reduces your RRSP deduction limit. Here is a link to information you can review from the CRA, Contributing to your spouse's or common-law partner's RRSPs - Canada.ca Also, since it appears you may have overcontributed, here is a link to the CRA's information on Excess Contributions - Canada.ca

You will need to amend your 2024 return. You can not report it on your 2025 return.   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 

Yes, you can file an amendment for your Form 1041.   You will prepare a new Form 1041 with the correction (final return checked) to amend your Trust return. Also check the amended return box at the top of the form and make sure that you mail a copy of the original return with it. You can attach an explanation that the original didn't have the final return box checked.     @SD2025 

You may need to amend her Michigan return, but it depends.  Did you or her take a deduction on a state return for contributions to the plan?   If not, you don't need to make any changes.       A distribution would be handled the same on the federal returns, but contributions are only deductible on state returns - and the deductions amounts allowed are different, depending on the state.