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April 22, 2025
2:17 PM
Dear TurboTax, I over-contributed $7000 to ROTH IRA in 2024 because my income went up. I want to recharacterize that $7000 and I filed extension to get this done now. Brokerage A does not provide ear...
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Dear TurboTax, I over-contributed $7000 to ROTH IRA in 2024 because my income went up. I want to recharacterize that $7000 and I filed extension to get this done now. Brokerage A does not provide earn/loss calculation so I would really appreciate if you can point out my mistakes: Here's my situation: Timeline January 2024: I contributed $7,000 to my Brokerage B's Roth IRA June 2024: I opened brokerage A Roth IRA and transferred $22,048 from Brokerage B's ROTH IRA (which included my $7,000 contribution) July 2024: The closing balance was $21,928 in brokerage A Roth IRA December 2024: The closing balance was $22,724.47 in brokerage A Roth IRA January 2025: I contributed an additional $7,000 for tax year 2025 (not 2024), bringing the balance to $30,673 inbrokerage A Roth IRA March 2025: The closing balance was $28,059 in brokerage A Roth IRA April 22, 2025 (today): The current balance is $26,604 in brokerage A Roth IRA All funds in my brokerage A Roth IRA have been invested in stocks and ETFs throughout this period. I do not wish to recharacterize that ROTH IRA contribution of $7000 that I made in Jan 2025. Questions: If I were to recharacterize the original $7,000 contribution from my Brokerage A's Roth IRA, is the following the right way to calculate my earnings or loss and Net Income Attributable (NIA)? Step 1: Calculate the proportion of the 2024 contribution relative to the total transfer Proportion of 2024 contribution = 2024 Contribution / Total Transferred = $7,000 / $22,048 = 0.3175 or 31.75% This means that 31.75% of the total transferred amount was your 2024 contribution. Step 2: Calculate the value of the 2024 contribution as of December 2024 Since all funds are commingled in investments, we use the proportional method to determine how much of the December 2024 balance represents the original $7,000 contribution. Value of 2024 contribution as of Dec 2024 = Closing Dec 2024 × Proportion = $22,724.47 × 0.3175 = $7,214.77 Step 3: Calculate the earnings/loss on the 2024 contribution as of December 2024 Earnings/Loss as of Dec 2024 = Dec 2024 Value - Original Contribution = $7,214.77 - $7,000 = $214.77 This represents a gain of $214.77 by December 2024. Step 4: Calculate performance ratio after January 2025 contribution We need to determine how the account performed after the January 2025 contribution to apply this performance to the 2024 contribution's December value. Performance Ratio = Current Value / (Dec 2024 Value + Jan 2025 Contribution) = $26,098 / ($22,724.47 + $7,000) = $26,098 / $29,724.47 = 0.8780 This means the account value declined to about 87.80% of what it would have been if there had been no change in value after the new contribution. Step 5: Apply this performance ratio to the December 2024 value of the 2024 contribution Current Value of 2024 Contribution = Dec 2024 Value of Contribution × Performance Ratio = $7,214.77 × 0.8780 = $6,334.55 Step 6: Calculate the final earnings/loss for the 2024 contribution Total Earnings/Loss = Current Value of 2024 Contribution - Original Contribution = $6,334.55 - $7,000 = -$665.45 Step 7: Calculate percentage return Percentage Return = (Total Earnings/Loss / Original Contribution) × 100% = (-$665.45 / $7,000) × 100% = -9.51% If these are correct, then my 2024 contribution of $7,000 has experienced a loss of $665.45, which represents a -9.51% return. When recharacterizing the 2024 contribution, I should report this number indicating that the current value of that contribution is $6,334.55? Thank you so very much for your help! I do intent to backdoor this amount back to Roth IRA too.
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April 22, 2025
2:16 PM
Don't mark it as corrected if the box isn't checked, but you should enter it. And, only file the amended return if it results in a change in your refund or tax due amount. When you enter the 109...
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Don't mark it as corrected if the box isn't checked, but you should enter it. And, only file the amended return if it results in a change in your refund or tax due amount. When you enter the 1099-SA, TurboTax will ask you if the distribution was spent only on qualified medical expenses. Once you mark that box, the tax is removed as the distribution is not taxable. Did you answer Yes on that screen?
April 22, 2025
2:15 PM
In order to assist you properly, can you please give us more details.
Is your wife dependent on you due to a physical or mental impairment?
If not, you should be able to claim the Spouse ...
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In order to assist you properly, can you please give us more details.
Is your wife dependent on you due to a physical or mental impairment?
If not, you should be able to claim the Spouse amount - line 30300. This amount can be claimed if, at any time in the year, you supported your spouse and their net income from line 23600 of their return was less than your basic personal amount.
We invite you contact CRA for more information and see your eligibility.
Thank you for choosing TurboTax.
April 22, 2025
2:15 PM
If you want to delete the returns, you’ll need to start a blank return in order to get the option to do so.
To start a new return, select “Start a New Return” from under “My Returns” in the bot...
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If you want to delete the returns, you’ll need to start a blank return in order to get the option to do so.
To start a new return, select “Start a New Return” from under “My Returns” in the bottom left corner. Once you have started your new return, you can select “View All Returns” from under “My Returns”. Then delete the unwanted return by clicking the small Trash Can next to it or “Delete” under the return’s name.
April 22, 2025
2:13 PM
@RobertB4444 wrote: The other option (which is no one's favorite) is to purchase a 2021 program from eBay. There are a number of sealed unused copies of past year TurboTax programs available on ...
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@RobertB4444 wrote: The other option (which is no one's favorite) is to purchase a 2021 program from eBay. There are a number of sealed unused copies of past year TurboTax programs available on there if you are in a bind and absolutely need access to the 2021 data. Yes, @RobertB4444 I'll probably purchase another copy if TurboTax Support refuses again to give me an installer link. By the way, are the installers for different TurboTax products (Deluxe, Premier, Home & Business, etc.) indeed different, or is it just a single installer binary that's enabled by different license code types? What I am really asking is this: Can I simply purchase a cheaper 2021 Deluxe version then use the 2021 Home & Business license code I purchased previously to enable expanded features?
April 22, 2025
2:12 PM
Hello, Today I am still facing this issue. Turbotax software calculates my RRSP withdrawals under HBP up to 60K, however when I submit the NETFILE to CRA, CRA counts only 35000 and rest as an inco...
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Hello, Today I am still facing this issue. Turbotax software calculates my RRSP withdrawals under HBP up to 60K, however when I submit the NETFILE to CRA, CRA counts only 35000 and rest as an income. I have a significant owing due to this, please let me know if CRA is going to fix this nd I am supposed to get an update on my alread filed return. Let me know, Thanks.
April 22, 2025
2:11 PM
Yes, but you can only claim the amount that you pay for your share of the rent.
April 22, 2025
2:10 PM
No change whether I use drop-down File, etc. or use oblong box. Same result: Ttax says return was successfully filed, yet won't let me file amended one with "It looks like you haven't e-filed 1040 ...
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No change whether I use drop-down File, etc. or use oblong box. Same result: Ttax says return was successfully filed, yet won't let me file amended one with "It looks like you haven't e-filed 1040 through turbotax."
April 22, 2025
2:10 PM
Correct. You will have to pay income tax on any interest regardless of a gain, loss or no profit or loss on the sale. The interest is treated separately. You can choose to opt out of the install...
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Correct. You will have to pay income tax on any interest regardless of a gain, loss or no profit or loss on the sale. The interest is treated separately. You can choose to opt out of the installment method which would make it easier if you have no gain to report the sale in the year it is sold.
April 22, 2025
2:09 PM
If you transferred your 2023 information into TurboTax Online 2024, then you'll see a year over year comparison during the Review.
April 22, 2025
2:08 PM
In order to assist you properly, we will need you to clarify.
Which TurboTax software are you using, Online or Desktop?
Is it for a NETFILE return (for an adjustment)?
Thank you f...
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In order to assist you properly, we will need you to clarify.
Which TurboTax software are you using, Online or Desktop?
Is it for a NETFILE return (for an adjustment)?
Thank you for choosing TurboTax.
April 22, 2025
2:03 PM
Were you signed in when you filed the original return? You may need to be signed into the same account. How many TurboTax Accounts do I have? And where did you check the e-file status? ...
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Were you signed in when you filed the original return? You may need to be signed into the same account. How many TurboTax Accounts do I have? And where did you check the e-file status?
April 22, 2025
2:01 PM
1 Cheer
Bonjour @impotGEEK1 J'ai réussi à recréer le cas et je suis en train d'investiguer. Je vous réécris sous peu.
April 22, 2025
2:00 PM
The amount I set aside for my $63,626.12 income was $12,718.55
April 22, 2025
1:57 PM
Did you check the status here? You first need to check the filing status inside the program so it knows it was filed and accepted. Open your return and go up to the top black menu bar first item ...
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Did you check the status here? You first need to check the filing status inside the program so it knows it was filed and accepted. Open your return and go up to the top black menu bar first item File > Electronic Filing > Check Electronic Filing Status Then save your return and close it. Close the program and reopen it.
April 22, 2025
1:54 PM
On a PC, not Mac. Software has been updated. Tried the solution as shown, all 5 steps, but end result was exactly the same: Ttax still claims I hadn't e-filed 1040 thru Ttax, yet checking status s...
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On a PC, not Mac. Software has been updated. Tried the solution as shown, all 5 steps, but end result was exactly the same: Ttax still claims I hadn't e-filed 1040 thru Ttax, yet checking status shows that I had. Still stumped.
April 22, 2025
1:52 PM
So I think you're saying I'd still pay income tax on any interest I receive each year, which makes sense. But how would I claim the step-up in basis and show that I had no gain if I received the down...
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So I think you're saying I'd still pay income tax on any interest I receive each year, which makes sense. But how would I claim the step-up in basis and show that I had no gain if I received the down payment in one year and the balance up to 5 years later? Would I have to opt out of the installment sales method so that I could report the entire sale all at once in the first year to show I have no gain?
