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5 hours ago
Oklahoma offers an optional depletion deduction that is often more favorable than the federal version. TurboTax computes the Oklahoma depletion at 22% of the gross income derived from each Oklahoma ...
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Oklahoma offers an optional depletion deduction that is often more favorable than the federal version. TurboTax computes the Oklahoma depletion at 22% of the gross income derived from each Oklahoma property during the taxable year- this may have put you under the $1,000 filing threshold. You can check by subtracting 22% of the total you received.
You would still be required to report the income to your resident state Maryland; and if there is no Oklahoma tax, you would not have a credit to apply so it would be taxable in Maryland. Maryland also uses the federal amount without the additional depletion allowance.
If this is NOT the case, please post again and we can investigate further!
5 hours ago
I see several posts for this error, but nothing that applies to my situation. Using Turbotax Premier. Finish "Deductions and Credits", runs the analysis, and gets to the "Here are Your 2024 and ...
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I see several posts for this error, but nothing that applies to my situation. Using Turbotax Premier. Finish "Deductions and Credits", runs the analysis, and gets to the "Here are Your 2024 and 2025 Deduction & Credits" screen. Hitting "Continue" generates the pop-up error message. Hitting OK on the pop-up will take you to the "Other Tax Situations" section. What is causing the error, and how do I find it and resolve it? I'm assuming just continuing is likely to leave me with errors when I try to file. Thanks
5 hours ago
they are the step x step instructions for a Back Door Roth Conversion. You may be calling it a "rollover", but it is called a 'converson". Just follow the instructions in the link.
5 hours ago
@MaryK4 Do you know if my friend qualifies? She is a FORMER spouse (divorced) and gets half of her ex's pension. I don't think she qualifies? He's still alive. She's not a surviving spouse or ...
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@MaryK4 Do you know if my friend qualifies? She is a FORMER spouse (divorced) and gets half of her ex's pension. I don't think she qualifies? He's still alive. She's not a surviving spouse or filing Joint.
5 hours ago
Thanks for the quick reply, but I’m not being given the option to enter manually the tool keeps sending me back to the list. Is the problem that I’m not using the online version of turbo tax and have...
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Thanks for the quick reply, but I’m not being given the option to enter manually the tool keeps sending me back to the list. Is the problem that I’m not using the online version of turbo tax and have the software loaded to my PC?
5 hours ago
Answering No produces the correct taxable amount on your tax return but produces an incorrect amount of conversion basis being tracked on TurboTax's IRA Information Worksheet.
5 hours ago
Numbers matched my statement 1099-R
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5 hours ago
According to my paperwork from IB everything is correct no issues but with download via TT missing information for presently 4 seperate dowloads. Incorrect or no costs foe too manr entries.
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5 hours ago
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5 hours ago
What is the point of posting unless you can view responses?
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5 hours ago
When my federal information was transferred to my South Carolina return it added back a large amount to additions to Federal Taxable income line 1e. Looking at the state income tax instructions - it...
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When my federal information was transferred to my South Carolina return it added back a large amount to additions to Federal Taxable income line 1e. Looking at the state income tax instructions - it states that an explanation needs to be attached. I looked through all of the supplemental schedules for Turbo Tax and can not determine what is being calculated. According to SC - Attach an explanation of your entry for this line. Where is the supplemental schedule or explanation to supply to SC? Below are some examples of items to enter on this line which are not applicable to me: ● Taxpayers who claim bonus depreciation under federal law must add back the difference between the bonus depreciation taken and the depreciation which would have been allowed without bonus depreciation. ● Taxpayers who claim a nonrefundable credit for contributions to Exceptional SC (TC-57) are not allowed a deduction for these contributions. Add back the amount of the contribution deducted on the federal return ● Taxpayers who claim a child care program credit for donations to a nonprofit corporation (TC-9) are not allowed a deduction for those donations. Add back the donation deducted on the federal return ● Taxpayers who claim credits such as the Community Development Credit (TC-14), the Industry Partnership Fund Credit (TC-36), and the Credit for Child Care Program (TC-9) may not claim a deduction for the same qualified contribution which results in the credit. Add back the amount deducted on the federal return. ● Add back the federal net operating loss when it is larger than the South Carolina net operating loss being claimed. ● Add back any expenses deducted on the federal return related to any income not taxed by South Carolina. Some examples are investment interest to out-of-state partnerships and interest paid to purchase US obligations. ● Add back foreign area allowances, cost of living allowances, and income from US possessions. ● For qualifying investments made after June 30, 1998, taxpayers must reduce the basis of the qualifying property to the extent the Capital Investment Tax Credit is claimed. Add back any resulting reduction in depreciation. ● Add back the qualified business income deduction under IRC Section 199A. ● Add back any charitable contribution of land deducted under IRC Section 170 unless it meets the donative intent requirements of SC Code Section 12-6-5590. ● Include any withdrawals during the tax year from a Catastrophe Savings Account that were: ● A business must add back any amount paid for services performed by an unauthorized alien if the amount is $600 or more a year. ● Add back any federal deductions resulting from IRC sections that South Carolina does not adopt. MAYBE THIS ONE
5 hours ago
1 Cheer
Surprisingly, the e-mail from Fidelity is misleading. The amount of contribution recharacterized was $8,000, not $8,698.73. $8,698.73 was the gain-adjusted amount transferred. When TurboTax asks f...
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Surprisingly, the e-mail from Fidelity is misleading. The amount of contribution recharacterized was $8,000, not $8,698.73. $8,698.73 was the gain-adjusted amount transferred. When TurboTax asks for the amount recharacterized, enter $8,000. The $698.73 simply becomes investment gains within the traditional IRA. Assuming that the resulting traditional IRA contribution is nondeductible, your Form 8606 will show $8,000, not $8,698.73, on line 1. TurboTax will do this automatically when you enter the $8,000 Roth IRA contribution and tell TurboTax that you "switched" the $8,000 to be a traditional IRA contribution. Telling TurboTax that you "switched" the contribution will cause TurboTax to prompt you to complete the required explanation statement. As it turns out, you do have the information necessary to provide all of the details, including the exact amount of attributable investment gains included in the transfer. You'll want to convert the entire amount to Roth, so the taxable amount of the conversion will be somewhere around $698.73 depending on how the share value changes between now and when you do the converison.
5 hours ago
If you dependent was not required to file a tax return because their income wad under the IRS filing threshold, you can enter 0.
If they did file a tax return, add these amounts from their 2...
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If you dependent was not required to file a tax return because their income wad under the IRS filing threshold, you can enter 0.
If they did file a tax return, add these amounts from their 2025 1040:
AGI Line 11.
Tax-Exempt Interest Line 2a.
Non-Taxable Social Security- the difference between Line 6a (total) and Line 6b (taxable). Note: Do not include Supplemental Security Income (SSI).
Excluded Foreign Income from Form 2555.
5 hours ago
No; it does not address the problem.
5 hours ago
In 2025, I rolled over one 401k into that for my current employer. Turbo tax considers that this (non-taxable) income puts a cap on my SALT deductions. When only taxable income is included,this is ...
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In 2025, I rolled over one 401k into that for my current employer. Turbo tax considers that this (non-taxable) income puts a cap on my SALT deductions. When only taxable income is included,this is not the case. How do I get Turbo tax to get it right?
5 hours ago
Thank you for answering my question. While I think that your answer is generally true in most cases, you are not taking into consideration the SALT cap. The federal limit on state and local tax deduc...
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Thank you for answering my question. While I think that your answer is generally true in most cases, you are not taking into consideration the SALT cap. The federal limit on state and local tax deductions (SALT) affects how much of your refund is taxable. For 2020-2025, the SALT cap is $10,000. If your prior deduction exceeds this cap, the portion of your refund above the cap is generally not taxable. Basically, I didn't receive any tax benefit from the refund because I had state and local income taxes plus real estate taxes that were over the $10,000 cap and my refund didn't reduce that amount to below $10,000.
5 hours ago
Is the employment status at the end of the year or the start of the tax year? We retired on 30 September 2025. This is filing for Tax Year 2025.
5 hours ago
Good suggestions, thank you! Yesterday, I checked “where’s my refund” and the website said, “we received your banking info and will deposit your refund in 2-5 business days”. (The website has bee...
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Good suggestions, thank you! Yesterday, I checked “where’s my refund” and the website said, “we received your banking info and will deposit your refund in 2-5 business days”. (The website has been saying this for three+ weeks.) Today, I checked again and the website says, “your refund check will be mailed by 4/3/2026” (i.e., 30 days after the CP53E notice was issued). So it sounds like paper checks are still being issued for decedent returns, but only after the IRS has waited an extra 30 days for the CP53E process to run its course.
5 hours ago
Hi, It appears that the Walgreens stock my sister has was part of her Retirement Savings Plan. I believe that I will still process this information the same way that @DavidD66 and @RogerD1 have m...
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Hi, It appears that the Walgreens stock my sister has was part of her Retirement Savings Plan. I believe that I will still process this information the same way that @DavidD66 and @RogerD1 have mentioned here on this forum. In addition, what do I need to do here? Is this considered an employee stock? I do not believe it to be one of these "ESPP, RSU, RS, NQSO, and ISO" based on the description below: I'm not sure if this is a YES or NO answer. Thank you, Tulane