All Posts

@kejjp00    You should be OK, as long as: a) you didn't actually have your pension monthly payments started until after you reached age 55, and b) they code box 7 with a "2".   I did similarly retire early, after age 55, but before age 59.5, with a traditional pension plan.  They coded box 7 with a "2" and TurboTax handled it just fine. One of the software follow-up questions asks if you received periodic payments from that account, and you just check the box for "Yes, I got regular payments from this retirement account."  Thus...No penalty, just normal taxation.      (English majors may take issue with the word "got"....I recall an old grammar guidance that says it is "a weed that grows in sentences") ______________ The year I turned age 59.5, they (Fidelity NetBenefits handled it for my company pension), sent two 1099-R forms.  One with just the before age 59.5 $$, with box 7 containing a code "2", and another 1099-R for the $$ received after I turned 59.5 and box 7 coded with a "7".

if the state withholding is not showing up on that state return, then it's likely you mis-entered the 2 letter state cod on the tax form where you reported it. as to an amended return. that may not be necessary since the state could catch the omission.  Best would be to contact the state's personal income tax bureau and ask what to do.

@dc20222023 I don't disagree with your statement "...not everyone who receives the schedule k is passive income....." However, your facts are very limited, QBI and TTS along with MTM are complicated areas and a forum such as this is not designed to vet out all of the unknown facts. That is why I recommended you meet with a tax professional where you can have a one on one and then file a complete and accurate tax return.

if the W11 requirement comes to pass, one option i'm considering is buying a cheap laptop to hookup to my desktop monitor and full-size keyboard.  however, the real issue is what other apps will no longer work with W10 like Quick Books, Quicken, etc. 

After you get the program installed or reinstalled the first thing to do before you open your tax return is to update the program and install any state programs you had. Then open your file. So you first might need to start a fake return to be able to download the state program (go to File-New Tax Return).   Then go to FILE -Open and find your return.   See error 190 https://ttlc.intuit.com/community/bugs-and-error-messages/help/error-190-when-opening-file-in-turbotax-desktop/00/26443    

Please see this FAQ for guidance if you are using TurboTax Desktop.  But typically, the best way to delete the form is to go to the source of the entry that is generating the QBI, which in this case, seems to be your rental property.   Follow these steps to get to the rental property input section. Then, proceed through the rental information until you see the screen titled "let's see if you're eligible for the QBI safe harbor."  Select No I don't-or can't (common) under the section asking if you want to take the QBI safe harbor?     Finally on the screen titled "Is this Qualified Business Income?", select No, this income is not qualified.      

From your installed TurboTax Business software on your new laptop, have you opened it and accessed the state program? You may have to install the state program again before the prior tax file will work. 

To avoid tax on this conversion, you need to file or had already filed a Form 8606 showing a non-deductible contribution. See Form 8606 Lines 1,2.   OR   If you took a deduction for the traditional IRA contribution, that offsets the tax, so it all balances out and there is no reason to amend.   @mt56     

What year?  1040 line 11 is AGI Adjusted Gross Income.  Withholding is on 1040 line 25.  Line 25b is withholding from pensions and 1099R.  Did you already file?  If not look for a duplicate 1099R.   Enter or Edit 1099R under Federal Taxes Wages & Income Then scroll way down to Retirement Plans and Social Security Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start or revisit or update.

You will still get the refund from the first original return or still need to pay the first tax due.  In fact you should not even amend until the first return has fully processed and you get the first refund or your tax due payment has cleared.     Then the amended 1040X return is only for the difference you get back or owe.  I think the cover sheet shows what the original return WOULD have been if you did it right the first time.  Ignore the new 1040 that might print out.   Go by the actual 1040X.  Line 18 should be your original refund amount and line 22 should be your additional refund.  If you paid on your original return it will be on line 16.  If there is an amount owed with the amendment, it will be on line 20.   If you have a tax due, do not send the 1040V.  Just include a check with the 1040X.  Ignore the 1040V.  That is for the original return or what the original return would have been if it didn’t need correcting.  Don’t pay the amount on the 1040V.  Pay the amount on the actual 1040X line 20.   Or You can pay the IRS directly at Https://www.irs.gov/payments   Pick Amended and 1040X on the payment page.

Does the amended return show the amount to be returned or the adjusted amount. She  had a refund of 7437 but it should have only been 6142 hence she owes them 1295. But the amended return shows the corrected  amount of tax refund of 6142.