All Posts

I spent 2 hours on the phone with TurboTax regarding this issue.  They couldn't make it work either.  I think there is a problem with the software that doesn't recognize an entry associated with Code Z.  They sent a note to the software team.  In the meantime, they advised me to check code ZZ which didn't change the amount I owed and let the software accept my entry and let me file.

Ingresa este ingreso como si fuera un 1099-R en TurboTax. Conserva la Forma 1042-S en caso de que el IRS solicite verlo más tarde, esto puede pasar porque sus sistemas pueden o no hacer coincidir el ingreso y el impuesto retenido en esta forma.  Debes de guardar tus impuestos y este formulario por lo menos 3 años.    Casi toda la información que necesitas ingresar para la la forma 1099-R está en la forma 1042-S.  Cosas como la cantidad que retiraste, la información de la compañía, el número de EIN, la dirección.  Lo único que no vas a tener será el código de distribución que va a la caja 7.  Si la distribución es temprana (tienen menos de 59 ½ años) el código debe ser 1.  Si ya tienes más de 59 ½ años entonces el código será un 7.  Tambien hay excepciones en caso de que la distribución sea temprana.  Si este es tu caso es posible que tengan una multa, pero también que puedas calificar para una excepción.  TurboTax te guiará para ver si calificas.   Ve los siguientes enlaces para ver la lista de códigos que pueden aplicar y más información acerca de las excepciones.     What do all the codes in Box 7 of the 1099-R mean? ¿Dónde ingreso mi Formulario 1099-R? ¿Cómo afecta mis impuestos el retiro de un plan de jubilación (Formulario 1099-R)? Tema 557, Impuesto adicional sobre las distribuciones prematuras de los IRA tradicionales y Roth  

If you are using TurboTax Online, try importing using a different browser. Make sure any VPN or Anvi-Virus is turned off.   See the following TurboTax Help articles for potential fixes: What if I can't import my 1099? How can I fix my 1099 import issue? How do I import my 1099s? How do I enter a large number of stock transactions in TurboTax?

If you are using TurboTax Online, try importing using a different browser. Make sure any VPN or Anvi-Virus is turned off.   See the following TurboTax Help articles for potential fixes: What if I can't import my 1099? How can I fix my 1099 import issue? How do I import my 1099s? How do I enter a large number of stock transactions in TurboTax?

As per https://www.ftb.ca.gov/forms/2024/2024-3510-instructions.html#:~:text=Intangible%20Drilling%20and%20Development%20Costs,or%20Schedule%20P%20(541). , California does not allow intangible drilling cost expense in 2024 but Federal return allows it. How to handle this in Turbo Tax with the California return? Turbo Tax is taking the federal taxable amount (reduced by intangible drilling cost) in California as well which seems incorrect.

It depends. You can check whether your CPA made the Simplified Foreign Tax Limitation Election in previous years by reviewing your Form 1116 from prior tax returns. Here are some suggestions on what to look for:   Single vs. Multiple Forms 1116: If the election was made, you should see only one Form 1116 for each type of income (e.g., general limitation income, passive income etc.).  If the election was not made, you would have two Forms 1116—one for regular tax and another for AMT.Line 17 on Form 1116: If the election was made, the net foreign source income for AMT (Line 17 of AMT Form 1116) should match the amount on Line 17 of the regular tax Form 1116. If the numbers differ, the election was likely not made. Foreign Tax Credit Carryover Worksheet:   Since you have foreign tax credit carryovers, check the FTC Credit Computation Worksheet from last year.  If the election was made, the carryover amounts should be the same for both regular tax and AMT.

Hi Hal_AI, Thanks so much for your help. I do not have the option through the Step by Step to enter the $4,000. I was able to make the change in the Student Information Worksheet. When I go to the federal review option, Turbotax gives the following message: "We'll make this entry zero that's no longer needed. Earlier you told us to treat $4,000 as a taxable education in order to claim a larger education tax credit. However, it's no longer beneficial for any amount to be treated as a taxable distribution and used for an education credit, so we'll just make this entry zero." If I click continue it removes the 4,000 from the Student Information Worksheet and replaces it with zero and my Federal Refund goes from $1,168 down to $675. Should I just ignore doing the federal review? Thanks again for all your help.

Go back to the W2 that you entered.  You will get there by clicking the income button at the top.  Scroll down to 'Wages and Salaries' and click 'Update'.  The W2s that you have entered will be there.  Click 'Edit' on the one you need to fix and go through it til you get to the screen with the numbers on it.  Delete the number that you put in the wrong place and then enter it in the right place.  Make sure all of the numbers match the W2 that you received.   @lylabutton468 

Have you tried clearing your cache and cookies?   A full or corrupted cache can cause problems in TurboTax, so sometimes you need to clear your cache (that is, remove these temporary files).   Here are the official instructions for the most popular browsers: Google Chrome Mozilla Firefox Microsoft Edge Each browser has a slightly different method for deleting cookies. Choose the browser you're using: Microsoft Edge Mozilla Firefox Google Chrome Safari   TurboTax FAQ: How to clear your cache  TurboTax FAQ: How do I delete cookies?      

What fees?   You can enter interest paid on your mortgage, property tax paid, and mortgage interest.     Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and mortgage insurance that you paid in 2024   You should have a 1098 from your mortgage lender that shows this information.  Lenders send these in January/early February or you may be able to import the 1098 from the lender’s website.  

Delete Form 8938 and start all over.    Go to Tax Tools Tools Delete a form Delete Form 8938 If working in the software version, go to the Forms mode in your return, select Form 8938 and delete it. To add the form back in your return:   Go to "other tax situations" Miscellaneous Tax forms Prepare a report on foreign financial assets @maria-hakonen