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April 2, 2025
1:03 PM
It would appear having ROLLOVER is correct as I have code G marked on my 1099R from my after-tax roth conversion. It would seem the fact it was not there last year might actually be an issue with...
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It would appear having ROLLOVER is correct as I have code G marked on my 1099R from my after-tax roth conversion. It would seem the fact it was not there last year might actually be an issue with TurboTax back then. Is this understanding correct? Thanks. https://ttlc.intuit.com/community/retirement/discussion/word-rollover-does-not-appear-next-to-form-1040-line-5b-in-turbotax/00/1805932
April 2, 2025
1:02 PM
You can always make an estimated payment under your social security number since all the business EINs are connected to the SSN. Side note: Struggling with the word "WE". "We, going forward, will b...
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You can always make an estimated payment under your social security number since all the business EINs are connected to the SSN. Side note: Struggling with the word "WE". "We, going forward, will be operating under a single member LLC structure" WE isn't possible on a sch C that is a sole proprietorship. If you are in a community property state, you each file your own Sch C and split everything 50/50 (if you meet the rules). If you are not in a community property state, you are a partnership, S-corp, business.
April 2, 2025
1:02 PM
Why did you get a 1099R? What did you do? What code is in 1099R box 7?
April 2, 2025
1:02 PM
This year, Turbo Tax is allowing you to declare your non-resident spouse as a resident alien for tax filing purposes. Form 6013G will generate automatically in your return, fulfilling the IRS requir...
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This year, Turbo Tax is allowing you to declare your non-resident spouse as a resident alien for tax filing purposes. Form 6013G will generate automatically in your return, fulfilling the IRS requirement.
When you enter the spouses's information in TurboTax, there will be a section where you would select where to declare you wife a non-resident alien.
April 2, 2025
1:02 PM
What happens if a vendor sends a 1099 and the filer neglects to include it in their tax return?
April 2, 2025
1:02 PM
I am in a unique situation as a substitute educator. I was offered health insurance through my employer, but it only covers me, not my husband. My employer began offering me insurance in October 2024...
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I am in a unique situation as a substitute educator. I was offered health insurance through my employer, but it only covers me, not my husband. My employer began offering me insurance in October 2024, at which point my husband and I were already enrolled in an ACA plan and receiving a federal tax credit for it. I have to pay some out-of-pocket costs for my employer’s plan, and since it only covers me, my husband remained on our ACA plan. Given that both plans overlapped for three months, how should I file my taxes? I received both a 1095-A and a 1095-B. Will TurboTax ask whether my husband was eligible for coverage under my employer’s plan, or can I simply indicate that only I was covered? I want to ensure that we were still eligible for at least part of the tax credit and that we don’t have to pay it all back. Thank you in advance for your help!
April 2, 2025
1:02 PM
If you converted it to a Roth then answer yes and it does count as a taxable rollover so it should say rollover on it. You're good.
@LucaX
April 2, 2025
1:01 PM
Thanks @RobertB4444 for the quick response. Just to clarify, the $1000 weekly payment I mentioned as an example was something that was paid to her by WA state every week as part of the Paid Med...
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Thanks @RobertB4444 for the quick response. Just to clarify, the $1000 weekly payment I mentioned as an example was something that was paid to her by WA state every week as part of the Paid Medical leave Insurance. And she had been employed in WA state around for roughly 2.5 years & I don't think she would have contributed 6000$ to WA Medical Insurance by the end of 2024. Both she and her Employer contributes to "WA Medical Leave Ins" per paycheck & her Employer WA Medical Leave Insurance contribution is 0.262% of taxable wages. With the above added information, can you suggest if there is an amount needed to report to IRS for tax year 2024 ? Thanks
April 2, 2025
1:01 PM
Yes, the contribution of $8000 is entered in Line 1 of both forms. I am talking about Line 6 of Form 8606, which is the same as Turbotax Taxable IRA distribution worksheet Line 4. For Line 6, this i...
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Yes, the contribution of $8000 is entered in Line 1 of both forms. I am talking about Line 6 of Form 8606, which is the same as Turbotax Taxable IRA distribution worksheet Line 4. For Line 6, this is what IRS instruction says: "Enter the total value of all your traditional, traditional SEP, and traditional SIMPLE IRAs as of December 31, 2024, plus any outstanding rollovers. A statement should be sent to you by January 31, 2025, showing the value of each IRA on December 31, 2024." It does NOT say including the 2025 IRA contribution for 2024. Is this correct?
April 2, 2025
1:01 PM
1 Cheer
You are correct, the scholarship income used to pay for room and board is taxable to the extent it is more than your education expenses. Your qualifying education expenses do need to be more than you...
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You are correct, the scholarship income used to pay for room and board is taxable to the extent it is more than your education expenses. Your qualifying education expenses do need to be more than your non-taxed scholarship income in order to qualify for an education credit.
April 2, 2025
1:00 PM
Thank you, @AnnetteB6 . So I checked my Schedule C's "home office summary", it has my first home as the only line there. Then, I went to my "Employee Job Expenses", there is only one home office entr...
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Thank you, @AnnetteB6 . So I checked my Schedule C's "home office summary", it has my first home as the only line there. Then, I went to my "Employee Job Expenses", there is only one home office entry (my second home's address) there. Unless there is another place (which I doubt), it seems to be a bug in Fed to State transfer. I even tried re-importing from Fed to State, same result. Is there a way to edit it manually, I remember I might have done such edit once a while ago?
April 2, 2025
1:00 PM
Also, even if I write No to all the questions, TurboTax wrote rollover on it.
April 2, 2025
1:00 PM
How did you pay it? Was it an Estimated payment? To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January for the prior year, go to Federal on lef...
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How did you pay it? Was it an Estimated payment? To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January for the prior year, go to Federal on left or at top (Personal for Home & Business) Deductions and Credits Then scroll way down to Estimates and Other Taxes Paid Estimated Taxes - click the start button Federal Estimated payments should be on 1040 line 26.
April 2, 2025
12:59 PM
My mortgage is only $375,000. The interest on schedule A is lower than my 1098. Why?
Topics:
April 2, 2025
12:59 PM
Yes, that is correct. You are entitled to the capital loss carryover beginning January 1, of the tax year from a prior year carryover. You can follow the steps provided by our awesome tax expert @Kes...
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Yes, that is correct. You are entitled to the capital loss carryover beginning January 1, of the tax year from a prior year carryover. You can follow the steps provided by our awesome tax expert @KeshaH.
You're welcome.
@JST4
April 2, 2025
12:59 PM
It states I will need to pay an extra 6% tax.
Topics:
April 2, 2025
12:59 PM
You can manually review a section or delete a specific form/worksheet in 2 different ways. To manually review a section, you will manually go there and click the trash icon next to the section you wa...
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You can manually review a section or delete a specific form/worksheet in 2 different ways. To manually review a section, you will manually go there and click the trash icon next to the section you want to remove.
To delete a Form from your return, please follow the instructions on the links below
How to Delete a Form on TurboTax Online
How to Delete a Form on TurboTax Desktop
April 2, 2025
12:59 PM
Will the large amount on my 1099-R, which was a 401K rollover to a traditional IRA and not income, affect my Medicare premium?
April 2, 2025
12:59 PM
Topics:
April 2, 2025
12:58 PM
Thanks so much for your reply! It does make sense; it just felt worrisome to send off that sort of a payment without having an expert weigh-in beforehand- thank you! I have learned that since th...
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Thanks so much for your reply! It does make sense; it just felt worrisome to send off that sort of a payment without having an expert weigh-in beforehand- thank you! I have learned that since the decedent was of the age (he was 85 when he passed) to be entitled to the account, NY state allows for a 20K inherited pension and annuity exclusion that would be split by the 3 beneficiaries of the account. This means that $6667 would be excluded from total amount taxed by NY, but I don't know how I can find out if that was entered automatically or not by TurboTax on my NY state return. Are you able to advise me as to how I could check into this? Thanks again! Meg Capreedy
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