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July 8, 2025
5:39 AM
1 Cheer
For a rollover from a 401(k), the amount in box 2a indicates the amount that is taxable unless the code in box 7 is 1, 2 or 7 and you did an indirect rollover a traditional of a portion of the distri...
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For a rollover from a 401(k), the amount in box 2a indicates the amount that is taxable unless the code in box 7 is 1, 2 or 7 and you did an indirect rollover a traditional of a portion of the distribution. For a distribution from a traditional IRA, the amount in box 2a is only a suggestion and the actual taxable amount depends on how the distribution is reported on your tax return. From your description, it appears that your Form 1099-R for the rollover split between the traditional and Roth IRAs has code G, indicating that the amount in box 2a is the actual taxable amount. A nonzero amount in box 2a indicates a taxable rollover to a Roth IRA is being reported by Vanguard. If the 401(k) had some after-tax basis, that amount would be in box 5. Given that some amount is appearing as taxable, it seems that the amount in box 2a must be nonzero, so Vanguard believes that some amount of pre-tax funds in the 401(k) was rolled over to the Roth IRA. If the sum of the amount in boxes 5 and 2a equals the amount in box 1, that means that Vanguard believes that the entire distribution was rolled over to a Roth IRA. If that's the case, it would seem that you requested that Vanguard make a direct rollover of the entire 401(k) to a Roth IRA but somehow diverted some portion to a traditional IRA independent of what you asked Vanguard to do. That would make the reporting on the Form 1099-R not reflect what actually happened. Note that when you have a single Form 1099-R that reports a split rollover, to accommodate reporting limitations in TurboTax you must split the code-G Form 1099-R into two for entry, one for the portion rolled over to the traditional IRA and the other for the portion rolled over to the Roth IRA. The dollar amounts in boxes 1, 2a and 5 of the split forms must total the amounts in the respective boxes of the original form.
July 8, 2025
5:01 AM
If one of the owners deposits money into the joint account is that considered taxable income for the other owner of the joint account?
July 8, 2025
4:24 AM
Trying to download 2024 tax info from Fidelity. I get into account but Turbotax says can't find any tax info. However, if I go to the account, there are 2 fidelity accounts that I logged into and bot...
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Trying to download 2024 tax info from Fidelity. I get into account but Turbotax says can't find any tax info. However, if I go to the account, there are 2 fidelity accounts that I logged into and both have tax forms. Yes, I can enter manually but that is a huge effort with many transactions. I bought Turbotax so I can download.
July 8, 2025
4:22 AM
Quarterly Estimates. You should make estimated tax payments for the current tax year if both of the following apply: - 1. You expect to owe at least $1,000 in tax for the current tax year, after s...
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Quarterly Estimates. You should make estimated tax payments for the current tax year if both of the following apply: - 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits. - 2. You expect your withholding and credits to be less than the smaller of: 90% of the tax to be shown on your current year’s tax return, or 100% of the tax shown on your prior year’s tax return. (110% if your AGI was more than $150K) . Your prior year tax return must cover all 12 months.
TurboTax (TT) can prepare the quarterly payment vouchers. In your 2024 software, enter at:
Federal Taxes or Personal (H&B version)
-Other Tax Situations
-Other Tax Forms
-Form W-4 and Estimated Taxes - Click the Start or Update button
On the next screen answer No to the W-4 question
If your goal is just to avoid the underpayment penalty, then paying 100% of the prior year tax liability is the “safe haven”
Or you can obtain blank IRS Form 1040-ES from the IRS. The form and instructions are at this link: https://www.irs.gov/pub/irs-pdf/f1040es.pdf
You can also pay Federal directly here. Be sure to select 1040ES:
https://www.irs.gov/Payments
July 8, 2025
2:35 AM
only the IRS can answer that question. you would need to call 800-829-1040
July 8, 2025
2:34 AM
1 Cheer
with all the tax law changes it will be hard to know what 90% of your 2025 tax will be. in addition, while your income will be lower and hence your income taxes will be lower but then you will have n...
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with all the tax law changes it will be hard to know what 90% of your 2025 tax will be. in addition, while your income will be lower and hence your income taxes will be lower but then you will have no withholding. you will also have self-employment tax which would be about 15% of your net se income.
a very rough way to estimate 100% of your 2025 tax would be to take your 2024 taxable income subtract out the taxable wages and add in your estimated se income. then use the 2024 tax rate schedule (see 1040 instructions page 109) to calculate income taxes to that add 15% of the SE income. There is no way to know how close this will be to your actual 2025 tax because of the need to estimate your se income for the whole year.
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
depending on what you estimate your 2025 tax to be (i'm ignoring the 90% rule) without withholding 75% needs to be paid in by the 3rd quarter
if you have penalties, you will be able to use the annualized income installment method to see if that reduces them.
July 8, 2025
2:20 AM
Topics:
July 8, 2025
2:10 AM
purchasing and selling on different days would be treated as separate purchases and sales of the lots. to further complicate things buying at multiple times during the same day would likely be at dif...
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purchasing and selling on different days would be treated as separate purchases and sales of the lots. to further complicate things buying at multiple times during the same day would likely be at different prices. thus with the sale of those shares there could be a gain on one of the purchases and a loss on the other. it can get very complicated. the loss would trigger the wash sale rules when replacement shares were purchased with 30 days of the sale at a loss. with wash sales the loss is added to the cost of the replacement shares. in the end since all the shares were disposed of the total loss should be the difference between the actual costs and sales prices. the fact that there were no additional purchases within 30 days of the last sale at a loss would result in recognition of all the losses
July 8, 2025
1:48 AM
if you are asking for federal 1040 the answer is no. the partnership files the form and provides the partner with a copy so that the partner can claim the withholding credit. thus the partner must pa...
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if you are asking for federal 1040 the answer is no. the partnership files the form and provides the partner with a copy so that the partner can claim the withholding credit. thus the partner must paper file their tax returns.
however, if you are a nonresident alien perhaps you should be filing form 1040-NR which Turbotax doesn't do
on 1040-nr the 8805 amount is entered on line 25e
Foreign partners must attach Form 8805 to their U.S. income tax returns to claim a withholding credit for their shares of the section 1446 tax withheld by the partnership. Any U.S. person erroneously subjected to the withholding tax would also receive Form 8805 from a partnership, and the Form 8805 should be attached to the U.S. person's income tax return to claim a withholding credit.
July 8, 2025
1:02 AM
Hello, I have completed the steps suggested by you to no success. I deleted cookies/ cache, re logged in and still an error about upgrading to deluxe. Even just clicking the tuition check bo...
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Hello, I have completed the steps suggested by you to no success. I deleted cookies/ cache, re logged in and still an error about upgrading to deluxe. Even just clicking the tuition check box where it says it will need to be upgraded literally brings me to an upgrade page. I have it unchecked so unsure what else to do. I did also log in with a different web browser. Same issue.
July 8, 2025
12:50 AM
You do not prepare or file quarterly tax returns. You file one tax return next year at tax time. If you are an independent contractor you may want to make estimated quarterly payments---but you c...
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You do not prepare or file quarterly tax returns. You file one tax return next year at tax time. If you are an independent contractor you may want to make estimated quarterly payments---but you can do that on the IRS site--you do not file an actual return.
https://www.irs.gov/payments
https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
https://www.calcxml.com/calculators/self-employment-tax-calculator (non-TT site)
July 7, 2025
11:15 PM
"if you convert JPY you've earned in JPY over your lifetime, to USD, I don't think you calculate some gain/loss based on hypothetical cost basis of that JPY in USD going back forever." Like I get...
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"if you convert JPY you've earned in JPY over your lifetime, to USD, I don't think you calculate some gain/loss based on hypothetical cost basis of that JPY in USD going back forever." Like I get that it sounds crazy, but are you aware of any rule that governs this? If my job paid me in Japanese Yen denominated stocks since all the way back to forever, If I cash out while living in the US, I will have to include capital gain due to the exchange rate going all the way back.
July 7, 2025
11:09 PM
1 Cheer
If you filed by April 15 aka timely or requested an extension, you can still remove a 2024 excess contribution and its earnings until Oct 15 2025. you would then amend your 2024 tax return if the ear...
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If you filed by April 15 aka timely or requested an extension, you can still remove a 2024 excess contribution and its earnings until Oct 15 2025. you would then amend your 2024 tax return if the earnings are positive. @curlytwotoes
July 7, 2025
10:54 PM
tax treatment is determined by the Distribution Code(s) in Box 7. You didn't say what codes are present. @kgsundar
July 7, 2025
10:48 PM
The only way to get back taxes paid is to file. @kfscruggs
July 7, 2025
10:37 PM
I assume you used Online TurboTax for your 2024 return. At the Tax Home you can scroll down to "Your Tax Returns & Documents", but the PDF you can download there for your 2024 return probably won't ...
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I assume you used Online TurboTax for your 2024 return. At the Tax Home you can scroll down to "Your Tax Returns & Documents", but the PDF you can download there for your 2024 return probably won't yet have the worksheets and summary pages. So here's how you can get your most up-to-date PDF with the worksheets, summary pages, etc. You can open your return interview and go to the Print Center, where you can choose from various PDFs. NOTE: When you open your return back up, do not make any changes in it if it's already been filed. If you later have to amend the return, it has to start off exactly as it was when it was originally filed. Log in to the same account used to prepare the return. At the Tax Home or in the section "Your Tax Returns & Documents" for 2024, look for a link "Add a State." Click on "Add a State." (you don't really add one. That's just to open your return back up.) After the return interview is open, click in the left menu column on TAX TOOLS, then PRINT CENTER. Then choose "Print, save, view this year's return." The next screen should offer some options: "Just my tax returns", or "include government worksheets (optional)", or "include government and TurboTax worksheets (optional.)" The latter has the most pages. NOTE: Remember all PDF tax documents and tax data files are very sensitive files, since they contain your personal ID info, financial data, and possibly bank account numbers, etc. Be sure to store them safely and securely to guard against computer theft, hacking, etc.
July 7, 2025
10:18 PM
I received two 1099-Rs from Vanguard for rollovers from two different 401(k) accounts. Both were direct rollovers, and none of the funds were distributed to me.
• The first 1099-R was for a rollover ...
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I received two 1099-Rs from Vanguard for rollovers from two different 401(k) accounts. Both were direct rollovers, and none of the funds were distributed to me.
• The first 1099-R was for a rollover split between a traditional IRA and a Roth IRA.
• The second 1099-R was for a full rollover into a traditional IRA.
In both forms, the IRA/SEP/SIMPLE box is not checked, which is consistent with IRS instructions — that box should only be checked when the distribution is from an IRA, not a 401(k).
Here’s where TurboTax behaves oddly:
If I leave the IRA/SEP/SIMPLE box unchecked (as it appears on the form), TurboTax treats the entire amount as taxable, significantly increasing my tax owed.
But if I check the IRA/SEP/SIMPLE box, TurboTax:
• Reduces the tax liability to zero,
• Moves the amount to Line 4a (IRA distributions) with $0 in 4b, and
• Labels it as a ROLLOVER.
It also gives me a warning:
“If this is a Roth conversion with code G, it should have code 1, 2, or 7 instead.”
Later, it asks me to uncheck the ‘Full Roth conversion’ checkbox — which I did — and then it lets me proceed with zero tax due.
So I’m confused:
• TurboTax only gets the tax treatment right when I check a box that isn’t actually marked on the 1099-R.
• I don’t want to override the form in a way that conflicts with what the IRS received.
• The second 1099-R (which was a full rollover to a traditional IRA) did not cause this issue, so the problem seems limited to the case where part of the rollover went to a Roth IRA.
Has anyone else run into this? Is this a known TurboTax bug or is there a proper workaround?
July 7, 2025
9:34 PM
If your Public Safety Officer disability retirement is like mine, once you reach age 65, your disability pension will convert to a regular taxable retirement pension. If that's so, you can then use...
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If your Public Safety Officer disability retirement is like mine, once you reach age 65, your disability pension will convert to a regular taxable retirement pension. If that's so, you can then use the $3K deduction if you, a spouse, or dependent have health insurance premiums (even for Medicare or Medicaid) as long as the amount of your deduction does not exceed the pension amount paid to you from your employer at time of disability retirement. As of 2023 you can make the premium payment yourself. They do not need to be directly submitted by your original employer. Just make sure you consult with your tax advisor for how to properly report and claim that on your 1099-R or Joint 1099. Best wishes! -Steve
