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I have the same 2025.r21.033. I also click the “check for updates” but it has come back with “Up to Date” and "No tax form updates at this time”.  One correction, i ordered TT Premier On line for my desktop, not a disk. 

  I'm back......I just received this letter from my custodian.   I'd prefer to share the gist of this with you if I may.    I've dumbed this down quite a bit.      I'm also much clearer on things.   I understand dMertz you wanted more context.   As this is a public forum however, I obviously cannot share everything.   However, to reiterate, my question now only involves the capital gains.  Pls see below.   Will I be liable for paying the tax on these gains?    The custodian is moving the funds back to a Roth fund for me, is my understanding.      BTW, my self certification letter has also been accepted by the custodian.   Here is the gains from my mistake, from their letter.....with the context I've now provided you dMertz do you have any thoughts on how I can avoid paying taxes on the below?   If I owe taxes fair enough.   But I've already paid on the Roth.   Thank you, dMertz. - Short-term capital gains: $11k - Long-term capital gains: $13k Their letter is below     Regarding the distribution from your  Roth IRA  in NOV 2025, please see the details below: - A total of xxxxx was distributed from your   Roth IRA - 90% was purchased into your NON IRA individual (taxable) account - 10% was withheld for federal taxes and sent to the IRS If we process the self-certified rollover and distribute the full amount from your  Fund individual (taxable) account, an additional 10% will be distributed from the account than what was purchased into the account since that is the amount that was sent to the IRS for federal tax withholding. With the self-certified rollover being accounted for with your taxes, the IRS should see an overpayment due to the 10% being sent to them. The IRS will determine any overage based off the 10% and how your actual taxes fall. The IRS should return any overpayment to you. At that time, you can use those funds as you wish. You have the option to deposit the funds into your Equity Index Fund individual (taxable) account if you want to try and balance out the additional funds that would be distributed for a full self-certified rollover. We have provided you with an estimate of the capital gains based off the net asset value (NAV) on February 17, 2026, if you were to complete the self-certified rollover for the full 100%  from your Equity Index Fund individual (taxable) account: -

TurboTax chooses the deduction that is most advantageous for each return.   If TurboTax is also using the itemized deduction, it could be that your total itemized deductions might be higher than your standard deduction or that you chose to use your itemized deductions. You can switch between deductions in the program.   TurboTax Online Go to the screen: Based on what you told us, [either Standard Deduction or Itemizing deductions] is right for you, and select Change my deduction. On the Which deduction do you want to take this year? popup, you'll see the dollar value of each deduction type. Select the type of deduction you want and select Continue twice. TurboTax Desktop Open or continue your return. Select Federal Taxes. If using Home & Business, select Personal. Select Deductions & Credits. When asked how you want to enter your deductions and credits, select I'll choose what I work on. Scroll all the way to the bottom of the Your 2025 Deductions & Credits screen and select Done with Deductions. Continue until you see The Standard [or Itemized] Deduction is Right for You! Select Change my deduction and choose which one you'd like. Select Continue to apply any changes. How do I change from the standard deduction to itemized (or vice-versa)?    

You can only deduct gambling losses up to the amount of gambling winnings you report. These losses cannot be used to offset or lower your taxes on other types of income.   Here is some more information you may find helpful: How to Pay Taxes on Gambling Winnings and Losses

TurboTax uses the information from the federal return for the dependent exemption on the Maryland return.  You do not have to make any changes.  To check if it is correct, you can go to the Maryland state tax summary.   There will be a (State) Tax Summary link directly under the link to Preview my 1040   Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on (State) Tax Summary on the left side of the screen.      See How do I preview my TurboTax Online return before filing?

Have you entered distributions under Federal Taxes >> Distributions or on Schedule K-1 Part II Line A? TurboTax Business will automatically calculate the beneficiaries' percentages based on the distribution amount you have entered.   You have the option to remove the distribution amounts, which will eliminate the percentages on the Beneficiary's Allocation Smart Worksheet. Or you can change the percentages by changing the distribution amounts. 

The IRS doesn't require a 1099-B to claim a capital loss, but in the event of an examination, you must be able to substantiate the transaction  (basis, proceeds, and the disposition).    If you didn’t receive a 1099-B/1099-S, the IRS instructions for Form 8949 explain how to report the transaction using your records. Good support includes purchase/subscription documents, capital account or investor statements, redemption/liquidation paperwork, and wire confirmations showing amounts and dates.    If the investment is a private equity partnership, you generally should obtain the final K-1 and any final-year disclosures before claiming the loss, because partnership allocations and basis details affect the correct result.   Capital losses & worthlessness Instructions for Form 8949  @dph933    [Edited 2/22/26 | 9:00 am PST]

Thank you.   What Turbotax update is required to remove/zero out any nondeductible contributions or basis in the Trad IRA, and delete the form 8606? I am unable to identify the update needed to correct this issue.

The deduction for seniors will be on Schedule 1-A line 37. The total deductions from Schedule 1-A will be on Form 1040 line 13b, which might include other deductions besides the deduction for seniors. The maximum deduction for seniors is $6,000, or $12,000 if married filing jointly and both are 65 or older. The deduction is gradually phased out over a range of income, so even if your income is below the maximum of the range, you might not get the full $6,000 per person. The phaseout starts at Modified Adjusted Gross Income (MAGI) of over $75,000 ($150,000 if married filing jointly).  

sorry to hear that - it's been a rough 2026 so far for TT. not sure what happened to them but they have a ton of frustrated customers now. i have spent at least 10 hours doing my taxes now which should have taken no more than 2 hours. and i'm still not confident everything is correct since i deleted so much of what i had done to try and start fresh.