All Posts

Just to add: your entire HSA area is messed up. I should not be getting asked about my plan each month if I just stated it didn't change all year. I'm also keep being asked about 2024 on that screen, when it should indicate 2025.

Hello,   I have been getting the same error message, and t doesn't seem to be fixed.  I am using hte web based version of Turbo Tax.  It is past 2/27.  Is there something I need to do to be able to refile?

If your main residence and close family ties are in Canada, but you also live or travel outside Canada for work, you are a factual resident for tax purposes. You would file your taxes in Canada and report foreign income.

It depends.  It is possible that removing the dependent caused some other changes to your tax return.  If you had no other dependents, you would no longer qualify for Head of Household status. Going from Head of Household to single would make your standard deduction decrease from $23,625 to $15,750.    Also, the Earned Income Tax Credit (EITC) is based on the number of children.  The removal of one could cause the EITC credit to decrease, depending on the number of children remaining on your tax return, if any.   The best course of action would be to compare the new tax return to the one you previously filed to see what changed.

Wow, a very thorough response - better than what I expected to be honest, so thanks.  I do need to clarify - none of the IBIT investment was sold in 2025 so the only "sales" I can fathom from my research are the frequent periodic sales that Black Rock made to cover their management fee - the Brokerage (Schwab) has been most unhelpful despite me trying to get some guidance from their "Tax area", and their additional tax information does not explain what I am supposed to do with the information that was provided to me.  I did find an example online on the Black Rock web site on how to calculate a reduction in the cost basis of the shares I own as a result of the selling of tiny amounts to cover the periodic management fee, but the example provides no guidance on whether I need to report anything until I sell the shares.....do you know if I need to report anything prior to a sale of the shares?

No.  It has already been deducted from your income.  You can not deduct it again.  Actually it’s better to have it deducted from your IRA distribution (called above the line) instead of taking a Schedule A deduction for it especially if the Standard Deduction is more than your itemized deductions.   After you enter form 1099-R keep going.   If you have entered a birth date which makes you older than 70 1/2  there will be a page that asks Do any of these situations apply? Midway down is Were any of these funds sent directly to a charity?   Then it will ask for the amount.   The code in box 7 of form 1099-R must be 7 (or new code Y) and the little IRA/SEP/SIMPLE box must be checked.  A IRA QCD should be 0 taxable on 1040 line 4b and the QCD box checked.  Unless you have other 1099R taxable amounts on 4b.  You can’t do a QCD from a 401K.

If you completed a substantial renovation to a residential rental property, the renovation itself is not treated as intangible and should be entered in TurboTax in the assets section for your rental as a another asset to be depreciated. See this tax tips article regarding rental depreciation.   Please clarify your question if needed.