All Posts

I have carryover loss on both my federal return and my MA return. However, it appears that up to $3000 can be applied against income for federal returns but only $2000 can be applied against income for MA returns. This means that I now have a difference in carryover loss this year between my MA and federal returns (ie. the numbers on Form 1040 Schedule D line 16 minus line 21 versus MA Schedule D line 23). So when Turbotax asks me "Did you have any Massachusetts / federal basis differences for any of your reported long-term capital gain or loss transactions?", does that mean the answer is yes? What is a basis difference? Is that the same thing as just saying a difference?   Thank you!

This year I am using the TT desktop premier version.  In the previous 5 years, I've used TT online.  The desktop version is giving me BIG TIME PAIN IN #$!##!!!.  I've have read some of the old post dating back to 20I9 and had hope by now TT have fixed these problems for the Form 1116.  Does not seem so.  Can someone help me with the TT desktop version?  I have tried the tricks to do each country, but it comes back to the Form where it does not allow me to edit.  How to fix this problem?   I have 3 countries (Canada - divdend = $1,060, taxes paid = $160;  RIC - dividend = $600, taxes paid = $250; Netherlands - dividend = $100, taxes paid = $10) to report on Form 1116. The cursor goes to the blue and pink fields, but it does not let me do anything (edit, change, delete, backspace) in either the blue or pink field. It won't let me click CONTINUE nor does it allow me to go BACK.   Hope to hear back with some good answers.  Thanks everyone.                

Hi! I am attempting to complete my 2024 taxes and am very confused on how to complete the 8606 form.   I completed my backdoor Roth for 2023 and 2024 in the 2024 year. I received my 1099-R from Fidelity showing that I have a total of $12998. After looking closer, the timeline is as follows:   March 2024: added $6500 to my IRA March 2024: transferred $5998 to my Roth (due to losses from investments)   September 2024: added $7000 to my IRA September 2024: transferred $7000 to my Roth   I did not realize that I had such a loss when I did the rollover in 2023, therefore when I did my taxes for 2023, I completed the form 8606 as the $6500.   I am confused on how to amend my 2023 taxes. I am even more confused on how to complete my split-year backdoor Roth without also having to amend it in the future. I currently have: 1) $7000, 2) 5998, 3) 12998,  5) 12998, 10)x, 13) 12998, 14) 0, 15a) 0, 15c) 0   Does this seem correct?