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a month ago
If you really need to amend, you will have to wait.
The Form 1040X is scheduled to be available on February 19. The date is subject to change, so check on 2-19 to see if it is ready. Before...
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If you really need to amend, you will have to wait.
The Form 1040X is scheduled to be available on February 19. The date is subject to change, so check on 2-19 to see if it is ready. Before that, do not change anything at all on your return.
a month ago
1 Cheer
Why not just say complete on Friday? Why not update the website and app, why not send update to everyone that’s waiting for this form in the email sign up? TurboTax handles this so poorly, and it’s s...
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Why not just say complete on Friday? Why not update the website and app, why not send update to everyone that’s waiting for this form in the email sign up? TurboTax handles this so poorly, and it’s so easy to communicate, it’s actually free to just provide accurate info. Note to self in 2027 to avoid this.
a month ago
In a "backdoor" Roth conversion, taxpayers roll a nondeductible IRA into a Roth IRA. Because they already paid taxes on that amount, converting it to a Roth is expected to be be tax free (unless any ...
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In a "backdoor" Roth conversion, taxpayers roll a nondeductible IRA into a Roth IRA. Because they already paid taxes on that amount, converting it to a Roth is expected to be be tax free (unless any earnings are also converted).
The problem is the pro-rata rule. The IRS doesn't let you just convert that "after-tax" money if you also have "pre-tax" money (like earnings or deductible contributions) in any of your Traditional IRAs. Instead, they treat all your IRAs as one big bucket and tax the conversion proportionally. For example, if 10% of your total IRA value is after-tax money, then only 10% of your conversion is tax-free, and the other 90% is taxed as ordinary income.
This is why TurboTax needs your total account value, it has to calculate that percentage. If you enter $1, the software thinks you have no other IRA money and might incorrectly compute the conversion.
Here is some information you may find helpful: Rollovers of after-tax contributions in retirement plans
a month ago
There may be a reason for not getting the full child tax credit. Were all of your children under the age of 17? How much income from working did you enter?
Make sure you have entered your ch...
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There may be a reason for not getting the full child tax credit. Were all of your children under the age of 17? How much income from working did you enter?
Make sure you have entered your child as a dependent in My Info, and that you have entered the child's Social Security number. Careful— do not say that your child’s SSN is not valid for employment. If your child was born in 2025 make sure you said he lived with you the whole year. There is an oddly worded question that asks if the child paid over half their own support. Say NO to that question.
Have you entered income from working in 2025? If not, you will not receive an income tax refund based on having dependent children.
The maximum amount of the child tax credit is now $2200 per child; the refundable “additional child tax credit” amount is $1700. In order to get that credit, you have to have income from working.
Take the amount you earned from working. Subtract $2500. Multiply the rest by 15%. That is the additional child tax credit per child that you canget—- up to the maximum of $1700 per child. If the amount you earned from working was low, you will not get the full $1700 per child.
If your child is older than 16 at the end of 2025, you do not get the CTC. But you may still get the non-refundable $500 credit for other dependents instead.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/child-tax-credit/L2lNhfGDl_US_en_US?uid=m68dfq2u
https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/additional-child-tax-credit/L6xFeMFEf_US_en_US?uid=lqnuygah
https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-for-other-dependents
And for the Earned Income Credit—-
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/qualifications-earned-income-credit-eic-eitc/L7w4BFP32_US_en_US?uid=m62rmz09
https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant
https://www.irs.gov/pub/irs-pdf/p596.pdf
Look at your 2025 Form 1040 to see the child-related credits you received
PREVIEW 1040
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr
Child Tax Credit line 19
Credit for Other Dependents line 19
Earned Income Credit line 27
Additional Child Tax Credit line 28
a month ago
You cannot change or add anything on the return that you just e-filed, nor can you stop it. It is too late, just like when you put an envelope in a US mailbox on the corner. The IRS does not allow ...
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You cannot change or add anything on the return that you just e-filed, nor can you stop it. It is too late, just like when you put an envelope in a US mailbox on the corner. The IRS does not allow you to take it back.
If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.” The changes will go nowhere.
Now you have to wait until the IRS either rejects or accepts your return. If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.
If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund. THEN you can prepare an amended tax return and e-file or mail it in. You have to be able to work from that return exactly the way it was when it was e-filed originally. You will need to use a form called a 1040X.
Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself. Sit tight and wait until you see what the IRS does with the return you just e-filed
The Form 1040X is scheduled to be available on February 19. The date is subject to change, so check on 2-19 to see if it is ready. Before that, do not change anything at all on your return.
a month ago
2 Cheers
Turns out I was able to import the forms by selecting Wells Fargo Clearinghouse and logging in.
a month ago
Just try to use the Merrill institution for Merrill EDGE. They are on the same platform, so should work?
a month ago
In general, there are three main reasons you will not see your K-1 losses on your personal income tax return:
1. you cannot deduct losses that exceed your basis in the LLC.
2. you must be "at r...
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In general, there are three main reasons you will not see your K-1 losses on your personal income tax return:
1. you cannot deduct losses that exceed your basis in the LLC.
2. you must be "at risk" for the basis or money that you invested in the LLC
3. if you do not "materially participate" in the business, the loss is considered passive. Passive losses can only offset passive income.
Check to see if you have a Form 8582 (Passive Activity Loss Limitations) or Form 6198 (At-Risk Limitations) in your tax return- if you do, it will carry forward.
a month ago
Same happens to me, says it downloaded data successfully but does autofill the 1099-B. I have many transactions and do not want to manually enter
a month ago
1 Cheer
I am using Microsoft Edge browser and the import process from Sharles Schwab apears to work with the message "Success! We got your tax data. You can now return to TurboTax." but when I return and sel...
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I am using Microsoft Edge browser and the import process from Sharles Schwab apears to work with the message "Success! We got your tax data. You can now return to TurboTax." but when I return and select continue, TurboTax just tries to do the import again and there is no sign of the 1099 data. I have seen other similar questions but they seem to be having issues with different browsers. This has always worked with this same Schwab account in the past. I have tried rebooting and it does the same thing. Any help is appreciated.
a month ago
All I want to do is add my W2s
Topics:
a month ago
It is February 14, and Rental depreciation is still not available. Intuit: Do you have an update?
a month ago
I am still waiting to be able to finish my taxes and put in the sale of my rental property with the depreciation and your program still has not gotten the update. How much longer. You keep putting...
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I am still waiting to be able to finish my taxes and put in the sale of my rental property with the depreciation and your program still has not gotten the update. How much longer. You keep putting it off more and more.
a month ago
I was referring to the DeskTop version, not the on-line.
a month ago
Do not bother with the button. Just go into the return, then: 1. Click on Other Tax Situations 3. Under Other Tax Forms 4. Amend a Return, click on the start button. But be very careful, sta...
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Do not bother with the button. Just go into the return, then: 1. Click on Other Tax Situations 3. Under Other Tax Forms 4. Amend a Return, click on the start button. But be very careful, starting the Amend process will potentially wipe out your old data. It sets the Refund window at the top (green if the IRS owes you money, red if you owe them money) to 0 and proceeds to log the changes from there. These will be reflected in the Refund window, reflecting the impact of your changes on the old filing. IMPORTANT: In order to keep a copy of your originally filed form (pre-amending), save a copy of it to some external drive, like a flash drive. Then you will be able to refer back to it if needed. (You will also be able to refer back to the original form if you save .pdf copies of your filing, but that won't allow you to access the data electronically, of course.)
a month ago
Thursday February 19? Did you intentionally not give an actual date?
a month ago
2 Cheers
Thank you so much for this fix! I was struggling with the same issue myself, and was pulling my hair out. I'm really disappointed that Turbo Tax hasn't addressed this yet.