All Posts

Here's how to navigate to the capital asset sales menu to edit your entries: Navigate to the 1099-B section: TurboTax Online/Mobile: Go to the 1099-B (<click here) screen under Wages & Income.   TurboTax Desktop: Go to Federal Taxes. Go to Wages & Income.  If asked How do you want to enter…?, select I’ll choose what I work on. Under Investment Income, select Start or Update next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other. Why would you have an increase in basis on this transaction? With further information, I can help you input it more accurately. 

None of the above is the best option if it was a standard contribution plan.  Certain annuities are usually indicated on your 1099-R -if it was from an annuity contract so if you do not have the code, do not use this.  You can contact your plan administrator for details.

The Sales Selection should be the appropriate 'Short term' OR Long term' with basis NOT reported to the IRS' (noncovered). The steps below may help with entering your 1099-DA information.   Your IRS form 1099-DA reports gross proceeds, the digital asset, the number of units and the number of transactions. Select Wages & Income. Scroll to Investments and Savings. Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) >  Add investments. On the Save time and connect your financial accounts screen, select Enter a different way > Select Type it in myself, then Continue. OK, let's start with one investment type, select Digital Assets > Click Continue. On the screen Which bank or brokerage is on your 1099-DA, enter the information > Continue. On the screen Did you get a 1099-DA from XXX?, select Yes.  Click Continue. Answer the questions at the screen Tell us about the sales on your 1099-DA Any digital currency you purchase becomes income at the time you redeem or sell the digital currency and must be reported . Cryptocurrency Guide (digital currency) Holding Periods: Long term is a holding period of more than one year (one year plus one day) and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax) Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate) A solution can be to enter summary transactions if you have many transactions. Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered.   You can always use direct entry if you choose, with summary totals.  The only exception if wash sales, which must be entered separately, if you have any. How do I mail Form 8453? (review if alerted)

Federal taxes you paid are not deductible on your federal tax return.    There is a handful of states in which you can enter federal tax that you paid:   There are several  states that allow you to enter the federal tax you paid on your state return--Alabama, Iowa. Missouri, Montana, and Oregon.  If you are filing in one of these states watch for the deduction when you prepare your state return.  

I think you misunderstood my question. I wasn’t referring to the general $31,110 exclusion but a separate exclusion that is reported on Schedule P. Notice line 9 on Schedule M specifically states “(enclose Schedule P if more than $31,110 per taxpayer).” Part I line 1 of KY Schedule P includes the following: “Enter on line (a) or (b) the amount of federal, Kentucky state and local government pension income attributable to service credit earned before January 1, 1998.” There follows a few other items that can be excluded. Below this statement, using either section (a) or section (b), one is able to determine their service credit and therefore exclude a portion of their pension that is above and beyond the $31,110 general exclusion. I did find how to accomplish this in TurboTax. However, I would never have figured this out if I wasn’t aware of this exclusion. Perhaps TurboTax personnel should make finding state deductions easier. Here are the steps required in the Kentucky state section of TurboTax: Select “Update” in the Adjustments section Skip the “addition to income” sections (I had to skip two) At the “Any Other Kentucky Subtractions?” section, check the box for “Other Subtractions” Skip the first screen where a description and amount are requested Now you are at the “Government Pension Income” section which states the other types that can be excluded. Click the appropriate button(s) for the individual(s) who earned the credit You will then be guided to enter information pertaining to the retirement date, pension amount, and the number of months of service credit after which TurboTax does the Schedule P calculations This amount is transferred to line 9 of Schedule M where it is included with the subtractions from taxable income on form 740, line 8.

Bonjour,   Merci pour votre réponse mais est-ce que ça ne serait pas plus simple de corriger l'erreur de programmation ?   À mon avis, pour le prix payé et compte tenu de la réputation du logiciel, on devrait s'attendre à ce qu'il fonctionne correctement. Ça fait deux ans qu'on a ce genre de problèmes en utilisant TurboImpôts.   Merci de me répondre   Pierre

After approving third party access in your Schawb account online, try logging out of TurboTax, clearing your cache, and logging back into the software before proceeding. Further 1099 import guidance: Make sure you're selecting the correct partner in TurboTax. Some have similar-sounding names but are separate entities. Also, some entities may use a different name for investments.   Check your transactions Make sure your transactions don’t go over TurboTax limits: Both TurboTax Online and TurboTax Desktop can support up to 10,000 of any combination of transactions and imports. TurboTax Online can support up to 4,000 non-covered transactions (items such as options or cryptocurrency that aren't reported to the IRS). The import file size is limited to 4MB. If your transaction numbers approach these limits, it could cause the system to lag or time out. If this happens, you may need to clear your return and start over. Then try entering the sales section totals into TurboTax, rather than entering individual sales. If you still encounter issues, you may need to switch to TurboTax Desktop to continue your return.   Troubleshooting If the steps above don't resolve your import errors, consider the following solutions, which have worked for some customers: Sign in to your brokerage account and confirm you have enabled third-party access to your account information. Change your password for your online brokerage account, then sign back in to TurboTax, and start the import process again using your new password. Double-check that you're entering the right credentials on the import screen. Depending on your institution, you could be asked to enter any combination of username and password, fund number, account number, or document ID number. Check with your brokerage to see if you need to be enrolled in online access to import. If you're using TurboTax Desktop, make sure your program is up to date. When signing in to your brokerage account from TurboTax, try entering two extra characters at the end of the password, then delete the extra characters and press enter. If your import issues are specifically related to your Schwab account, these instructions might help. Still having trouble? Bear in mind that even if you have the hard copy of your 1099-B in hand, your institution might not have it ready for import until late February or early March, sometimes even later. We'll display your institution's "ready for import" date in TurboTax.    Finally, if you're still not able to import your 1099, you can always enter it manually. Select Type it in myself and proceed. TurboTax - What if I can't import my 1099?

You can enter the taxes paid as Estimated Taxes: Where do I enter my estimated tax payments?   Yes, if you had a gain on the sale you would have to file a nonresident New York tax return.  You will also be able to claim a credit for the taxes paid to New York if your resident state Maryland taxes the same income.  See Taxes paid to another state - TurboTax Support - Intuit    

Hi,   RE: continuing tax drama above Background I ran thru TT before the 8606 form was finalized.  My wife's entire 2025 IRA contribution was non-deductible which originated this message. When the 8606 was released, there no TT prompt to review or error.  TT was ready to send Which I absentmindedly did.  I'm pretty sure I need to file an amendment. I initiated TT amend but got stumped when it only asked about re-characterizations to Roth but no option for other investments or cash.  Question What should I have done before 'hitting send?' As for TT amend, how do I move forward?    

You can do a 1099-MISC from you to them for their share. You will need to enter the full amount then enter their half on your return as negative income to reduce yours.     To  enter this income:   Go to the rentals screen under Wages & Income One to keep in mind:   Generally, if you receive a Form 1099 for amounts that actually belong to another person, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received) for each of the other owners showing the amounts allocable to each. You must also furnish a Form 1099 to each of the other owners. File the new Form 1099 with Form 1096 with the IRS Submission Processing Center for your area. On each new Form 1099, list yourself as the “payer” and the other owner as the “recipient.” On Form 1096, list yourself as the “Filer.” A spouse is not required to file a nominee return to show amounts owned by the other spouse. The nominee, not the original payer, is responsible for filing the subsequent Forms 1099 to show the amount allocable to each owner.  

I was hopeful when I saw another update was available this morning. Alas, same result as before.  I guess my rain dance needs some work *grin*.   Since all my Merrill 1099's are now available, I am officially giving up on waiting for a fix to import just the last ones (DIV, INT, and B), so I created them manually using a summary for the 1099-B in order finish my return. I have used TurboTax every year since 2004, but this may be the last time  Looks like it is time to explore other options.  Every so-called "Expert" response in this thread has completely missed the mark and repeats the same nonsense as if their answer is coming from a bot.  Where is an actual acknowledgement that they made a mistake and are working on fixing it?

DID YOU E-FILE?   Did you e-file?   Did you go through all three steps of the FILE section and click a big orange button that said “Transmit my returns now?”     When you e-file your return you will get two emails from TurboTax.  The first one will say your return has been transmitted; the second one will tell you the IRS has accepted  or rejected your federal e-file.  If you filed a state return, there will be a third email (usually a day or two later) that tells you if the state e-file was accepted or rejected.   Check your e-file status:   https://turbotax.intuit.com/tax-tools/efile-status-lookup/    What does it say in your account?  Does it show that the return was accepted?   Or does it say something else---like "rejected," "printed," or "ready to mail?”

Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.   You complete your tax return by finishing all 3 Steps in the File section. In Step 3, to e-file your tax return, you must click on the large button labeled "Transmit my returns now".   After completing the File section and e-filing your tax return you will receive two emails from TurboTax. The first email when your tax return was transmitted and the second email when the tax return has either been accepted or rejected.   Note - Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.  Only the taxpayer listed on the tax return can obtain the status of a tax refund or a tax return.   To check the status of an e-filed return, open up your desktop product or log into your TurboTax Online Account. You can find your status within the TurboTax product. If accepted by the IRS use the federal tax refund website to check the refund status - https://www.irs.gov/refunds If accepted by the state use this TurboTax support FAQ to check the state tax refund status - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_...   After the tax return has been Accepted by the IRS (meaning only that they received the return) it will be in the Processing mode until the tax refund has been Approved and then an Issue Date will be available on the IRS website.

More guidance: Make sure you're selecting the correct partner in TurboTax. Some have similar-sounding names but are separate entities. Also, some entities may use a different name for investments.   Check your transactions Make sure your transactions don’t go over TurboTax limits: Both TurboTax Online and TurboTax Desktop can support up to 10,000 of any combination of transactions and imports. TurboTax Online can support up to 4,000 non-covered transactions (items such as options or cryptocurrency that aren't reported to the IRS). The import file size is limited to 4MB. If your transaction numbers approach these limits, it could cause the system to lag or time out. If this happens, you may need to clear your return and start over. Then try entering the sales section totals into TurboTax, rather than entering individual sales. If you still encounter issues, you may need to switch to TurboTax Desktop to continue your return.   Troubleshooting If the steps above don't resolve your import errors, consider the following solutions, which have worked for some customers: Sign in to your brokerage account and confirm you have enabled third-party access to your account information. Change your password for your online brokerage account, then sign back in to TurboTax, and start the import process again using your new password. Double-check that you're entering the right credentials on the import screen. Depending on your institution, you could be asked to enter any combination of username and password, fund number, account number, or document ID number. Check with your brokerage to see if you need to be enrolled in online access to import. If you're using TurboTax Desktop, make sure your program is up to date. When signing in to your brokerage account from TurboTax, try entering two extra characters at the end of the password, then delete the extra characters and press enter. If your import issues are specifically related to your Schwab account, these instructions might help. Still having trouble? Bear in mind that even if you have the hard copy of your 1099-B in hand, your institution might not have it ready for import until late February or early March, sometimes even later. We'll display your institution's "ready for import" date in TurboTax.    Finally, if you're still not able to import your 1099, you can always enter it manually. Select Type it in myself and proceed. TurboTax - What if I can't import my 1099?