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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. 

Your post shows you are using the TurboTax online web-based editions and not the TurboTax desktop editions installed on a personal computer.   The TurboTax Deluxe online editions has never supported entry of an investment sale or a Form 1099-B.  That is only supported using the Premium online edition.   The TurboTax Deluxe desktop edition does support entry of an investment sale and supports Form 1099-B.

$500,000. Even though you only physically received $400,000, the IRS considers the $100,000 withheld for taxes to be part of your distribution. If you only deposit $400,000, the IRS will treat the remaining $100,000 as a permanent withdrawal. You'll be able to get the $100,000 back as a tax refund (assuming you were not underpaid for unrelated income).

Check line 13b of your 1040 tax return. It should be included there.   The $6,000 deduction is based on your date of birth in My Info   You will only see the Standard or Itemized deduction on ‌line 12e of your tax return. However, the Senior Deduction is reflected on line 13b . It is reflected on Schedule 1A, Part V, Line 37 There's a $6,000 deduction for individuals older than 65, and a $12,000 deduction would apply to couples who qualify.  This deduction may be limited by other income that you received.  

In your tax return viewable PDF copy, search for a form titled Schedule 1-A Additional Deductions. The total on Schedule 1-A Line 37 is your enhanced senior deduction for the year. The sum of these additional deductions (on Line 38) should flow to Line 13b on your federal Form 1040-SR (not the standard deduction).   To see or print a PDF of your tax return, select your product and follow the instructions.   TurboTax Online Open or continue your return. Select Continue or Start on Tax Home to enter your return. Select Tax Tools from the menu. Select Print Center, choose Print, save, or preview this year's return, and follow the instructions. If you haven't yet paid your TurboTax Online fee (or registered, if you're using a free version), you'll need to do so before you can save the PDF. TurboTax Desktop Open or continue your return. Select File. Select Print/Save for Your Records. Choose to either Save As PDF or Preview Print Copy. See also: 2025 IRS Form 1040 instructions, What's New