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No.   TurboTax does not have your W-2's.    Even if you snapped a photo or imported the W-2's, TurboTax does not retain copies or images of the W-2.   Only the information you entered is saved on the... See more...
No.   TurboTax does not have your W-2's.    Even if you snapped a photo or imported the W-2's, TurboTax does not retain copies or images of the W-2.   Only the information you entered is saved on the worksheets which are part of the pdf of the saved return.   If you need an actual copy of a W-2 contact the employer for another one.
A SEP IRA is not the same as a Traditional IRA, in that a SEP contribution should be entered as a business expense.   Here is more information on how to enter your SEP contribution in TurboTax, W... See more...
A SEP IRA is not the same as a Traditional IRA, in that a SEP contribution should be entered as a business expense.   Here is more information on how to enter your SEP contribution in TurboTax, Where do I enter my SEP IRA contributions?   Note that you will need to enter your SEP contribution information after you have entered your business income information.   Once you have entered your SEP contribution, TurboTax will alert you about the excess contribution, as well as the total to withdraw.   The next step is to report the distribution for this excess contribution using a mock Form 1099-R. This will be reported as personal income.   Go to Wages & Income, Retirement Plans and Social Security (1099-R), then Start Enter your 1099-R details, with the gross distribution in Box 1 and the earnings in Box 2a Select Code 8 for Box 7 Check the IRA/SIMPLE/SEP box Where is your distribution from?, Select last circle "Pension...None of the above", then Continue Check the, "This is for a SEP IRA" box, then Continue Enter information about the value of your IRA, then Continue   When your Form 1099-R arrives in 2026, it should be coded with a P in Box 7, which will reflect the above and you will not need to report it.   Learn more by reading, SEP plan Fix-it Guide - Contributions to the SEP-IRA exceeded the maximum legal limits
Perhaps.   Oklahoma provides a $10,000 subtraction for many forms of pension distribution and retirement income.  This appears to apply to some forms of disability income.   Review the Oklaho... See more...
Perhaps.   Oklahoma provides a $10,000 subtraction for many forms of pension distribution and retirement income.  This appears to apply to some forms of disability income.   Review the Oklahoma Resident Individual Income Tax Forms and Instructions, pages 17 and 18.   In addition, review @DawnC's TurboTax Best Answer here.
To enter last year's refund you applied to this year. Federal (Personal for Home & Business) Deductions and Credits Then scroll way down to Estimates and Other Taxes Paid Other Income Taxes - Cli... See more...
To enter last year's refund you applied to this year. Federal (Personal for Home & Business) Deductions and Credits Then scroll way down to Estimates and Other Taxes Paid Other Income Taxes - Click the Start or Revisit   Next page scroll down to 2024 Refund Applied to 2025 Click Start or Update by the tax you applied   Then for state, you need to click on the state tab and go through state again for it to update.
If you enter a 1099-Q the program is looking for income to tax. The question becomes, is there a taxable distribution or did all of it go to qualified expenses like room and board along with educatio... See more...
If you enter a 1099-Q the program is looking for income to tax. The question becomes, is there a taxable distribution or did all of it go to qualified expenses like room and board along with educational expenses? If it is not taxable: IRS Publication 970, Tax Benefits for Education states: If the entire 1099-Q went to qualified expenses, room and board, tuition, etc then you do not need to enter the form. Tuition paid for the first 3 months of the next year also qualify, see page 12, What Expenses Qualify, and page 52 for qualified distributions. If it is taxable, you should enter the form. You will need to enter the qualified expenses. Be sure to select that you had expenses other  than tuition - if you covered room and board. 
If your dependent was a full-time college student, make sure you were careful on the MY INFO screen for “Uncommon situations” and that you indicated there that they were a student.
If the 1099-DIV was submitted to the IRS, you cannot just cancel the transmission.  Check the status of the submission- if it has transmitted or accepted it is too late and you must file the correcte... See more...
If the 1099-DIV was submitted to the IRS, you cannot just cancel the transmission.  Check the status of the submission- if it has transmitted or accepted it is too late and you must file the corrected form.  Try entering .01 and it will be rounded down to zero.  
I understand that the T in box 7 is probably what is causing the Roth IRA withdrawal to be added to taxable income on the New Jersey return.  The reason I still believe there is a problem with the so... See more...
I understand that the T in box 7 is probably what is causing the Roth IRA withdrawal to be added to taxable income on the New Jersey return.  The reason I still believe there is a problem with the software is this.  I had the exact same situation last year, 2024.  I took a Roth IRA withdrawal in 2024 and there was a T in box 7.  Turbo Tax asks how long we have had a Roth IRA open.  I answered more than 5 years.  That is why I believe that Turbo Tax correctly did not add the Roth IRA withdrawal to my New Jersey taxable income in 2024.  However, it is adding it this year.  Same situation, same answers to the Turbo Tax questions.  So, if this cannot be fixed in Turbo Tax, that raises a couple questions.  Can I submit the Federal return without submitting the state return?  Or, can I enter a value in the state return taxable income field to override the value that Turbo Tax has entered?  Thanks.
The update to fix this issue should be processed by tomorrow, February 12th.  Please log in on Friday to check and make certain that all updates have been applied.
she is 19, citizen, full time student, made less than $5050, and lives with me more than half the year
I have a 401K loan from a previous employer. The loan is considered a qualified loan offset as I left my company in 2025. The 1099R I received from my previous 401K shows code 1M and it shows the rem... See more...
I have a 401K loan from a previous employer. The loan is considered a qualified loan offset as I left my company in 2025. The 1099R I received from my previous 401K shows code 1M and it shows the remaining loan amount and taxable amount (same as remaining loan amount). I could not pay off the loan in the 90 days required. So I've been saving money to roll in to an IRA so I can avoid taxation and penalty. Now that I have the loan amount can I roll it in to an IRA before April 15th 2026 to avoid taxes/penalties?  How do I show this on my W4 as the amount is being put in an IRA in 2026. I'm slightly confused on the information out there, some say I had 60 days but others say since its a qualified loan offset I have until tax deadline of the following year (meaning 2026).
On an S Corporation, your accumulated depreciation is listed on line 10(b) of Schedule L, which is on page 3 of Form 1120-S. You can add the section 179 depreciation to the book accumulated depreciat... See more...
On an S Corporation, your accumulated depreciation is listed on line 10(b) of Schedule L, which is on page 3 of Form 1120-S. You can add the section 179 depreciation to the book accumulated depreciation listed there and manually enter the new number on that line and that should bring everything into balance. You use the Forms menu option to bring up the form.