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If not withdraw you owe no tax on it. Contact the new fiduciary for advice about directly transferring your 401-K from the old company. 
It depends.    Medical expenses include the premiums you pay for insurance that covers the expenses of medical care and the amounts you pay for transportation to get medical care. Medical expense... See more...
It depends.    Medical expenses include the premiums you pay for insurance that covers the expenses of medical care and the amounts you pay for transportation to get medical care. Medical expenses also include amounts paid for qualified long-term care services and limited amounts paid for any qualified long-term care insurance contract. See IRS Publication 502 for more information.   A qualified long-term care insurance contract is an insurance contract that provides only coverage of qualified long-term care services. The contract must:   Be guaranteed renewable; Not provide for a cash surrender value or other money that can be paid, assigned, pledged, or borrowed; Provide that refunds, other than refunds on the death of the insured or complete surrender or cancellation of the contract, and dividends under the contract must be used only to reduce future premiums or increase future benefits; and Generally not pay or reimburse expenses incurred for services or items that would be reimbursed under Medicare, except where Medicare is a secondary payer, or the contract makes per diem or other periodic payments without regard to expenses.   You can’t deduct payments for a qualified long-term care insurance contract for any month in which you were eligible to participate in a long-term care insurance plan subsidized by your employer or your spouse’s employer.   You can't deduct long-term care insurance if you elected to pay these premiums with tax-free distributions from a retirement plan and these distributions would otherwise have been included in income.   If the cost of the LTC rider is deducted from the cash value of the life insurance policy you cannot deduct the premiums as a medical expense.     If you have a whole life insurance policy, you can take the position that the cost of the LTC rider is eligible for a deduction as a medical expense, if the LTC rider charges on whole life policies are taken before premium dollars are placed in the cash value account.    Life insurance premiums are not deductible, so the deduction should be for only the costs of the LTC rider and only if paid directly and not taken from the cash value of the life insurance.    
All you need to do with the form GA-8453 is keep a copy with your 2025 tax records - that's it.  
Yes. You would enter the amount that you should have taken by December 31, 2025 because otherwise, TurboTax will think your total RMD is less than the required amount.   When you reach the screen... See more...
Yes. You would enter the amount that you should have taken by December 31, 2025 because otherwise, TurboTax will think your total RMD is less than the required amount.   When you reach the screen that asks you how much of the RMD you took, enter the actual amount of RMD you received in 2025. Do not include the amount you took in 2026. That will be reported on your 2026 return.   Because you turned 73 in 2025, you have a grace period of April 1, 2026 to take your RMD. Since you took it in January, you complied with the requirement and there should be no penalties.
You are correct - you should separate out each asset in the sale.  While improvements (if any were being depreciated) and the house are depreciable, the land is not depreciable and will need to be co... See more...
You are correct - you should separate out each asset in the sale.  While improvements (if any were being depreciated) and the house are depreciable, the land is not depreciable and will need to be considered separately as it will not be subject to recapture of the depreciation.  When entering the sales information for the property, TurboTax will guide you on the entries for the house, land, and improvements (if applicable).
Bingo!!  Thank you!!
Let's figure this out. Since you know the housing credit is nonrefundable and can only reduce taxes  you should be seeing it.  You mention past use, you are aware that you have to enter the c... See more...
Let's figure this out. Since you know the housing credit is nonrefundable and can only reduce taxes  you should be seeing it.  You mention past use, you are aware that you have to enter the credit approval number and the amount to apply to your taxes. You must upload Form RPD- 41301 and your MFA voucher. Without those, the program thinks you are not qualified for the credit. You can always double check Sch PIT_CR. If the credit is on line 1 but not 21, your tax liability is too low to use it.
For the sale of rental property, I am having the same issues as the previous users.  I have tried entering 1 day for rental and 0 for personal use.  However, I never get fields for entering the sale ... See more...
For the sale of rental property, I am having the same issues as the previous users.  I have tried entering 1 day for rental and 0 for personal use.  However, I never get fields for entering the sale information and anything else to close the asset as sold.  
I have noticed the same issue. Not sure what's going on. The documents are available online at Chase's website.
I have been doing this online. And I have deleted the form and ran thru it again. For that particular form it is only supposed to pull in the 5 digit zip code and it is not. It’s pulling in the last ... See more...
I have been doing this online. And I have deleted the form and ran thru it again. For that particular form it is only supposed to pull in the 5 digit zip code and it is not. It’s pulling in the last digit then a hyphen and the + 4 digits.  Are you saying that you tried this with the online version? And it pulled in the complete zip code with the plus 4???
My Husband worked at company A for almost a decade, he left company, but they did not release his 401k until last year & it has not yet been rolled over into his new companies 401k or into a Roth. Es... See more...
My Husband worked at company A for almost a decade, he left company, but they did not release his 401k until last year & it has not yet been rolled over into his new companies 401k or into a Roth. Essentially it kept growing, until last year when they sent him a letter telling him that they were not holding on to it anymore. It has not been dispensed but is currently in a limbo state because he was told he needed to meet with a financial advisor before it should be taken care of.  any thoughts on this would be great because I can't seem to find any information on it, or if I need to report it in our taxes for 2025. Thank you
If the payments you make for your dental insurance is not included on your 1099-R Box 5, you can enter that amount under  Deductions & Credits Medical Medical Expenses   START or UPDATE ... See more...
If the payments you make for your dental insurance is not included on your 1099-R Box 5, you can enter that amount under  Deductions & Credits Medical Medical Expenses   START or UPDATE   Additionally, if this is a CSA 1099-R, you can go to their website and find the totals you paid for 2025. This is the same website you needed to go to print the CSA 1099-R. 
No.  A QCD made in 2026 goes only on your 2026 tax return.  You are not permitted to apply to your 2025 taxes any kind of charitable contribution made in 2026.  The deadline for making any kind of ch... See more...
No.  A QCD made in 2026 goes only on your 2026 tax return.  You are not permitted to apply to your 2025 taxes any kind of charitable contribution made in 2026.  The deadline for making any kind of charitable contribution for a particular year is December 31 of that year.
@mmagan Same place you used when you entered your winnings---you just have to keep going through those screens after winnings are entered.       Go to Federal>Wages & Income>Less Common Incom... See more...
@mmagan Same place you used when you entered your winnings---you just have to keep going through those screens after winnings are entered.       Go to Federal>Wages & Income>Less Common Income>Gambling Winnings You can enter your winnings, and then keep clicking through the interview to enter gambling losses.
That sounds like as good a workaround as the one I used, where I went into the forms view and changed numbers for my two accounts.  But it shouldn't take hours of scratching my head to figure out why... See more...
That sounds like as good a workaround as the one I used, where I went into the forms view and changed numbers for my two accounts.  But it shouldn't take hours of scratching my head to figure out why TurboTax is saying I owe a penalty for not taking my entire RMD when I know I did take it.   I don't see why TurboTax can't compute the RMD I owe -- It knows my birthday and how much I had in my IRAs at the end of last year. (That's in the 1099Rs) But if there is a reason it can't calculate my RMD, then it should just say so and ask, "What is your RMD?" with an explanation that the RMD is based on your total Trad and Rollover IRA assets and the IRS's life expectancy tables.   I emphasized the word "total" above because I think the source of the confusion here is that TurboTax talks about a RMD for each Trad/Rollover IRA account, when, in reality, there is only one RMD for all your accounts.  (Of course, if you are filing jointly, you and your spouse each have your own RMD.)  
Since box 2(b) is checked, meaning the pension administrator has not determined the taxability of the distribution, it is up to you to make that determination. There is no requirement that you docume... See more...
Since box 2(b) is checked, meaning the pension administrator has not determined the taxability of the distribution, it is up to you to make that determination. There is no requirement that you document the reason for that determination on your tax return, so entering the taxable amount in box 2(a) is allowed without further entries.  You just need to keep supporting documentation in your files in case of an audit.   You can review this TurboTax article to learn more.
It might well be a recommendation, but it explicitly says "requires." I quoted it precisely in my earlier reply.
I have spent 3 hours on the phone with Turbo Tax because I am unable to download 1099s from my brokers, Schwab and DA Davidson. Both are partners, the 1099s are available for download and I have upda... See more...
I have spent 3 hours on the phone with Turbo Tax because I am unable to download 1099s from my brokers, Schwab and DA Davidson. Both are partners, the 1099s are available for download and I have updated Turbo Tax Premier. Turbo Tax's solution is to manually import the information!!! Turbo Tax needs to correct this problem or refund the cost of the program. The reason people use Premier is because of the availability (except this year) to download data.