All Posts

Thank you. I do not feel comfortable deleting the vehichle as it has all the history and is protected for four years. The vehicle was sold on Dec 17 so it was 4 years, or does because it was used in 21,22,23,24,25 (sold on dec 17) that counts as 5 years and can be 0?   I have tried to find the override, but doesnt that invalidate the protection? Both of these solutions seem to put me in harms way and how am I supposed to do that?   Is there any other way?

If your Grant was used to reduce the cost of your home purchase, it can be considered to lower your cost basis in the house rather than be reported as current income in the year it was granted, as other users in this thread had noted years ago.   Bank of America's website states "Down Payment Grant program may be considered taxable income, a 1099-MISC will be issued, consult with your tax advisor".   Always respond promptly and directly to an IRS Notice. If you file an amended return in response to a notice but don't directly notify the sender of the Notice, they may not get the information in time to stop the next step in the correspondence audit process. In addition, the agency is currently understaffed, which adds to the delays on their side.   Follow the instructions in the Notice to respond to it as soon as possible.   @ldiaz92   

You will enter as an Investment.  The IRS treats precious metal are as Collectibles, so they do not get a favorable capital gain tax treatment.  See Precious Metals and Stones, Stamps, and Coins.   To enter PRECIOUS METALS as investment sales in TurboTax Premier desktop:   Under FEDERAL TAXES tab,  Wages& Income, select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) under Investments and Savings. Did you have investment income in 2025? YES On the Let's finish pulling in your investment income- click on the Add Investment button On the Let Us Enter Your Bank and Brokerage Tax Documents, click on Skip Import OK, let's start with one investment type- choose Other then Continue On the “Tell us more about this sale  Precious Metals” Continue Now, enter one sale for PRECIOUS METALS  (using Collectible under What type of investment did you sell?)   To enter PRECIOUS METALS as investment sales in TurboTax Premium online:   From the Federal section, under Wages & Income, Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B, 1099-DA) under Investments and Savings On the Let’s finish pulling in your investment income page, click on Add investments. On the Save time and connect your financial accounts click on Enter a different way On the “How do you want to add your docs?” click on Type it in myself On the OK, let's start with one investment type, click on Other and Continue On the Tell us more about this sale, type Precious Metals On the Now enter one sale for Precious Metals, complete the information using Collectible under What type of investment did you sell?    

The TurboTax Free online edition is for very simple tax returns that do not require any other form or schedule other than the Form 1040.  If your tax data requires entry on any other form or schedule then you must upgrade to the Deluxe edition or higher.   The Deluxe online edition is $49.  Adding a state tax return is an additional $39.   The TurboTax account fees are not based on the amount of the tax refund or the amount of taxes owed.

The senior deduction is an additional deduction, but it is not included with your standard or itemized deductions. It's calculated on Schedule 1-A, and the amount, along with any others on that schedule flows to line 13b of your 1040   The QBID deduction is also not included in either your standard or itemized deductions. It's computed on Form 8995 and flows to line 13a of the 1040

To handle this solo 401(k) withdrawal where you control the bank account, you will need to issue a Form 1099-R yourself.     As the Plan Administrator, your business (or the Trust) is the "Payer," and you are the "Recipient".     You will need Form 1099-R to report the distribution, as well as Form 1096, which is the summary transmittal form used when mailing paper forms to the IRS.     Use the name and EIN of your Solo 401(k) Trust (not your personal SSN or your business EIN), as the Payer.     Use your personal name, address, and SSN, as the Recipient.     Distribution Codes for Box 7:   Code 7: If you are over age 59½ (Normal distribution).   Code 1: If you are under age 59½ (Early distribution, likely subject to a 10% penalty).   Code G: If you rolled the money over to an IRA or another 401(k)     Here is a helpful link to What do all the codes in Box 7 of the 1099-R mean?   To obtain the above Forms, you will need to either go to an online service, or download them directly from the IRS.  

I have the same issue.  2025 is the first year I rolled my son's 529 into a new ROTH account for him.  Initially TT hit me with tax on the earnings.  Like others, Chat GPT (to my amazement) was helpful in letting me hammer the 1040 and worksheets into submission.    IMO, the TT interview section for 529 distributions is not complete.  It is lacking in two areas (that I discovered): 1. Roth rollovers and 2. Room and board for live-with-parents college students where the parents take a distribution for the school-approved amount of support.    With CHATGPT help, I was able to zero the tax on both distributions by going directly into the forms and forcing values [which feels a lot like doing my own taxes on paper].  When I run the "end of return" error check, I am getting an error on the 'X' in the 1099-Q box indicating the 529-to-Roth rollover.  It turns that 'X' "red", and then if you read the error's explanation text, it tells you that TT is not done writing the Roth/529 rollover section and suggests you update the software and keep coming back for updates.  My question is simple - Intuit, when will you finish the 529 interview sections (especially for 529 rollovers)?  I am unclear if I can proceed with an error message.  Can I e-file with an error?  I don't think this 529 rollover tax code is that new, so why the delay?

For state taxes, only the state will know why they have not yet issued a refund. They may have your return under review or they may have taken it for a prior debt. You will need to contact your state department. See How do I contact my state Department of Revenue?

@17718850368 The Energy Efficient Home Improvement Credit for a central air conditioner is limited to $600. Form 5695 instructions page 3 - https://www.irs.gov/pub/irs-pdf/i5695.pdf#page=3   The credit from the Form 5695 Line 32 flows to Schedule 3 Line 5b.  The amount from Schedule 3 Line 8 flows to the Form 1040 Line 20.  

If you would like to downgrade in your TurboTax program, you can follow these steps to downgrade to a different TurboTax Online product: Open your return  In the left menu, select Switch Products.  Select Downgrade. If you wish to cancel your return, while you can not cancel a pending e-filed return; if you have not e-filed yet, and you do not want to finish your return in TurboTax, you can simply stop, sign out, and leave it unfiled.  Any unfinished returns that have not been filed are eventually purged from the system.   If you are using TurboTax Online and if you have not paid yet, or registered or filed your return, you can use the "Clear & Start Over" feature ‌to delete your data as follows: Click on "Tax Tools" in the left panel of your TurboTax screen and then   Click on "Tools" and then  Select "Clear & Start Over"   You can review your fees using the instructions below to find out why you're being charged. You can follow the instructions in this article to remove any  unwanted Fees Why am I being charged for TurboTax Free Edition?   You can review your fees in TurboTax online as follows: Go to the left side on your screen under "Tax Home" Go to "Tax Tools" then "Tools" The "Tools Center" Box will pop up Click on "My Fees" to see a summary of your Turbo Tax Fees.   Click here for How do I downgrade to a different TurboTax Online product? Click here for Can I cancel or amend a pending return?   If you have additional information or questions regarding this, please return to Community and we would be glad to help.    

Si la declaración ya fue enviada no te será permitido hacer cambio alguno. Debes esperar que el IRS la acepte o la rechace.   Si el IRS la rechaza, puedes corregir la información. En caso de que el IRS la haya aceptado, podrás hacer una enmienda.    De todos modos, no te preocupes, ya que generalmente si no incluyes el alquiler, eso no cambia tu declaración federal, porque los pagos de renta no se pueden deducir ante el IRS.