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I have the same situation - in February of this year returning excess contributions and earnings for contributions made in 2025. A few questions: Is the code for box 7 really P,J and not 8,J? The code for P references excess contributions and earnings taxable in 2024 or a prior year. My excess contributions and earnings are from 2025. After I added the 1099-R using code 8,J I'm presented with a screen that says, based on contents of box 7 on the 1099-R I will need to pay extra taxes, the most common reason for withdrawing funds before reaching retirement age. I'm 66, so why am I being assessed this penalty? Lastly, regarding your point #12, I don't see any field to enter a year on the 1099-R.  Thank you,  

I provided the shortcut method above to go directly to the estimated taxes entry section.   If you want to use regular navigation, here's how.  So between the 2 methods, you should be able to use one or both of them.   EDITED 3/30/2026 at 2:45 PM Pacific.   The menu appearance has changed in a product update.  There is now an additional step when using this navigation method.  The paragraph below now includes the updated navigation.   When you click in the left column tab for Deductions & Credits, in the dropdown menu choose the subtab Deductions & Credits Summary.  It should then take you to a page called "Your Tax Breaks".  (The Summary and "Your Tax Breaks" page are the same page.)   That shows the "Tax Breaks", i.e., deductions, that someone has already worked on this year or that TurboTax is expecting from what was entered last year.   Lower on that same screen should be a button or link for "Add more tax breaks" or "Show more tax breaks" or similar wording.   When clicked, then the screen should expand, and all the deduction topics are displayed including "Estimates and Other Taxes Paid."  Then that topic can be expanded further to get the subtopic Estimated Tax Payments.

Here's a tool that should get you directly to the estimated tax payments section.  I've also provided an alternate navigation method in a comment that follows this one.   With the return open, go to the left menu column and click on TAX TOOLS, then the subtab TOOLS. In the Tools Center choose the blue button Topic Search. In the topic search line enter the phrase estimated tax payments without quotes. Make the selection in the list (it may already be highlighted), and either double-click it or click the GO button. Next screen is Estimates and Other Income Taxes Paid. Use the subtopic Estimated Tax Payments. Choose the appropriate category and tax year you are reporting (Federal, state, local) and click START or Revisit. NOTE:  Before filing, make sure your Federal estimated tax payments correctly show on the Form 1040, Line 26, and that any state estimated tax payments (if applicable) show up on your state return.

Appreciate all the helpful details, its been painful digesting all the new terms (and I went to school for accounting, but am not a CPA).   I am also a victim of a ponzi scheme not to dissimilar from what @madmanc20 detailed. Additional context: Discovery year: 2025 News articles and SEC report its a ponzi-scheme: yes We received dividend payments monthly based on the investment amount, for 2 years prior to the discovery year. Then during the discovery year, received monthly dividends through May 2025.   (1) My first question is what to do with the dividend payments received in 2025? Is this income? Is this capital gains like I reported in prior years? Is this recoveries? I received no tax forms reporting the money, the only record I have that I received is my bank statement. Do I need to reduce the deductible loss theft by the 2025 dividends?   (2) Then just to confirm - I put this amount from form 4684 on Schedule A line 15 "Casualty and Theft Losses" because that isn't on line 18 from form 4684 which is what Schedule A specifically says. Also I will definitely have greater total itemized deductions than my AGI, so it sounds like I need to figure out the NOL? Is that completely separate from Schedule A or compatible? Would I fill out both?   Thanks all!

I wish there were. For the last three years my taxes have been failed to electronically send with Turbo Tax. This year I tried the IRS Online Free E-file and it sent and was recieved on the first try. Turbo tax refused to refund me. Im no longer using our supporting turbo tax. It's Complete junk. I was even less impressed when they refused to give me a refund. So far I've found every forum for turbo tax and reported my experience and left the link to the free online efile through the IRS. it's faster and free anyway.    Dear Turbo Tax, your product sucks and so does your customer service. I'f I prevent even one person from using your product, I have done my duty. 

No. The mortgage‑interest limit is not per person. It applies per residence, regardless of how many owners there are or whether they are married. That means two unmarried people do NOT each get a separate $750,000 limit. They must share one combined limit for the same property.   Even though the limit is shared, each co‑owner can deduct only the interest they actually paid, and only up to their share of the allowable mortgage limit. For example:   Two unmarried people jointly own a home with a $900,000 mortgage. The allowable limit is $750,000 total, not $750,000 × 2. Each owner applies the limit proportionally to their share of the debt and the interest they paid. Here is the key language from Publication 936 (2025) in the reminder section in the opening paragraph of the publication. “You can deduct home mortgage interest on the first $750,000 ($375,000 if married filing separately) of indebtedness.” There is no section in Publication 936 that says unmarried co‑owners each get their own $750,000 limit. There is no section that says the limit is per taxpayer. There is no section that allows doubling the limit for two unmarried owners.    

Your answer solved it. On the FT website I wasn't able find that you enter the account # w/o the fund #, and you must use the dashes when entering SS#. No one @FT seemed to have that info either, thank you!

You may have gotten this message because there is a typo in your "My Info" section of TurboTax for you or your spouse's Social Security Number. It may also indicate that a tax return was already filed using your Social Security number.    To fix this, first, you should verify the Social Security number(s) on your W-2(s) matches your Social Security number(s) in your personal info section. You can delete and re-enter the numbers to make sure they are correct. Also, make sure you have not mistakenly used a dependent's Social Security number for yourself or your spouse.   If the issue persists, try deleting and re-entering your Forms W-2 or 1099. I have included instructions below. If the Social Security numbers are correct but still rejected, the IRS may have a system error, and you will need to print, sign, and mail your return.   If the error message states the SSN has already been used, someone else may have filed a return using your SSN, which also requires filing a paper return.  How do I file my return by mail? To delete a Form W-2 (1099-R) if you used TurboTax Online you can: Click on "Tax Tools" in the left panel of your TurboTax screen Select  "Tools" Click on "Delete a Form" Scroll down the list of your forms to find your Form W2/1099-R Click on the trash can to the right of your form to delete it To delete a Form W-2/1099-R if you used TurboTax Desktop, you can: Click on "Forms" in the top right of your TurboTax screen to switch to "Forms Mode" In your left panel of your TurboTax screen find Form W-2/1099-R Click on "Delete Form" at the bottom of the form Click on "Yes" to confirm the deletion Then go back to your W-2 entry screens and re-enter your W-2/1099-R information. You can get to the screens in TurboTax to enter your Form(s) W-2/1099-R as follows:  Click on "Search" in the top right of your TurboTax screen. Type "W-2" or "1099-R" in the search bar. Click on the link "Jump to W-2" or "Jump to 1099-R" Continue through your TurboTax screens to manually enter your Form W-2 or Form 1099-R   Click here for How do I manually enter my W-2?   Click here for Where do I enter my 1099-R?   Click here for "How Do I View and Delete Forms in TurboTax Online?"   Click here for "How do I delete a tax form in TurboTax Desktop?" If you have additional information or questions regarding this, please return to Community and we would be glad to help.