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You will likely receive a Form 1099-R reporting the payment from your broker as a distribution from your retirement account. If so, you should report it in the Wages and Income section of TurboTax, then Retirement Plans and Social Security, then IRA, 401-K, Pension Plans Withdrawals (1099-R).  We would need to know what distribution code is in box 7 to give you further guidance, if you could clarify that we can help you further. 

Hi, I have a TY2025 question regarding NJ ANCHOR and Senior Freeze payments received in TY2025 for TY2024, that I can't seem to get answered looking at the Ruling Mentioned in this post. I am considering just adding $1,750 ANCHOR and $1,110 Freeze($2,860) to 2025 Income, but wanted to see how much actually paying in extra tax. If I read the Pub and also the Pop Up Notes in TT2025 on Recovery section, I tried to 'iterate' on TT 2024 program Refund Monitor to figure just how much of the refunds affected 2024 Taxes. I simulated that the Property Tax Deduction, due to the refunds, would have been $8,708 ($11,568(Sched A actual)-$2,860=$8,708) So is it correct that only $1,292 of the $2,860 would have affected my taxes due to the SALT Limit of $10,000 ($10,000-$8,708=$1,292)? For completeness Total TY2024 Sched A Itemized was $31,393, TY2024 Standard Deduction was $16,550). If correct, only would report $1,292 under Tax Benefit Rule as Recovery for TY2024 Real Estate.

Thank you for your response.  I have a couple of questions still.   The first is that it seems like Publication 536 no longer exists and has been replaced with Form 172.      The second dilemma I am having is that when I follow the instructions that you posted, it takes the modified NOL carryforward I am using and then applies that to my personal income.   I am using a NOL carryforward for an S corp K1 which is passive income.   TurboTax is still using the full amount of the NOL Carryforward for the S Corp, along with erroneously taking the NOL I put in against my personal income.     

If you are trying to amend through TurboTax but your taxes were filed through another preparer, you would have to redo your original return in TurboTax, making sure it is identical to what you sent to the IRS.  After you do that, select print and mail you return, then go back and select Amend Your Return.  This will set your numbers to $0.    Be sure before you amend your return that the original return is fully processed.  It is possible that some errors will be caught by the IRS during processing which is why it is recommended to wait until your return has been processed.   

Line 2a is tax-exempt interest income.      What are you adding up?   Line 5a is your total pension income and 5b is the taxable portion.   So, the difference between 5a and 5b is the federally non-taxable portion of pension income.    Same with 6a and 6b.   6a is the total social security income you received and 6b is the taxable portion, making the difference your federally non-taxable portion social security income.  

Hi there,   I have a similar issue in 2024, overfunded HSA by $267 due to an employer change.  I contacted Fidelity and they said they cannot refund an excess contribution from 2024 and can only do for 2025 or 2026.  They said talk to my tax advisor to fix?   I know it is only $16 a year, but I don't want to carry this forward forever.    Multiple people must have provided feedback about this in Turbotax as I noticed the wording has now changed in the 2024 & 2025 desktop version to request the excess is returned.  Thanks for helping us going forward, however any advice on what I can do this year to fix?   Thanks! Kelly   Any advice?  

OK, you have entered something (who knows what) that is telling TurboTax that you have an HSA. Please humor me, and go through the updated HSA Reset (below).   The only time this fails to snag all HSA data is if you have a 1099-R and you did a direct trustee to trustee transfer of a HFD (HSA Funding Distribution). This is so rare, however, that I don't include it in the usual list.   Also, please tell me why you think that TurboTax thinks that you have an HSA. Did TurboTax say so in so many words?   @eegram0    HSA RESET ***Reset***   1. make a copy of your W-2(s) (if you don't have the paper copies) 2. delete your W-2(s) (use the garbage can icon next to the W-2(s) on the Income screen)   *** Desktop/Windows***   3. Go to the upper right and click on Forms, and  4. Select the desired form(s) (1099-SA (if one), 8889-T, and 8889-S (if one)). Note the Delete Form button at the bottom of the form’s screen.   *** Desktop/Mac***   3. Switch to Forms Mode by selecting the Forms icon. 4. From the menu, select the form(s) (1099-SA (if one), 8889-T, and 8889-S (if one)) you want to remove (if you don't see it, select Open Form at the top). From the Forms menu, select Remove [form name].   *** Online ***   3. go to Tax Tools (on the left), and navigate to Tools->Delete a form  4. delete form(s) 1099-SA (if one), 8889-T, and 8889-S (if one)   5. go back and re-add your W-2(s), preferably adding them manually 6. go back and continue with your return.

If you know what your Cost Basis is for your shares (Exercise Price + Discount), delete your 1099-B (especially if imported), and re-enter it as a regular stock sale.  Check the box to 'adjust cost basis' and enter the correct basis amount.   @mowzy