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4 weeks ago
People have been answering the Foreign Country question wrong. Starting in 2024 there is a new question this year asking if you lived in a foreign place. People have been answering it wrong or s...
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People have been answering the Foreign Country question wrong. Starting in 2024 there is a new question this year asking if you lived in a foreign place. People have been answering it wrong or skipping it. Go back through the Social Security entries. And it is for each spouse. So if you have a low amount on 1040 line 6b you might have answered wrong for 1 person. You can go back into your tax return but be very careful not to change anything. Click on Add a State to let you back into your return. You should see this screen after you enter your Social Security and hit Continue. What is checked Yes or No? Also check if you ssn is valid for employment under My Info or Personal Info. That can affect many things. Needs to be yes. Before you file your tax return you should always review and compare it line by line to the prior year to check if the amounts look right and you have the same items on each return and on the right lines. Then you would have seen 1040 line 6b had zero taxable Social Security and you could have questioned it. Especially if some was taxable last year.
4 weeks ago
Hello, I am using Turbo Tax Business 2025 desktop edition to file a 1041 for a trust. When I run an error check it says that I need to provide a detailed explanation for the amount on Foreign Tax Cre...
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Hello, I am using Turbo Tax Business 2025 desktop edition to file a 1041 for a trust. When I run an error check it says that I need to provide a detailed explanation for the amount on Foreign Tax Credit form 1116, line 3B column a. I do not know what explanation I am supposed to provide. The only activity we had in 2025 was reported on one 1099-DIV; 5550USD in box 1a, 5500USD in box 1b, from a stock in Hong Kong box 8, on which we paid 5USD foreign tax in box 7, and one 1099-INT for 1USD earned interest in box 1. The stock is not part of a mutual fund or other RIC. The amount on line 3B column a on form 1116 is 5551USD. We are not claiming any deductions, nor have anything carried over from previous years. I made two draft 1041 files, one with the Foreign Tax Paid entry which generates form 1116 and the error for an Explanation Statement, and one without the Foreign Tax Paid entry. The trust does not owe any taxes in either draft version. I read through the instructions for form 1116 and Foreign Tax Credits, it is confusing to me and isn’t as clear for trust returns as it is for personal returns, but I think we qualify for the adjustment exception which would mean we do not have to complete form 1116. On the software step by step process: on Dividend Income page I entered the data from the 1099-DIV > on Report Foreign Dividend page I entered 5500 and selected from other source > on Where are the Foreign Dividends From page I entered Hong Kong, and on Any Exemptions from Interest Dividend Income page I selected no. In the forms area I also tried to manually delete all the data from lines 3 through 6 of form 1116, but the override data feature is not active for some of the lines. What explanation do I provide, or have I made other errors that are triggering form 1116? Thanks.
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4 weeks ago
Just so I understand your answer @DaveF1006 , consider the following hypothetical: I lived half the year in Maryland and half the year in Pennsylvania. I get my Form 1099 and it says I earned $1,000 ...
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Just so I understand your answer @DaveF1006 , consider the following hypothetical: I lived half the year in Maryland and half the year in Pennsylvania. I get my Form 1099 and it says I earned $1,000 in interest on a money market fund. I look up the supplemental information from the fund sponsor, and I see that 85 percent of the interest for this fund consists of interest on U.S. government obligations in 2025. I work on my federal return, and get to the screen in TurboTax that prompts me for interest on U.S. government obligations. I multiply 85 percent times $1,000 and enter $850. When I get to my state return for Maryland, I have to figure out how much income I earned while living in Maryland. My income for Maryland totals $50,000, including $500 in interest from my money market fund. TurboTax carries over the $850 dollars I entered in the interview for my federal return and subtracts all of it from my Maryland income. So the program deducts not only the entire $500 of interest on my money market fund, but also an additional $350. My income for Pennsylvania totals another $40,000, including the remaining $500 in interest from my money market fund. When I get to my Pennsylvania return, TurboTax applies some kind of calculation and deducts some percentage (less than 100%, let's say 50%) of my interest on U.S. government obligations that works out to $425. As a result, I've now earned $1,000 of interest on my money market fund, deducted $1,275 of interest on U.S. government obligations from the two states combined, and deducted more interest on U.S. government obligations in Maryland than the total money market interest I earned in Maryland. Correct result?
4 weeks ago
It is an irrevocable trust.
4 weeks ago
I am looking to do a big Roth conversion in March while I am still living in the state of IL. IL state does not tax Roth conversions. I will be moving to MN in June or July. MN does collect MN ...
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I am looking to do a big Roth conversion in March while I am still living in the state of IL. IL state does not tax Roth conversions. I will be moving to MN in June or July. MN does collect MN state tax on Roth conversions. If I do the Roth conversion while residing in IL (but will not live in IL for the full year), and then move to MN mid-year, will I have to pay MN state tax on the conversion? Does it matter if I moved to MN in June, or if I move in July? Can TurboTax handle this, or will I have to do a bunch of manual work with the tax authorities?
4 weeks ago
Good question. It was done as SINGLE. Thanks for bringing this up!
4 weeks ago
No, your Line 2 should not be $15,000. For your second year, your form should likely look like this:
Credit for Employment during Tax Year 2025: $5,000
Unused carryover credit from Tax Year 2024:...
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No, your Line 2 should not be $15,000. For your second year, your form should likely look like this:
Credit for Employment during Tax Year 2025: $5,000
Unused carryover credit from Tax Year 2024: $0 (unless you didn't use all of last year's credit)*
Total Credit Available for Tax Year 2025: $5,000
Here is the breakdown.
The Aerospace Employee Credit is a $5,000 annual credit allowed for up to 5 years ($25,000 total over time). You don't "unlock" the future years' credits until you actually work those years.
Line 1 ($5,000): This is the credit you earned specifically for working in the aerospace sector during 2025.
Line 2 (Carryover): This line is only for credit you were eligible for in previous years (like 2024) but couldn't use because your Oklahoma tax liability was too low. Verify you used it all in 2024.
Example: If your 2024 Oklahoma tax bill was only $3,000, you would have used $3,000 of your credit and had $2,000 left over. That $2,000 is what would go on Line 2 this year.
If you were able to use the full $5,000 to offset your taxes last year, your carryover is $0.
5-Year Limit: You can claim the $5,000 on Line 1 for a total of five years. Since this is your second year, you’ll have three more years of eligibility after this. The line 2 carryover is allowed after 5 years since you tried to use it and it was carried over.
Documentation: Since you already provided your transcripts/diploma last year, you typically do not need to resubmit them for your second year unless you have changed employers.
4 weeks ago
I assume you are referring to the 6-digit email verification code some filers need when efiling. Check your email's spam/junk folder to see if the code is ending up there. If that's not the proble...
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I assume you are referring to the 6-digit email verification code some filers need when efiling. Check your email's spam/junk folder to see if the code is ending up there. If that's not the problem, you can go to your settings in your Intuit Account and may be able to verify your email address there if it's not verified. Or you can change the email address if desired (using the steps below.) Here's how: In the left menu column scroll way down to Intuit Account. Then once in the account choose tab Sign In & Security. See if your email address has a tiny link beside it that says "not verified". If so, click that to verify. Perhaps once you verify it there in the account settings, it won't ask you to verify it again when you are efiling. Or you can change the notifications email address, if desired. If you do, also verify it while you are in the account settings. If after all that, you still can't resolve your issue, here's how to reach TurboTax Support 5AM-9PM Pacific, 7 days/week. FAQ: What is the TurboTax phone number? https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632 If you use Free Edition and don't have phone support, another way to reach them if you have social media is to direct message a Support agent: https://x.com/TeamTurboTax or https://www.facebook.com/turbotax
4 weeks ago
Turbo Tax put 0 taxes on my $33000 SSI, why is that?
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4 weeks ago
The asset still needs to be disclosed
4 weeks ago
Was your Solo one done as Single or Married filing Separate? If you did it MFS check everywhere that any spouse info didn’t transfer into 2025. Not sure if it’s safe to transfer MFS into Single. ...
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Was your Solo one done as Single or Married filing Separate? If you did it MFS check everywhere that any spouse info didn’t transfer into 2025. Not sure if it’s safe to transfer MFS into Single.
4 weeks ago
Correct: You must declare your foreign private pension accounts under a subsequent question of “Foreign Financial Assets” the gain or loss but it will not change your Tax Bill until you realize/cash ...
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Correct: You must declare your foreign private pension accounts under a subsequent question of “Foreign Financial Assets” the gain or loss but it will not change your Tax Bill until you realize/cash in/start receiving the gain or loss by withdrawing.
4 weeks ago
The code is not working what do I do
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4 weeks ago
I entered vacation rental income of 6500 and expenses 20166. I thought my prorated expenses would only allow 6500 and a loss of zero. But Turbotax put real estate taxes and management fees in the c...
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I entered vacation rental income of 6500 and expenses 20166. I thought my prorated expenses would only allow 6500 and a loss of zero. But Turbotax put real estate taxes and management fees in the column c causing a loss and all the other expenses in vacation loss limitation. is this correct.
4 weeks ago
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4 weeks ago
1 Cheer
Thank you very much Roger for your effort in writing out all these steps. It was very helpful. Unfortunately, as I stated earlier, I am unable to use the desktop program because after I downloaded it...
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Thank you very much Roger for your effort in writing out all these steps. It was very helpful. Unfortunately, as I stated earlier, I am unable to use the desktop program because after I downloaded it I was told I could not install it as I do not have Windows 11. My PC does not meet the minimum requirements to get the windows 11 upgrade. I can not use Turbotax desktop, only the web version. Just some background. This is an inherited IRA (401k). I took the distribution late on March 9th and ALLIANZ provided me with a transaction statement detailing the RMD all the federal and state tax withheld. I was able to fill out and complete a substitute 1099-R as you outlined in steps 1-13. In the questionnaire I filled in "None of this distribution applied to the December 31, 2025 RMD." After that the questionnaire moves onto the statements I need provide to generate a Form 4852. After that it exits to the summary page and it is shown as completed. I click done on the summary page and then it asks me about Disaster distributions and then it ends there and moves on to the next section. No questions are asked as you outlined in steps 18-25. How do I get it to do that?
4 weeks ago
Is there any other option to finish filing and e file my taxes
if no verification receive
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4 weeks ago
I had done all the basics (updtodateTT, restarted, uptodate OS, red items next to Forms). I didn't know the trick to save the corrupted file (well, I didn't figure on corruption) to a different name...
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I had done all the basics (updtodateTT, restarted, uptodate OS, red items next to Forms). I didn't know the trick to save the corrupted file (well, I didn't figure on corruption) to a different name and then deleted all imports to start again. Here's where I initially went wrong due to confusing message of: Connection established Please verify the security information below so we can successfully import your data into TurboTax. Because there is nothing on the page to say "I verify", I downloaded the imports several times and went round and round with "Log in to Whatever so that Whatever is OK'd by Intuit", or something to that effect. This time, I imported once, closed the browser, and noted that the imports had succeeded without any verification on my part. I think I'm on my way. The file is now showing that my percentage tax of my taxable income is at least in the ballpark. Thank you Mr. Mike, Sharon
4 weeks ago
Thank you and my apologies as I was traveling for 12 days and just got back. I understand your explanation. Guess where I messed up (since I already submitted) was that I ALSO added the same $$...
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Thank you and my apologies as I was traveling for 12 days and just got back. I understand your explanation. Guess where I messed up (since I already submitted) was that I ALSO added the same $$ in the HSA section on the deduction section (AND I just reviewed 2024 and did it there too!). So, I plan to amend 2024 tomorrow, and then wait until my taxes for 2025 are deducted ( scheduled for 4/10) and then I will amend 2025. I think I got it right..... at an expense.
