All Posts

just to be clear on language it's a "conversion" to Roth not a rollover you mentioned in the body of your message, which affects you answer the questions after the 1099-R input, be sure to identify it as a Roth conversion.   if Part 1 Line 1 is blank that means you didn't input the non-deductible contribution, check through those questions again   not sure which support pages you are referencing but here is the help page for backdoor Roth https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-backdoor-roth-ira-conversion/L7gGPjKVY_US_en_US

IDENTITY PIN   https://www.irs.gov/identity-theft-fraud-scams/retrieve-your-ip-pin   If you have a 6 digit PIN issued to you by the IRS you need to enter it in order to e-file.  Go to Federal>Other Tax Situations>Other Return Info>Identity Protection PIN and enter the six-digit PIN.

@rdkregel  For a capital loss carryover - Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Under Investment Income On Capital Loss Carryover, click the start or update button

Typically, a distribution or withdrawal from an inherited non-qualified annuity is not subject to the 10% penalty, regardless of whether the beneficiary is aged 59 1/2 or not.   However, while the principal amount, which is the amount the original owner already paid taxes on before putting it into the annuity, is tax-free, any earnings the annuity makes over the years are taxed as ordinary income. For this, the IRS assumes that the first dollars you take out are the earnings. Therefore, all of the earnings will be first to be withdrawn and taxed before you reach the tax-free basis portion.   To ensure you have indicated that this is an inherited annuity and avoid the 10% penalty do the following:   Go to Income on the left panel within your TurboTax account Scroll down to Retirement Plans and Social Security and click on the down arrow to the right Click Start to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R) Click the +Add a 1099-R box  Click the "Enter a different way" box Click the "Type it in myself" box Click on the box that pertains to your type of 1099-R (typically the first box), Continue Next, you will see "Enter your 1099-R details". Enter the information from the original Form 1099-R that you received Ensure the details from your Form 1099-R are correct Ensure the correct distribution Typically Code 4 (Death) & D (Annuity payments from non-qualified annuities) was/were used in Box 7, and that the IRA/SEP/SIMPLE box is unchecked, then Continue What kind of retirement plan do you have?, answer Non-qualified plan, then Continue

Did you sign onto the 2025 online account using the exact same User ID that was used to create the 2024 account?   See this TurboTax support FAQ for how to view all of your TurboTax accounts - https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx

No. You do not need to subtract the inheritance from your bank account balance on Form 8938. Instead, you follow the "Reporting Exception" rule.   Report the full maximum value on Form 8938: List the bank account and its true maximum balance (including the inheritance) in Part I.  Use Part IV to prevent double-counting: This is the section specifically designed to tell the IRS, "Hey, I already told you about the value of some of these assets on another form." On Form 8938, Part IV, Line 15, check the box for Form 3520. In the "Number of Forms 3520 filed" box, enter 1. By checking that box, you are legally notifying the IRS that the value reported on Form 8938 overlaps with what you reported as a gift on Form 3520. You report the real balance of the account so your FBAR (if applicable) and 8938 match, but Part IV "flags" the inheritance portion so it isn't treated as a separate, additional asset. Here are the things that should be addressed on the 8938 and 3520.   Form 8938 (Statement of Specified Foreign Financial Assets) Part I, Line 1: Report the account. Part I, Line 4: Enter the Full Maximum Value (do not subtract the inheritance). Part IV, Line 15: Check the box for Form 3520 and enter the quantity (1). This is your "get out of jail free" card for the duplication. Form 3520 (Annual Return To Report Transactions With Foreign Trusts...) Page 1, Box C: Generally, you leave this blank. This box is for "Excepted Specified Foreign Financial Assets," which usually refers to assets reported on very specific forms like 8621 (PFICs). Since you are reporting the bank account on 8938, you aren't "excepted" from 8938; you are just using the 8938 to cross-reference the 3520. Part IV, Line 54: This is where you actually report the date and value of the inheritance (since it's over $100,000 from a foreign individual/estate). Don't forget that if that bank account held more than $10,000 at any point, you must also file FinCEN Form 114 (FBAR). The FBAR does not have a Part IV "overlap" section; you just report the full maximum balance there regardless of where the money came from. TurboTax does not file these forms but you may file it here.

When you use online TurboTax software you get one return per fee.   Each return needs its own email, account and user ID.   If you use the same account and user ID for a second return, the second one overwrites the first return and it is lost forever.     https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-start-another-return-in-turbotax-online/00/25596 https://turbotax.intuit.com/personal-taxes/online/file-your-own-taxes/

After you entered the SSA-1099 there was a following screen asking you if you lived in any of the countries listed.  If you answered Yes then SS benefits were not taxed.  You should have answered NO if you did not live in any of the countries listed so the SS benefits could be taxes, if required.   Amend your tax return and change your answer to the question.   An amended return, Form 1040-X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 12 weeks or longer to process an amended tax return. Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS. See this TurboTax support FAQ for amending a current year tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-curr...   To enter Social Security benefits reported on form SSA-1099 Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Scroll down to Retirement Plans and Social Security On Social Security (SSA-1099, RRB-1099), click the start or update button

Hello, thanks for your reply but I think you have missed my point. I am aware that there is a NYS credit for Long Term Care Insurance premiums that phases out based on income. I have claimed the credit and am not subject to the phaseout.  I am also aware that NYS itemized medical deduction must be decreased by the amount of the LTC credit claimed. Due to the NYS 10% threshold to deduct medical expenses, there is no medical deduction claimed on the NYS return. My point is that the program is apparently adding back on Form 196 a portion of the medical expense allowed on my 1040, in order to adjust for the different federal and NYS thresholds. That is, the federal has a 7.5% threshold and NYS 10%.  But due to the NYS 10% rule there is no allowable medical deduction on my NYS return. So why should there be an add back?