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a month ago
Here's a FAQ: How do I use the Fair Market Value (FMV) tool to enter donations?
a month ago
Personal legal fees are not deductible except on cases of unlawful discrimination, or as an adoption expense. The entire amount of the settlement or judgement is taxable to you, even though you paid...
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Personal legal fees are not deductible except on cases of unlawful discrimination, or as an adoption expense. The entire amount of the settlement or judgement is taxable to you, even though you paid part to the attorney. In some states, you can get a partial deduction for legal expenses, but it is an itemized deduction. (Line 24h is for legal fee related to unlawful discrimination only.)
If the FCRA complaint included a discrimination component, the fees might be deductible, but you need to manually edit the program to make the entry on line 24h, which you can do with the desktop program installed on your own computer, but not the online version.
a month ago
@MarilynG1, thanks for sharing the reason why TT chooses Standard over Itemized Deductions when the refund amount is the same. That makes sense. However, when I explicitly chose Itemized Deductions w...
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@MarilynG1, thanks for sharing the reason why TT chooses Standard over Itemized Deductions when the refund amount is the same. That makes sense. However, when I explicitly chose Itemized Deductions with the popup window, and the Itemized deductions button was highlighted, when I closed that popup the Deductions page still showed I had chosen Standard Deductions. That is where I think TT should be fixed to show what I had chosen.
a month ago
I don't see why TurboTax would ask you to enter a reason. The IRS does not care why you recharacterized the contribution, they only care that it was executed properly. The explanation just needs to...
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I don't see why TurboTax would ask you to enter a reason. The IRS does not care why you recharacterized the contribution, they only care that it was executed properly. The explanation just needs to show the amount of contribution recharacterized, the gain/loss-adjusted amount transferred, and the dates of the transactions.
a month ago
Were you able to resolve your issues or do you still need help?
a month ago
@ThomKat I wish there was an offer for all veterans. But there is not. Only active duty enlisted personnel are eligible for the military discount.
https://turbotax.intuit.com/personal-taxes/o...
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@ThomKat I wish there was an offer for all veterans. But there is not. Only active duty enlisted personnel are eligible for the military discount.
https://turbotax.intuit.com/personal-taxes/online/military-edition.jsp
a month ago
There is no undelete in TurboTax. Easiest would be to open the 2024 return to get the c/f info to enter into 2025.
the onlu other possibility is to start over from scratch, where you start a "N...
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There is no undelete in TurboTax. Easiest would be to open the 2024 return to get the c/f info to enter into 2025.
the onlu other possibility is to start over from scratch, where you start a "New" return for 2025 so you can transfer the 2024 data.
a month ago
I am amending 2023 and 2024 returns to reflect changes in foreign income that lead to changes in foreign tax credit carrovers. These must be updated on the foreign tax credit carryover worksheets in ...
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I am amending 2023 and 2024 returns to reflect changes in foreign income that lead to changes in foreign tax credit carrovers. These must be updated on the foreign tax credit carryover worksheets in my already-filed 2025 return. But the rule of thumb is not to file any worksheet information, so do I actually need to file a 2025 amended return, since only worksheets are affected by this updating? Is it sufficient to just keep a record of what has been changed on a worksheet in case of an audit? (Similar issue: when I submit my paper copies of my amended 2023 and 2024 (which will both include Table 1116 and Schedule B), do I need to include the foreign tax credit carryover worksheets?)
a month ago
Helpful TurboTax Articles:
What if I can't import my 1099?
How can I fix my 1099 import issue?
How do I import my 1099s?
How do I enter a large number of stock transactions in TurboTax?...
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Helpful TurboTax Articles:
What if I can't import my 1099?
How can I fix my 1099 import issue?
How do I import my 1099s?
How do I enter a large number of stock transactions in TurboTax?
If you received a "Success" message but your data hasn't appeared in TurboTax, it is likely due to recent browser security updates regarding Local Network Access.
To fix this you need to allow TurboTax to securely retrieve your data through your browser settings:
Locate the View Site Information icon (the "tune" or "lock" icon) on the far left of your address bar, just before the URL.
Find Local Network Access in the dropdown menu.
Toggle the switch to ON.
Refresh the page and attempt your import again.
What do I do when my data isn't imported into TurboTax Desktop even though it says successful import in my browser?
If permissions aren't the issue, one of the following factors may be at play:
Brokerage Delays: While most forms arrive by January 31, many brokerages delay Consolidated 1099s (like the 1099-B) until mid-February due to complex reporting requirements.
Availability: Your brokerage must specifically "release" the import file to TurboTax. If it isn’t ready, we recommend checking back.
Connection Blocks: Active VPNs or aggressive Anti-Virus software can occasionally block the import feature between your bank and TurboTax. Try disabling them temporarily or switching to a different browser.
a month ago
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a month ago
NY State tax refunds can often take longer than federal refunds. You will typically receive your New York State refund within 3-4 weeks or more after your tax return is accepted.
Confirm in Tu...
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NY State tax refunds can often take longer than federal refunds. You will typically receive your New York State refund within 3-4 weeks or more after your tax return is accepted.
Confirm in TurboTax that your state return was actually accepted, and not just submitted. To do this, log into your TurboTax account, go to your "Tax Home" screen, and look under "Your tax returns & documents" to check your "program," status. If you used a TurboTax Desktop program you can click on "File" at the top of your TurboTax screen (in the black bar) and then click on "Check E-File Status".
The New York State Department of Revenue is the most accurate place to check your refund status. You can use this link to check your New York refund status.
If you still haven't received your refund after 6-8 weeks, you can contact the state directly to check your refund status anytime at 1-518-457-5149 or contact the Department of Taxation and Finance.
If you have any additional information to share or additional questions regarding this, please return to Community and we would be glad to help you.
a month ago
Did you check the box that says you are being claimed as a dependent in your My Information section?
a month ago
YES!!!!!! thank you so much for posting this. I've been sitting on my taxes for a week because I couldn't get past this section.
a month ago
If you have not paid for the online edition you are using, have not filed your tax return or registered the Free edition, then you can clear your return. Click on Switch Products on the lower left si...
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If you have not paid for the online edition you are using, have not filed your tax return or registered the Free edition, then you can clear your return. Click on Switch Products on the lower left side of the program screen while working on the 2025 online tax return. Click on Clear & Start Over
a month ago
Hi, what about our disabled vets! They gave a lot. No discount for us?
a month ago
If the IRA contributions summary page shows an "excess accumulation" penalty, it means TurboTax thinks your actual distribution was less than your required distribution. However, Since you did not co...
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If the IRA contributions summary page shows an "excess accumulation" penalty, it means TurboTax thinks your actual distribution was less than your required distribution. However, Since you did not contribute more than the limit and did not miss your RMD, we'll need to go back to your Form 1099-R entries to ensure TurboTax knows this so that you avoid any penalties.
First, delete the Form 1099-R and also delete any Form 5329:
On the left panel, click on the down arrow to open more options
You may have to scroll down a little to view the Tools option below
Click on Tools, then Delete a form (Usually the third option down)
Scroll down to delete Form 1099-R and then delete Form 5329-T (and 5329-S, if applicable)
Now, click back on Income to return to input the Form 1099-R information again:
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 Yes box when you see, "Did you get a 1099-R...?"
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 provider's info", complete that, then Continue
Next, you will see "Enter your 1099-R details from _". Enter the information from the original Form 1099-R that you received
Ensure the details from your Form 1099-R are correct checking for which Distribution Code(s) was used in Box 7, then Continue
Continue through until you reach, "Let's get more information about your Required Minimum Distribution (RMD)", enter your RMD due by December 31
Next, you are asked, "How much of this distribution applied to your December 31 RMD?" (Only enter the RMD amount for this account, not your entire RMD amount)
If you select "Some", you will need to enter the exact amount of this distribution that applied to your RMD
You will reach "Review your 1099-R summary", press Continue (not the pencil) and additional questions will generate for you to answer
When you reach "Let's go over any required minimum distributions (RMD)", Continue (not the pencil)
The above steps should resolve the incorrect penalty calculation.
Note: You can also tell TurboTax to use one of your accounts to satisfy all of your RMDs if one of your distributions was enough to cover your total RMD by following the above steps and then entering zero (o) as the RMD for your other Form 1099-R entries and answering "No" to, "Did you miss a RMD?".
If the $500 penalty persists, it might be due to an excess contribution penalty of 6% elsewhere, such as from a W-2 (Box 12), if applicable.
a month ago
if I make $122K and want to reduce my tax can I contribute to a traditional or roth IRA? If so, turbotax is saying I cannot...am I reading that correctly
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a month ago
I only have self employment income in USA. I have a passive interest income from foreign country. Schedule 1 line 15, 16, and 17 have self employment tax, SEP, and health insurance deductions. I a...
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I only have self employment income in USA. I have a passive interest income from foreign country. Schedule 1 line 15, 16, and 17 have self employment tax, SEP, and health insurance deductions. I am taking a standard deduction. All the adjustments to the income on line 15-17 are definitely tied to my US income and has no relation to foreign income/tax. Turbotax adds total of line 15-17 to line 3b other deductions in form 1116. This is where my question is. Are those deductions non-specific to any income? If I had W2 with pretax deductions for health insurance and 401K contribution, would they show up here?
a month ago
Topics:
a month ago
I'm not sure if that screen is readable but I am urgently hoping to resolve this. To reiterate, where can I input the percentage of property used as a rental space? I am still unable to find this wit...
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I'm not sure if that screen is readable but I am urgently hoping to resolve this. To reiterate, where can I input the percentage of property used as a rental space? I am still unable to find this within the system. Alternatively, can I input the numbers manually and do my own calculation? For example, say the interest paid on the whole property is $50,000. 33% of the property was rented out for 150 days, which is 41% of the year. Therefore, I believe the amount of interest to be expensed on Schedule E would be $50,000 x 0.41 x 0.33 = $6826.50. Then, for the remaining interested to be reported on Schedule A would be $50,000 - $6826.50 = $43,173.50. Is this correct and if so, can I manually input these numbers in Turbo Tax to get around my issue?