All Posts

See this TurboTax tips article for a useful summary of the major law changes that affect your taxes and may increase your refund for 2025 and 2026.   Some new tax laws of the Trump Tax Plan 2025 are in effect for your 2025 taxes (which you'll file in 2026), however, most of the changes won't take effect until 2026 and later. The One Big Beautiful Bill keeps many of the TCJA tax items, including the larger Standard Deduction, elimination of personal and dependent exemptions, lower tax brackets, and elimination of, or limits on, certain itemized deductions. The 2025 tax law changes temporarily provide for no tax on tip or overtime income for certain workers.  

Still doesn't help going to skip import going to 1099-B just goes back to import. I NEED to make an item with no institution. It doesn't seem possible. FYI: It's income from securities litigation - that can be treated as a capital gain not an ordinary gain. How to do?  

The plan cost is how much you contributed after-tax and is used to determine how much of the distribution is now taxable.  If your employer made the contributions, your plan  cost would be zero.  See Topic no. 411, Pensions – The general rule and the simplified method.

Online or desktop?  I've not found that to be the case my 1099-OID Box 11 is hitting 1040 2a and tied out (on Mac desktop Premier).  But I input my 1099s manually so if you imported it you can try deleting and input manually.   Have you fully tied out all muni income across INT, DIV and OID that all net into 1040 2a and taken into account any premium or accrued interest adjustments, for 1099-OID Box 11 will be reduced by Box 6 or 10.

IRS instructions definitely not paperwork reduction.....  I agree instructions were confusing written by IRS and a bit conflicting. The Form 7220 is not supported by TT so if 8B is selected it will trigger the Smart Check error and make you file by mail where you can just add the 7220 to your return.   I'm so sorry all this has continued. Good luck in completing and hope good weather comes your way.

If you are taking actual expenses instead of the standard mileage rate for your business automobile, you can enter them in the Vehicle Expense section of Schedule C. If you are using the mileage rate but have parking and tolls to report, you can also enter those expenses.   If you are using a Desktop version of TurboTax, enter the expenses in the interview (step-by-step or Easy Step mode) rather than directly on a worksheet in Forms Mode. If you try to enter something directly on a worksheet on a line or in a field that is programmed for a calculation instead of a direct entry, TurboTax won't allow the entry in that field.   Go back to your Schedule C business and locate Business Vehicle Expenses, then continue through the questions until you find the item you need to adjust.   Also, if you need to add other expenses such as parking and tolls, that question appears at the end of the Expenses interview screens.   Please see this TurboTax tips article for more information about this topic, particularly as it applies to rideshare drivers.  

When I enter a 1099-OID into TurboTax Desktop, my only entry is box 11 and I entered only the resident state on the screen 'Which state is your $___ of exempt OID from?'. This screen information must come from your statements that are part of the information from your finance company. If any is from your own state that amount would also be tax free to your state.   In any event, the amount does appear on Line 2a on my 1040. Double check your entries to be sure you have everything completed. You can check it by going to Forms in TurboTax Desktop or reviewing your 1040 using the steps below.From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.) Select Tax Tools On the drop-down select Tools On the pop-up menu titled “Tools Center”, select View Tax Summary  On the left sidebar, select Preview my 1040.  Please update if you need additional information and include any details that may be helpful.

yes if you had $7000 as the carryover from Line 14 on last year's 8606 that will carry forward to this year on Line 2 of 8606, added to whatever you contributed this year on Line 1.   But... why did you have a basis carryover, what is the situation with your IRA on 2024 filing... did you just make a non-deduction contribution in 2024 hence the $7000 basis that year?  But you didn't convert it to Roth?  Do you have an outstanding balance in your IRA as of 12/31/25?  Do you still have a $7000 basis carry over to 2026 on Line 14 of your 2025 8606?   If you put $7000 into the IRA in 2024 but didn't convert then I'd expect you to (hopefully) have some earnings in the IRA and if that's the case then these Roth conversions will be throwing out some tax as they would be partially taken from the earnings.   If you did a backdoor in 2024 with the Roth conversion and didn't have any balance coming into 2025 then you may not have filed it correctly hence the basis carryover (and maybe you paid tax you shouldn't), if so you may need to amend your 2024 return.

 Go back to My Info and click on the dependent.  Click on Revisit. If your granddaughter is age 19 or older, then on the screen labeled Tell us more about (Her Name) situation  check the box labeled Full-time student in 2025 and Continue.       @reginajowers50

It's not completely clear that your daughter would need an IP PIN since you've already sent in her amended return that was accepted. If you find you do need one for her you can use this link to get one for her if you qualify. Parents and legal guardians can also request an IP PIN for dependents. Get an IP PIN There is no reason not to try to e-file your return once your daughter's amended return has been processed. It's possible the IRS may allow this however, it has not been allowed and there is no knowledge that it's possible as of yet. If it does reject again, simply print your return and mail it with your daughter as a dependent. Do not include a copy of her return with yours. TurboTax will provide the address. Be sure to include any document that shows federal withholding and all W-2s.   @Confusedmom26