All Posts

You are welcome to ask any questions you might have here in this forum so that we can help you finish up your taxes.    Go here if you want to switch to TurboTax Experts from a different TurboTax product.   We also offer full service tax preparation, see: TurboTax Full Service for more information or to sign up.

I wonder if I should use Turbotax, after many years without major problems. But this RMD problem, is widespread, and in my case , it is going on for more than a week!  My 2025 RMD is  equal to my Total distribution, it is satisfied totally, deleted-reintroduced all 1099,  penalty is till there.

You won't be able to take the Energy Efficient Home Improvement Credit without a QMID. Unfortunately, the IRS mandates the QMID for 2025. TurboTax is programmed to block the credit without that four-digit code to prevent a rejected return.    Per IRS 5695 Instructions: "Beginning January 1, 2025, if you are claiming the Energy Efficient Home Improvement Credit for specified property placed into service in 2025, you must include the four-character alphanumeric unique qualified manufacturer identification number (QMID) for each item."

What did you roll it over to?  If you rolled a regular 401k to a ROTH IRA or 401k it is taxable.   If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right. Check lines 4b & 5b for any taxable amounts. For a rollover line b should be zero or just any taxable amount and for 2025 there is a new box 1 (under the Gross amount) that will be checked for Rollover.

It is ridiculous that the company hasn't fixed this issue as we near the end of the tax season. but to keep the thread alive, here is what I experienced and how i got past it... again, all the company's fault.    I have a 2024 tax return on a Mac. The software recognizes it, but when you try to transfer it, the application makes the noise "boing" and does nothing. There is no help window or error message. It just doesn't work. Bad user experience.    I followed advice here.  Loaded the old 2024 software and did a software update.  Then i made a duplicate of the return and saved it without encryption. Then I had to restart the 2025 software -- it will not work otherwise -- and then I could transfer the 2024 from the new copy.  Lots of work w/o any help from TurboTax. thanks to the community. 

Here is how to do this in TurboTax Online:    Go to the self-employed section If you already set up a business, you'll see it here in the self employed summary.  Choose "Review."  If it is a new business, instead you'll be asked if you have self-employment income and will be able to follow the interview to set up the business.  After reviewing, you'll see an income section.  Choose "Add income for this work" and proceed to add your income.

Your 1099-B for futures is entered differently. Follow these steps to enter your futures trading information in Turbotax:   Go to Income Scroll down to the bottom of the list where you will see "Less Common Income" Click the down arrow to show the options and click Start to the right of, Contracts and straddles Any Straddles or Section 1256 Contracts?, Yes Any Elections?, boxes can be left blank, unless you have any of these elections, Continue Contracts and Straddles, select the top box, Section 1256 Contracts marked to market, Continue How to report your transactions, select, "I'll report the totals...", Continue Section 1256 Contracts, enter your Box 8 and 11 totals here

As long as the taxable interest is correct, and you have made the necessary adjustments so that you are paying tax on the correct amount, you can be confident to file your tax return. You have all necessary information with your tax file should you need it later.   Be sure to keep a printed or pdf copy of your tax return.    TurboTax Desktop: How do I get a .pdf copy of my return? Be sure to select the same 'Include government and TurboTax worksheets' TurboTax Online account. Navigate to the Tax Home or the "Your Tax Returns & Documents" section. Select Add a State (this just re-opens your return; you won't actually add one). Select Tax Tools in the left menu, then select Print Center. Select Print, save or preview this year's return. Choose to include Include government and TurboTax worksheets (optional) for the maximum detail. Select View or Print Forms to generate and download the PDF @lordguido