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Your son has a k-1 which is normally reported on his return. A child must file his own return, if investment income  is over $1,350. Unearned income is subject to the kiddie tax. Since you are using the desktop version, you can file up to 5 returns so there will not be an additional charge to create his return, if needed. Reference:  IRS Table 2 What is the Kiddie Tax?

The information below will give some guidance on filling out Form 3911. To be clear this form is to be filed when a refund check was previously issued and you did not receive it. Section I: Complete all personal information and enter NA for line 5 & 6 if you don't have a personal representative. Line 7: Select Individual, Form 1040, Tax Year you are inquiring about in Tax Period, Estimated File Date unless you have an acceptance date. Select your preferred method of payment and required information if direct deposit. Enter the amount of your refund. Section II: Enter the correct information for your situation Section III: Sign the form Mail or Fax the form to the information in this link: IRS Form 3911 Instructions Scroll to find your state to see the address and/or Fax number to send your completed form. Bes sure you keep a copy of this form.

I think you mean you filed your return and reported the wrong cost basis on your employee stock that you sold. If so, you will have to file an amended return to correct that. You should only file the amended return after your original return is processed, evidenced by having received your refund if you have one. You will see an option to amend your return when you log into your TurboTax program. On the amended return, you need to correct the investment sale entry you made in error.   You correct investment sales in the Wages and Income section of TurboTax, then Investment Income, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... On the next screen you will see your investment sales and you can use the down arrow next to them to see where you can edit them.   You will receive a Form 1099-B which will report the sale of your employee stock. Most likely, the cost basis on that form will be wrong as it may not include the discount you received associated with you receiving the stock for less than fair value. That discount will be reflected on your W-2 form as wages in box 1. There may be  an entry in line 14 telling you what the amount the discount is.    If you divide the discount amount by the number of shares you received you know what the discount amount per share is. If you multiply that by the number of shares sold you will know what the discount amount is that you may need to add to the cost basis of the stock sale reported on your Form 1099-B.   When you enter the Form 1099-B in TurboTax, there will be a screen where you enter the sales proceeds and cost basis and you will see an option to indicate that the cost basis is incorrect or missing on the Form 1099-B. Check that box and on another screen, you can enter the correct cost basis or request that TurboTax assist you in determining what the correct cost basis it. 

To delete a form in TurboTax Online follow the instructions below:   Open TurboTax and your return Select Tax Tools from the menu on the left side Select Tools In the pop-up window select Delete a form Find Schedule F and select the trash can.  Refer to the TurboTax help article How do I view and delete forms in TurboTax Online? for more details.

In California, LLCs have to pay annual fees when you have income of $250,000 or more, to pay this you must complete Form 3536.  To find this in TurboTax Online:   Select State Taxes, under Your State Returns screen Select California LLC, and select Start On the Welcome to Your 2025 California LLC Tax Return screen Continue until you locate Estimated LLC Fee and select Prepare Form 3536 Answer questions on the following prompts according to your business details On the Estimated LLC Fee for Next Year screen, enter your estimated fee amount and select Continue On the Printing Estimated Fees for LLC Voucher screen, select Print Voucher Note: Form 3522 must be printed and mailed with the voucher that is produced How to complete California Estimated Fee for LLCs Form 3536  

@MelindaS1 You see that that generated entries in the K-1s don't reflect the input. And you see that the the generated K-1 entries for the federal and the state tax are different - which is at least confusing.  Please help me. 

Yes, but it’s too late to file prior-year tax returns on TurboTax Online.  You will have to purchase TurboTax Desktop and install it on your computer to prepare your 2024 tax return.     For more information, review the TurboTax Help article How do I file a prior year tax return? and How Do I File Returns for Back Taxes?   To prepare your prior-year taxes, here's the link to get started File your 2024 tax return.

Was this question ever answered satisfactorily?  I have the same problem.  I entered the Social Security lump sum payment exactly as indicated including the portion that would have been paid in 2024.  When I did the Federal tax review, I got an error message about "more than 85%" and there is no way to fix it.  I did go back to a worksheet and shift numbers to override it.  My federal tax due increased by over $200. Is there another way to handle this? MJS 3/18/26

The numbers on the Summary(s) are not on tax forms, so we in the Community don't always know where they come from.    With a little bit of experimenting, I see that box 12 "Exempt-interest dividends" are added into the Summary screen.

To determine how your annuity is taxed, you first need to check if you have any "cost" or "basis" in the plan. This means any money you already paid taxes on, like after-tax contributions to a 401(k), or the purchase price of a commercial annuity.   If you have no cost because your employer paid for everything, or you only used pre-tax 401(k) funds, then the entire amount is fully taxable and you don't need either rule.   If your annuity is a Qualified Plan (e.g. 401k, 403b) that started after November 18, 1996, use the Simplified Method; or either if before November 19, 1996 If your annuity is a Non-Qualified Plan (commercial annuity bought with personal savings), use the General Rule If you are 75+ at the start date with 5+ years of guaranteed payments, use the General Rule   If your Form 1099-R is for a standard retirement plan (like a 401k or pension) and you want to bypass the annuity interview loop, follow these steps:   On the 1099-R entry screen, make sure Box 7 matches your form (likely Code 7 or Code 1) Ensure the "IRA/SEP/SIMPLE" box is unchecked  When the software asks, "Was this distribution from a 403(b) plan?", select "No, it's another type of qualified retirement plan" By selecting No, the software should treat it like a standard pension or 401k distribution and skip the "Annuity" questions entirely   What if you actually have an annuity? If you are receiving regular payments from a commercial annuity or a qualified plan where you made after-tax contributions (Usually shown in Box 9b of your 1099-R), you will need the following information to get past the interview screens:   Annuity start date Plan Cost (Basis), which is the amount of after-tax money you (or your employer) contributed to the plan Age at start Amounts previously recovered, which is the total amount of "tax-free" principal you've already claimed on prior years' returns   Read more about the IRS General Rule For Pensions and Annuities here.