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a month ago
On the screen that says Traditional IRA's, you need to enter the contribution in both boxes, not just the the second one that is for contributions in 2026.
a month ago
Token number 1341346 I am not sure what to put in the columns. Got married and wife moved in with me in NJ 8/27. She works as a teacher in NYC. Could really use the help! Thank You
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a month ago
I have profit from business past 8 years, this year none, can I deduct expenses? Turbo tax online will not let be do that.
a month ago
The dropdown only allows for taxpayer, spouse or other. The help (?) indicates Joint should be an option
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a month ago
If you created the wrong tax year W-2s, you must correct them immediately to avoid penalties. The process involves filing Form W-2c (Corrected Wage and Tax Statement) and Form W-3c (Transmittal of Co...
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If you created the wrong tax year W-2s, you must correct them immediately to avoid penalties. The process involves filing Form W-2c (Corrected Wage and Tax Statement) and Form W-3c (Transmittal of Corrected Wage and Tax Statement) with the Social Security Administration (SSA) and providing corrected copies to employees. The .pdf copies are linked below and the mailing address is on Form W-3c.
W-2c Forms
W-3c Form
General Instructions
You can try using Quick Employer Forms (QEFs) using the link below and checking the appropriate tax year.
What is QEFs?
@elegantrep
a month ago
2 Cheers
It is possible with a few extra steps - you don't need to spend extra on crypto tax software. Of course, you may still want to use the software for calculations, unless you have only a small amount o...
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It is possible with a few extra steps - you don't need to spend extra on crypto tax software. Of course, you may still want to use the software for calculations, unless you have only a small amount of transactions. Step 1 - create crypto CSV Create a CSV or spreadsheet with the following column headers. The exact column names and order are important: Name of digital asset - this will be the symbol, e.g. BTC, ETH Received date - date you purchased the asset Cost or other basis - how much you originally paid for it in USD Date sold - the date you sold the asset Proceeds - how much you received after selling in USD Number of units - how many units of that asset you sold Applicable checkbox on Form 8949 - look on your 1099-DA for this one-letter code. For 2025, it will either be short-term (H) or long-term (K). If these transactions are not reported on a 1099-DA, use I for short-term and L for long term. In the end, it should look something like this (e.g. sold 0.00055 BTC for $50.11 that was purchased in 2021 for $23.34): Step 2 - convert to PDF I was testing this on a Mac using Numbers, but the process should be similar in Excel or other spreadsheet software. Go to Print and make sure the option "Repeat table headers" (or similar) is checked. This will ensure it prints the column headers on every page of the PDF. If you don't do this and have more than one page, some of the import may get screwed up. Use the Print to PDF option in your software. Step 3 - upload into TurboTax online Go to Income > Investments and Savings Click on "Add investments" Click on "Enter a different way" Click on "Upload files from this device" Find and upload the PDF you created in the prior step Click "Continue" You should now see it show up, it will likely say "NEEDS REVIEW" Review any items marked needing review. Typically it does this if the cost basis is $0 or you used VARIOUS instead of the date on your CSV. You may need to fix these manually by selecting "Something other than a date" and then selecting "Various". NOTE: you do not need to pay for TurboTax online at this point if you already purchased TurboTax desktop. See below. If you do wish to use TurboTax online, you can stop here and finish filing taxes. Step 4 - import into TurboTax desktop (optional) If you wish to use TurboTax desktop instead, you can select "Continue From TurboTax Online" on the main screen. You can then import the data from TurboTax Online into the Desktop version. You can delete the data from the online version once you're done.
a month ago
Product: TurboTax Premier - Desktop
Version: 025.000.0279
Form 5329 Part IX shows an "Undistributed RMD" of $1.00. The distribution amount is $xx944.40 from the 1099-R. The Form 5329 shows an...
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Product: TurboTax Premier - Desktop
Version: 025.000.0279
Form 5329 Part IX shows an "Undistributed RMD" of $1.00. The distribution amount is $xx944.40 from the 1099-R. The Form 5329 shows and RMD amount $xx945.00. Appears to be a rounding error somewhere. If I change the Wage and Income section to show $xx945 for the 1099-R the problem goes away
a month ago
Every year this stumps me! Entering it is easy, it's the "gross income sourced at beneficiary level" section that gives me pause. I have a few post bookmarked that refresh my memory and I figure it...
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Every year this stumps me! Entering it is easy, it's the "gross income sourced at beneficiary level" section that gives me pause. I have a few post bookmarked that refresh my memory and I figure it out. This year my K-1 has a few additional boxes so I just want to make sure I'm entering it correctly. The K-1 is a Trust form 1041 2a ordinary div $11,976 2b qualified div $10,159 12 Alternative Min Tax Adjustment Code A & J both $1646 14 Code A tax exempt interest $7822 Code B foreign taxes $407 Code I* STMT = section 199A reit div $67 So for gross income sourced at beneficiary level I add 2a ordinary div, 14a tax exempt interest, and 14i reit div for a total of $19,865? gross income sourced at beneficiary level Foreign Source $5350 gross income sourced at beneficiary level US source is the difference at $14515? Next screen I select Passive Next screen "deductions allocated and apportioned at beneficiary level". I have the following on my K-1, do I list those on this screen? State Income Taxes $1,333 Fiduciary Fees $4,179 Atty, Acct, and Return Preparer Fees $350 Total Deductions $5,862 Rest of the screens blank exempt for 199A reit div question?
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a month ago
Once your return is filed, TurboTax has no control over the processing or the timing when the IRS releases your refund.
The IRS states that most federal tax refunds are issued within 21 days o...
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Once your return is filed, TurboTax has no control over the processing or the timing when the IRS releases your refund.
The IRS states that most federal tax refunds are issued within 21 days of acceptance, however, some may take longer if they require additional review. Also, by law, the IRS cannot issue EITC or ACTC refunds before mid-February. This applies to your entire refund, not just the portion related to those specific credits.
Here are a few FAQs to help you track your refund: When will I get my federal tax refund? How do I track my state refund? Why does Where's My Refund say "approved" but TurboTax still says "accepted"?
Why do some refunds take longer than others?
What if my IRS refund is taking longer than 21 days?
a month ago
1 Cheer
Your estimated tax payments will serve as a credit against your Federal tax liability and have to be entered on your tax return.
In TurboTax Online, you can enter estimated taxes you paid by fo...
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Your estimated tax payments will serve as a credit against your Federal tax liability and have to be entered on your tax return.
In TurboTax Online, you can enter estimated taxes you paid by following these steps:
Open your tax return
Click on Federal in the left-hand column, then Deductions & Credits
Navigate to the list of Deductions and Credits
Locate the section named Estimates and Other Taxes Paid and click on the arrow on the right
Click on Start next to Estimated Tax Payments
On the next page, click Start next to Federal estimated taxes for 2025 (form 1040ES)
a month ago
You wanted to know "how the amount of itemized deductions used in the "Deduction Allowed" line was derived."
It uses the current year amounts with adjustments for the upcoming year's tax limits....
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You wanted to know "how the amount of itemized deductions used in the "Deduction Allowed" line was derived."
It uses the current year amounts with adjustments for the upcoming year's tax limits.
The deductions are listed on your 1040 Tax return on lines 11-24. All of the itemized deductions as listed on line 12e of your return are shown on Schedule A.
a month ago
This problem still occurs in TurboTax for Business 2025!!!! Why hasn't this been fixed yet????
a month ago
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a month ago
Trouble with government or farm payments?
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a month ago
The IRS uses your prior year AGI to combat fraud. Make sure you take into account the information below.
You can find your 2024 Adjusted Gross Income (AGI) by:
Looking at line 11 on page 1...
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The IRS uses your prior year AGI to combat fraud. Make sure you take into account the information below.
You can find your 2024 Adjusted Gross Income (AGI) by:
Looking at line 11 on page 1 of your 2024 Form 1040
Requesting a transcript of your 2024 tax return from the IRS. You can request your transcript online at the following link: Get Transcript
Please click on this TurboTax article for more information.
Check these items as well to ensure you have the correct number. If you:
Filed late last year after mid-November or your return was processed after that time—try entering 0.
Amended your return last year—make sure you’re using the AGI from your original return, not the amended one. (If you only have a 1040X form, it’s on line 1, column A).
Rounded your AGI to the nearest dollar—be sure to round up when it’s 50 cents or more and down when it’s 49 cents or less.
Filed with your spouse last year—you and your spouse have the same 2024 AGI. (Don’t split the AGI amount or enter 0 for one of you).
Time-saving Tip: If what you entered is correct and you continue to get a reject, you won't be able to e-file. There's probably a data mismatch at the government, or some other situation beyond your control that prevents your return from being e-filed. In this case, your only option would be to print and mail in your return.
This article will give you instruction on how to print and mail your return.
a month ago
I have been flipping back and forth and strangely when I force TurboTax to itemize, at first the numbers (deduction and taxable income) change. But when I review the entire refund the numbers revert ...
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I have been flipping back and forth and strangely when I force TurboTax to itemize, at first the numbers (deduction and taxable income) change. But when I review the entire refund the numbers revert to standard and taxable income changes back. If my federal tax due is the same in both scenarios should I assume that I should just stick to standard? Or could it be a glitch in the software?
a month ago
Well neither thing worked. Nothing I have dine works.
a month ago
A recent TurboTax update has resolved this issue, please make sure you have the latest updates.
Updates in TurboTax Online are automatic.
If you are using TurboTax Desktop, please fo...
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A recent TurboTax update has resolved this issue, please make sure you have the latest updates.
Updates in TurboTax Online are automatic.
If you are using TurboTax Desktop, please follow these steps:
Log-in to TurboTax Desktop
Select Online from the top left bar menu
Choose Check for Updates
Choose Ok
@user17717286405
a month ago
Yes I did that and it is still a status of return received. It has not moved since I filed.
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