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ReneV4

It may be that TurboTax is applying a specific tax rule to your distribution. Usually when the taxable amount is lower than the gross amount, it is because TurboTax has identified a portion of the mo...

It may be that TurboTax is applying a specific tax rule to your distribution. Usually when the taxable amount is lower than the gross amount, it is because TurboTax has identified a portion of the money as being tax-free. Here are possible scenarios for you to consider and review: Check your Form 8606. If you ever made nondeductible, after-tax contributions to your IRA, as portion of every withdrawal you take is considered a tax-free return of your money. For example, if you have a "cost" or "basis" of $5,500, that amount will reduce your taxable amount to $49,000. Review Form 1040 , Line 4a (gross distribution) and Line 4b (taxable amount), then look at your Form 8606 to see the calculation. Another reason for the difference can be due to charitable contributions. If you donated a portion of your distribution, it will be subtracted from your taxable income. Alternatively, if this distribution is from a 403(b), 401(k) or pension and not a Traditional IRA, and you had after-tax cost or basis in the plan, TurboTax will use the Simplified Method to spread your tax-free cost over your life expectancy, automatically calculating a specific tax-free amount for you and reducing your taxable income accordingly. However, if none of the above apply to your situation, please provide more details so that we may further assist you.

Xarkon

It's mid-March, and I have tried multiple times to download my consolidated form 1099 from Edward Jones. I'm using TurboTax Premiere Desktop on Mac; all updates have been applied. MacOS Tahoe, 26.3...

It's mid-March, and I have tried multiple times to download my consolidated form 1099 from Edward Jones. I'm using TurboTax Premiere Desktop on Mac; all updates have been applied. MacOS Tahoe, 26.3.1. The problem occurred first with Safari. In reading previous posts about issues with 1099s, I've tried the following things: - switched to Google Chrome as default browser - rebooted machine - enabled local access for the URL used by Turbotax for the access - enabled popups for the URL used by Turbotax - disabled Wifi and using a wired-only connection - changed Edward Jones userid to alpha characters only - changed Edward Jones password to eliminate special characters (i.e. alphanumeric only) I'm enrolled in Edward Jones Account Access and can login just fine. Further, when I access the Edward Jones website, it tells me that access has been granted. However, once the login from TurboTax completes and access is granted, I get the following screen. And no 1099 data is downloaded to TurboTax. Clicking the OK button, with or without the switch enabled, does nothing. Finally, my Consolidated 1099 from another brokerage firm - which was arguably more complicated - downloaded fine on the first try. (Before I made any of the system changes noted above.) I've called the Edward Jones number shown on the page below. Useless as they pretty much kick you to TurboTax after giving some basic information. Any recommendations?

balldeliaa

DianeW777

Do not change your tax return until you read all the instructions. TurboTax needs to know the original numbers and the corrected numbers to provide the correct end results before you prepare it. ...

Do not change your tax return until you read all the instructions. TurboTax needs to know the original numbers and the corrected numbers to provide the correct end results before you prepare it. If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines. You must first wait until the initial return is completely processed. You will have to use the same TurboTax account that you used for the original tax return. Once you begin your amendment, you'll see your original return. The refund calculator will start new at $0 and only reflect the changes in the refund or tax due Only make changes to the areas of your return that need to be corrected. You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment Amend a tax return for the current tax year

user17681516237

But is the income to myself from the LLC submitted differently on the Schedule C? I feel like these short answers with no description are not helpful, nor addressing my more detailed questions. T...

But is the income to myself from the LLC submitted differently on the Schedule C? I feel like these short answers with no description are not helpful, nor addressing my more detailed questions. Thank you for providing a more detailed response.

donmcbroom

Your response (below) says to indicate code "Z1" in Box 20. I only have a "Z" not "Z1" as an option. Using just "Z" I don't ever see the "We see you have Section 199A income" message anywhere. My ...

Your response (below) says to indicate code "Z1" in Box 20. I only have a "Z" not "Z1" as an option. Using just "Z" I don't ever see the "We see you have Section 199A income" message anywhere. My K-1 has multiple entries listed for Section 199A, but I can't figure out how to enter these which show up as "* STATEMENT" on the Z line on the K-1. Appreciate any suggestions. On the Box 20 Info, enter the amount in box box 20 and indicate code Z1 - Section 199A Information. On the "We see you have Section 199A income, select "The income comes from the partnership that generated this K-1.

louvinskycharles53

RogerD1

Montana does require that state taxes not sourced to Montana that were deducted on a Federal return to be added back to income. This is done on the Schedule I and gets reported as a Montana addition...

Montana does require that state taxes not sourced to Montana that were deducted on a Federal return to be added back to income. This is done on the Schedule I and gets reported as a Montana addition on line 4 of Form 2. As you said though, this is not Montana source income and should not be included on line 14 of Schedule II. Here's how to take care of that: From "Your State Returns", click edit for your Montana nonresident return. You can click Continue for several screens until you get to one title "Montana Source Income Additions" The box for Montana source income not already covered will be pre-populated with the same information as the Income Additions. Since this income addition has already been covered, enter a 0 in the box. Click Continue, then continue answering questions until you get to the state review. Once you make this change, you should go back to your Oregon return and restart it using these directions: When you get to the "Your State Returns" page, click on File at the left on the black banner, then select Remove State Return from the dropdown. Click on the Oregon return in the pop-up, then click Remove, then Yes on the pop-up window that appears. Click Close on the Remove State pop-up then go back and click Edit for your Oregon return.

smallButter

I am trying as well to find how to amend this any advice will be helpful

maildudebus

It is a normal IRA. My financial advisor that holds this IRA said there will be a 10% penalty since I am not 59 yet, but told me that I need to find out what the federal and state taxes will be before...

It is a normal IRA. My financial advisor that holds this IRA said there will be a 10% penalty since I am not 59 yet, but told me that I need to find out what the federal and state taxes will be before we can proceed. I do not have a tax advisor as I do my taxes by myself on turbo tax. I pay premium to have someone to help me, but am now finding out that I can contact someone. So I am posting this here and hoping someone can help.

TheYouthRev

Thank you sincerely. I thought that to be the case, but wanted to confirm without inserting my preconceptions into my question. Thank you for confirming my thinking.

JohnB5677

Can you clarify the situation? What tax form are you posting? Is box 7 a code? What section are you posting?

nqju165451

How do you verify that I did not take the Safe Harbor and only took the QBI deduction on the tax return or worksheet or on the desktop TurboTax? I want to verify this to make sure TurboTax was filled...

How do you verify that I did not take the Safe Harbor and only took the QBI deduction on the tax return or worksheet or on the desktop TurboTax? I want to verify this to make sure TurboTax was filled out correctly and Safe Harbor was not included. Thanks

Mike9241

you may have to upgrade to Premier because the lower versions can't handle a K-1, You have to wait for your return to be fully processed (receive your refund or your payment deducted) to amend. The...

you may have to upgrade to Premier because the lower versions can't handle a K-1, You have to wait for your return to be fully processed (receive your refund or your payment deducted) to amend. Then see this TurboTax page for amending How to amend a TurboTax return gambling winnings are taxable, while losses are only deductible if you itemize your deductions and the deductible losses can't exceed your gambling winnings.

mark-warren63

bobalbertfamily

Hello. We are doing the taxes for my son. He is a first time home buyer and he took a hardship withdrawal from his 403 B (teacher) of $30,000.00 to buy a home here in CA. He knew it would be ...

Hello. We are doing the taxes for my son. He is a first time home buyer and he took a hardship withdrawal from his 403 B (teacher) of $30,000.00 to buy a home here in CA. He knew it would be added to his income, but thought it would not be subject to the extra 10% penalty because it was a hardship withdrawal that was allowed by the plan. In doing his taxes on Turbo Tax Home and Business, it is charging the 10% penalty. The program does not ask why the withdrawal was taken (for first time home buyer). How can we remove the substantial penalty. or is this correct as is??/ Thank you. Bob [edited]

LPMeyer

For the above scenario, does this also apply to a rental house that I acquired through a 1031 like-kind exchange? I want to sell this house and use losses from another rental property (not 1031) to h...

For the above scenario, does this also apply to a rental house that I acquired through a 1031 like-kind exchange? I want to sell this house and use losses from another rental property (not 1031) to help offset the gain. Please advise. Thanks

SharonD007

You can file your taxes free with TurboTax Free Edition if you have a simple 1040 Form without any schedules except for Earned Income Credit, Child Tax Credit and Student Loan interest. Do you have ...

You can file your taxes free with TurboTax Free Edition if you have a simple 1040 Form without any schedules except for Earned Income Credit, Child Tax Credit and Student Loan interest. Do you have additional forms or schedules besides the ones mentioned?

LeticiaF1

All of those new deductions need to be entered in the federal return and will automatically transferred to your Idaho return. Before you begin troubleshooting your state return, go back through your...

All of those new deductions need to be entered in the federal return and will automatically transferred to your Idaho return. Before you begin troubleshooting your state return, go back through your federal return and make sure everything is correct. After you review your federal return, select the State Taxes tab and review the state section. Pay close attention to the information, especially if you have made changes to your federal return. There might be new sections that need to be completed. Troubleshooting common federal to state transfer issues How will the One Big Beautiful Bill impact my taxes? Update on filing 2025 Idaho income taxes now that conformity is law

LindaS5247

To add additional property taxes for the second home, you can try the steps that are listed below. Click on Search at the top right of your TurboTax screen Type Property Taxes in the sear...

To add additional property taxes for the second home, you can try the steps that are listed below. Click on Search at the top right of your TurboTax screen Type Property Taxes in the search box Click on the link Jump to Property Taxes (Depending on what you have input previously in TurboTax) Your screen will say Enter any additional property tax paid in 2025. The second box says Taxes on additional homes or land. You will enter it there and Continue This will add your additional property tax to Schedule A for your itemized deductions. Click here for Claiming Property Taxes on Your Tax Return Click here for Where do I enter my personal property tax? Please return to Community if you have any additional information or questions and we would be happy to help.

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Re: For our rmd distributions, i typed in $54,500 for taxable income. Intuit only shows it as $49...

Cannot download 2025 Consolidated 1099 from Edward Jones

For RTM Portion of Gross Income, do I just put his total amount of gross income?

Re: I need help to file an amendment

Re: Filing as LLC versus self employed

Re: My K-1 line 20 has code z and an Asterisk and STMT. I can't figure out how to enter the supporting details for Section 199A. I've tried leaving the amount blank, but doesn't take me to where I can enter the information.

I need help to file an amendment

Re: Montana Source additions to Income can't be adjusted for non-Montana Source income

Re: How can I edit check the box to show we lived in our main home,the U.S. for more than half of...

I need to pull money out of my IRA and need to know what my state and federal taxes on it will be. How do I find this out?

Re: SE Exemption on K1 Income

Re: I am in Box 7 on the right side of the screen how do i get back to the lift side of the screen?

Re: QBI and but not to include Safe Harbor

Re: can i get the form to amend my 2025 return (already received) and add a Schedule K-1 from a domestic partnership and add gambling losses?

how do you change the payor in the income section after entry

4013 b hardship withdrawl

Re: How do i trigger carry forward losses from other rental properties to offset gains on a renta...

Re: This said free federal free state and free. Filing. Why am I ask to pay at the end of it befo...

Re: ID State updated

Re: I owned two homes for a short time. I paid property taxes on both homes, but Turbotax will on...

Do you have a TurboTax Online account?

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