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yesterday
I am filing my 2025 federal tax return and have a complex situation involving a SECURE Act 2.0 Section 126 529-to-Roth IRA rollover that I need help with. Here is the complete picture: Backgro...
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I am filing my 2025 federal tax return and have a complex situation involving a SECURE Act 2.0 Section 126 529-to-Roth IRA rollover that I need help with. Here is the complete picture: Background: I initiated a custodian-to-custodian rollover from the WA State GET 529 plan to my Fidelity Roth IRA. The rollover was split across two tax years — $6,386.34 designated as a 2024 contribution and $7,000 designated as a 2025 contribution. After the rollover, I realized my 2024 earned income was only $2,229, making $4,771 of the 2024 contribution excess. Fidelity was unable to return the funds to the 529 plan, so I requested a return of excess contributions. Fidelity returned both the full $7,000 2025 rollover and the $4,771 2024 excess — totaling $11,771 — to my Fidelity brokerage account. The remaining Roth IRA balance of ~$1,618 represents only my direct 2024 contributions within my earned income limit. My dad separately paid tuition out of pocket. Tax Forms Received: 1099-Q (WA State GET): Box 1 Gross Distribution $13,386.34, Box 2 Earnings $1,479.83, Box 3 Basis $11,906.51, Box 4b QTP to Roth IRA Transfer checked. 1099-R (Fidelity): Box 1 Gross Distribution $11,771.00, Box 2a Taxable Amount $0.00, Distribution Code 8J (return of excess Roth IRA contribution). My Specific Questions: Of the $13,386.34 distributed from the 529, approximately $2,229 legitimately stayed in the Roth IRA (within my 2024 earned income limit) and the remaining ~$11,157 was returned to my brokerage account. Since I paid tuition separately, can all ~$11,157 be offset by 2025 qualified education expenses to shelter the earnings from tax? Or is only the $7,000 2025 portion eligible for the tuition offset, with the $4,157 2024 excess portion's earnings being taxable because 2024 qualified expenses have passed? TurboTax is still showing a "Check This Entry" error on the 1099-Q Box 4b, saying the software has not updated to support QTP to Roth IRA transfers yet. How should I enter the 1099-Q and 1099-R Code 8J in TurboTax while this update is pending, and is there a workaround? Should I file an extension if TurboTax has not updated by early April?
yesterday
I thought that was the price to complete the tax return. It was already checked. TurboTax purposely did this so people would accidentally buy it
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yesterday
Thank you, I will post to the Retirement section and see if I get any ideas there..
yesterday
how are you entering the FTC. through the Turbotax worksheet for the FTC or through the 1099s.
if through the 1099s what's needed is the FTC to be linked to a column on the 1116. Each 1099 must be ...
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how are you entering the FTC. through the Turbotax worksheet for the FTC or through the 1099s.
if through the 1099s what's needed is the FTC to be linked to a column on the 1116. Each 1099 must be linked to its own column also needed are the foreign income and country. Turbotax does not handle multiple countries on one 1099 - at least not with my desktop version. I use various, other countries or RIC. Your credit might be limited because generally the FT rate is much higher the the average tax rate you are paying. so your FTC will be based on the lower rate and then you must have a tax liability after certain other credits.
it would be great if you could view the 1116, but that may not be possible with the online versions.
i previously thought you could create separate 1099's in order to report each country separately. I find now i was wrong. an error kicks up because the extra 1099s are showing foreign income but turbotax doesn't like that i'm not reporting dividends on line one.
yesterday
I have been using TurboTax self filing for many years and it always worked like a charm. This year I caught on the $150 full expert bait and let a TurboTax expert file return. But the expert complet...
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I have been using TurboTax self filing for many years and it always worked like a charm. This year I caught on the $150 full expert bait and let a TurboTax expert file return. But the expert completely messed up my return. When I requested amendment, another expert took it up. But the new expert also does not seem to understand my tax situation (a bit complex involving foreign capital gains, foreign tax credit etc.). I am worried they are going to mess up the amendment also. Is there a way for me to take control back? Can I amend myself using standard TurboTax software? Willing to pay the filing fees again. The way the new expert is handling the amendment, I am standing to loose many thousands in tax credits.
yesterday
Thank you, @AmeliesUncle . I'll put it in Box 1. Is there any way to request that this be fixed in future versions of TurboTax.Owning STR's is becoming quite a common situation.
yesterday
J'ai le même problème et ça m'irrite au plus haut point ! J'ai essayé tellement de façon pour contourner le problème, mais en vain!
yesterday
1344782. Can you verify that?
yesterday
To claim the SEHI deduction in TurboTax, you will need your W-2 and the K-1 that the S corporation sent to you. Here's how to enter it in TurboTax and claim the deduction:
Open or continue...
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To claim the SEHI deduction in TurboTax, you will need your W-2 and the K-1 that the S corporation sent to you. Here's how to enter it in TurboTax and claim the deduction:
Open or continue your return.
Navigate to the K-1 section: TurboTax Online/Mobile: Go to the K-1 screen under Wages & Income. TurboTax Desktop: Search for K-1.
Answer Yes to the question Did you receive any Schedules K-1 or Q?
Select Start or Update next to S corporations (Form 1120S) and follow the prompts, filling out your information as you go.
On the screen that says Check boxes that have an amount or are checked on the form, select Box 17 Info and any other boxes that contain info on your K-1.
Select Continue.
Continue to enter information from your K-1.
On the Other Situations screen, select I personally paid health insurance and then select Continue.
On the Self-Employed Health Insurance screen, fill in the W-2 box 5 amount and the amount of health insurance premiums you paid (this may be on your W-2 in box 14).
Full instructions are here >> Can I deduct health insurance premiums as an S corporation shareholder?
You may be able to use the Self-Employed Health Insurance (SEHI) deduction if you're at least a 2% shareholder in an S corporation. To claim this deduction, the health insurance premiums must be paid or reimbursed by the S corporation and reported as taxable compensation in box 1 of your W-2.
yesterday
1 Cheer
You are asking the correct questions, and I appreciate that you seem to have thoughtful application.
The problem with the Convenience of the Employer rules is that it purposefully and complet...
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You are asking the correct questions, and I appreciate that you seem to have thoughtful application.
The problem with the Convenience of the Employer rules is that it purposefully and completely ignores the realities of remote work. Your employer "assigns" you to a work location because that is the main criteria New York uses- the "headquarters" or office location of the employer. For larger companies, they are able to assign their remote workers to a non-New York location to avoid the convenience rules; but if your company does not have offices in other cities this is more difficult.
You have identified the biggest flaw- Illinois does not give the credit for taxes paid to another state if the work is physically done in Illinois, so you could be taxed twice on that income at the state level. There are court cases but as I said before New York is actually winning these. See Zelinsky II—The Continuing Saga of Remote Work.
It used to be that they did not scrutinize as much especially with lower income, but in general that is not the case anymore- and New York does not only go after the employees, they can ensure compliance by the employers exactly in the way your employer has it set up to do withholdings for New York state only.
You can choose to allocate the wages and hope for the best (no New York audit), and I apologize for being a bit meekish because it is obvious you have good knowledge and are not in any way trying to get away with anything but rather looking to do the right thing.
@jackkgan
yesterday
Je déteste cette annexe ! GRRRRRRRRRRR J'ai entré le montant de la case 18 du feuillet T4FHSA et j'ai fait des interventions dans l'annexe 15, mon montant de CELIAPP est bel et bien inscrit aux li...
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Je déteste cette annexe ! GRRRRRRRRRRR J'ai entré le montant de la case 18 du feuillet T4FHSA et j'ai fait des interventions dans l'annexe 15, mon montant de CELIAPP est bel et bien inscrit aux lignes 20805 du Fédéral et 215 du Provincial. Je fais ma revision et on me dit sans cesse qu'il y a une erreur! On me dit d'entrer l'année ou j'ai commencé à cotiser à mon CELIAPP. Pourtant tout semble en place. Mais ça ne fonctionne pas et ça m'empêche d'expédier ma déclaration. Je ne sais plus quoi faire. Une autre chose qui cause problème c'est qu'à tout moment on demande d'entrer le plafond de telle ou telle année, mais personne n'a ces informations. En connaissez-vous plein de personnes qui ont des dossiers d'ouvert à l'ARC afin de vérifier ces informations ? J'ai besoin d'aide !
yesterday
@vipinramin You probably have a penalty on line 38. You can even have a penalty if you are getting a refund. If you get a penalty on 1040 line 38, you might be able to eliminate it or at le...
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@vipinramin You probably have a penalty on line 38. You can even have a penalty if you are getting a refund. If you get a penalty on 1040 line 38, you might be able to eliminate it or at least reduce it. You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you. It's form 2210. How to add form 2210 for Underpayment Penalty https://ttlc.intuit.com/community/tax-payments/help/how-do-i-add-form-2210/00/25703 It's under Federal tab or Personal (for Home & Business Desktop) Other Tax Situations Additional Tax Payments Underpayment Penalties - Click the Start or update button
yesterday
After following the special instructions for foreign tax credits in turbo tax, and reporting my highest 1116 first, I still don't get any foreign tax credit, where I should be getting 950$. Unless the...
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After following the special instructions for foreign tax credits in turbo tax, and reporting my highest 1116 first, I still don't get any foreign tax credit, where I should be getting 950$. Unless there are some hidden calculations I don't understand why it's not showing up. My second highest foreign tax credit ($21) from a 1099-DIV does show up, it's inexplicable.
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yesterday
For the line with tips, select Reported tips (not railroad tips) from the list. How do I enter qualified tip income in TurboTax?
yesterday
Self-employed health insurance deduction goes on Schedule 1 line 17 (which goes to 1040 line 10), as long as the expense is not greater than your net self-employment income. If it does exceed your ne...
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Self-employed health insurance deduction goes on Schedule 1 line 17 (which goes to 1040 line 10), as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Schedule 1 and the remainder gets added in to medical expenses on Schedule A. Medicare plan B payments are qualified as Self-employed medical insurance premiums and should be entered under Business instead of in the SSA-1099 Social Security Benefits section. It will not show up on Schedule C and not reduce any SE Tax on a net profit. It does reduce your 1040 total income for the regular income tax.
yesterday
No. TurboTax has no involvement with verifying your identity with the IRS. You have to follow the instructions in the letter you received from the IRS, the sooner the better, because it is going to...
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No. TurboTax has no involvement with verifying your identity with the IRS. You have to follow the instructions in the letter you received from the IRS, the sooner the better, because it is going to delay your refund.
I HAVE TO VERIFY MY IDENTITY
Sometimes the IRS chooses returns randomly to request verification of identity and sometimes there is something on the return that triggers the request. No matter why the IRS has required you to verify your identity, you need to follow their instructions in order to receive your refund. If you do not verify your identity you will not get your refund.
https://turbotax.intuit.com/tax-tips/security/tips-for-handling-identity-verification-requests-from-the-irs/L55RhaS2B
https://www.irs.gov/identity-theft-fraud-scams/identity-verification-for-irs-letter-recipients
yesterday
I have a W-2 where Box 14 includes two items: “CASDI” and “Qualified Tips” (the Qualified Tips amount matches Box 7 for Social Security tips). For TurboTax categorization: Should “Qualified Tips” ...
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I have a W-2 where Box 14 includes two items: “CASDI” and “Qualified Tips” (the Qualified Tips amount matches Box 7 for Social Security tips). For TurboTax categorization: Should “Qualified Tips” be entered as “Other (not classified)” or “Reported Tips (Not Railroad Tips) ” or something else? I want to make sure I’m not double-counting tip income or triggering any additional forms unnecessarily.
yesterday
The worksheet to determine how and what you will get is form 8812
yesterday
What contribution question? You fill out the 1099R exactly as shown. For 2025 there might be a new code Y on the 1099R for QCD. The IRS does not require financial institutions to use code Y to rep...
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What contribution question? You fill out the 1099R exactly as shown. For 2025 there might be a new code Y on the 1099R for QCD. The IRS does not require financial institutions to use code Y to report QCDs yet, instead making the use of code Y optional. I got my 1099R from Vanguard for my QCD and it only had code 7 in box 7. If you are over 70 1/2 then after you enter the 1099R keep going. In my Desktop program one of the next screens will say…Do any of these situations apply to you with a list. The 7th item is "I transferred all or part of this money directly to charity". Check that and the next screen will be either for RMD info or ask how much was transferred to Charity. Just keep going though all the screens. Then do NOT enter it again under Deductions & Credits. It only goes on the 1099R entry. Otherwise you would be deducting it twice. For a QCD, check 1040 line 4b. It should be 0 (unless you have other taxable 1099Rs) and the QCD box checked. The code in box 7 of form 1099-R must be 7 or Y and the box IRA/SEP/SIMPLE must be checked. You can’t do a QCD from a 401K. For QCD there is a new checkbox on the 1040 line 4. 4a is the amount of the IRA distribution. 4b is the taxable amount. 4c has 3 checkboxes. Checkbox 2 is for QCD
yesterday
E-filing fee in desktop software
Did you purchase desktop software with state software included? They sell Deluxe both with and without state software--so you have to be careful which one you choo...
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E-filing fee in desktop software
Did you purchase desktop software with state software included? They sell Deluxe both with and without state software--so you have to be careful which one you choose. And even if it does have the state software download included, that is for preparing the state. There is an extra $25 fee to e-file the state. You can avoid the state e-file fee if you print and mail the state instead of e-filing it.
