All Posts

To get past the error screen, you must manually adjust the whole dollar amounts so that Box 2 + Box 3 = Box 1. Suppose, If Box 2 + Box 3 = $101 but Box 1 = $100, just subtract $1 from Box 3 so that all three boxes are the same. The IRS does allow for rounding.    If all the money was spent on education, do not report the 1099 Q. According to IRS Publication 970, According to IRS Publication 970 in Qualified Tuition Program (QTP)" under the subheading "Tax-Free Distributions."   "Nontaxable distributions from QTPs (529 plans) are not required to be reported on your income tax return."   Publication 970

In Virginia rental losses are considered "passive income" and can only be used to offset other passive income.  In North Carolina the phase out for deductible real estate losses starts at $100,000.  Probably the system has correctly removed the deduction from both state returns because you are not entitled to it at this time.  

Thank you for the guidance! I had to make a nominal change (and later change back) my 1099-DIV entry for foreign tax paid under the income section during the amendment to trigger the availability of prompts in the online 2024 amendment of foreign tax credit.  After that,  prompts which did not appear before in the existing foreign tax credit section appeared. I then do get to the question "Do you have a carryback from 2025?"  The amount on my 2025 return, form 1116 schedule B line 7 "Actual or estimated amount of line 6 to be carried back to prior tax year (enter as a negative number)" is indeed negative. Question 1:  It is unclear if the carryback amount should be entered as negative in response to the question in the 2024 amendment prompt asking for the carryback amount.  It seems like entering one way will trigger another carryback and require amendment of the 2023 return I also filed with TurboTax, where at least I did not have foreign tax paid that year or any year prior. Entering the number as either negative or positive leaves me with a new tax liability for the 2024 amended return. So my second question is does carryback mean carryback of credit, or of liability--or have I done something wrong? A final question is how to determine if the carryback is standard or alternative minimum tax (AMT) type. When completing my 2025 return, the prompts in this credit section led me to choose the option which said something like "this is my first year claiming the simplified calculation for AMT", but I never saw any indication that a tax filing for AMT was completed. My 2025 return is a form 1040 as filed. I chose the same option in the amendment of 2024, for consistency, and 2024 would truly be my first year of claiming a foreign tax credit (unless this amendment triggers an amendment for 2023).

Did you receive a 1099-G form that reports the NY state tax refund that you received in 2025 for your 2024 refund?  It should match up with what TurboTax has stated for your refund amount.  If you don't have a 1099-G from New York, you can check New York 1099-G to get your form online.   The main reason the 1099-G form for state taxes is needed is for determining if any of it is taxable because you had itemized deductions.  If you took the standard deduction in 2024, then your state tax refund on a 1099-G for 2024 will not be taxable.  And even if you did itemize deductions, the $10,000 cap on state and local taxes or the amount of itemized deductions compared to the standard deduction may limit or eliminate any taxability of that refund for Federal taxes. 

Ok I think I got this figured out. One last question. Online it says transaction fees like the ones you listed below are supposed to be put into the cost basis. "cost basis is the amount you paid—including brokerage fees, loads, and any other trading costs—to purchase an investment"   Having said that, does it matter if i put the fees in the cost basis or in that fees line? Or does it act the same in the sense that it adds it to the cost basis regardless if I put it in the fees line or just put it in my cost basis line?

Yes.  You can include as an itemized expense property taxes on your second home.  You do not need to have a mortgage on your home in order to claim taxes as an itemized expense.     Itemized expenses include mortgage interest, gambling losses up to 90% or up to winnings (whichever is less),  charitable contributions, state and local taxes up to $40,000, medical expenses in excess of 7.5% of your AGI and federally declared casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss.     Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your property taxes and expenses.  The 2025 Standard Deductions are as follows: Married Filing Joint (MFJ)              $31,500 Married Filing Separate (MFS)      $15,750 Head of Household (HOH)             $23,625  Single                                                 $15,750                                 Blind or over 65 and MFJ or MFS add $1,600 Single or HOH if blind or over 65 add $2.000 Standard Deduction vs. Itemized Deductions: Which Is Better?  

Whether working or not has no bearing on your eligibility for the enhanced senior deduction   If you are filing as Married Filing Separately you are not eligible for the deduction.  If you are Single and your AGI is over $150,000 or Married Filing Jointly and your AGI is over $250,000 you are not eligible for the deduction.   If you are age 65 or older and meet the requirement, the additional deduction is automatically added on your federal tax return.   Standard deductions for 2025 Single - $15.750 add $2,000 if age 65 or older Married Filing Separately - $15,750 add $1,600 if age 65 or older Married Filing Jointly - $31,500 add $1,600 for each spouse age 65 or older Head of Household - $23,625 add $2,000 if age 65 or older   New Bonus Standard Deduction (OBBB): An additional $6,000 deduction for taxpayers 65 and older. This is per eligible individual, meaning a married couple both over 65 could get $12,000. Important: This bonus deduction is temporary, lasting from 2025 through 2028. Income limitations: It phases out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers. The amount is calculated on Schedule 1-A, Part V, with that amount flowing to Form 1040 Line 13b Look at your Form 1040 - You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Sorry, I'm new here. We have sales tax in Washington state. Those taxes included in every payment. I send a bill to the client with details on job cost and sales tax separately, then I got a 1099_NEC form, where total was entered in box 1, and all other boxes, including boxes 5 and 7, were blank. Anyway, I contacted the client asking to update information and send me a new 1099_NEC form. Hope, this is the right way to handle this issue. 

The "app" and the "webpage" are essentially the same thing.   The fees are the same.   HOW CAN I DOWNGRADE TO A LOWER VERSION https://ttlc.intuit.com/turbotax-support/en-us/help-article/change-service-level/downgrade-lower-priced-version-turbotax-online/L2IDaMvkt_US_en_US?uid=m6ilzady     WHY DO I HAVE TO PAY?  I WANT THE FREE EDITION   The information that you can enter in Free Edition is pretty limited now.  Thanks to the tax laws that began for 2018 returns, there are no more simple Form 1040EZ or 1040A's.  Everything goes on a Form 1040 that has three extra "schedules" with it, and if you need any of those schedules, you are not able to use the Free Edition.  Using the standard deduction instead of itemizing does NOT mean you will not need any of those schedules.   If you started in the Free Edition and entered any data that required any extra forms or schedules, you have to upgrade to a paid version and if you are watching the screens carefully you are alerted to the upgrade.       TurboTax Online: Important Details about Filing Simple Form 1040 Returns If you have a simple Form 1040 return only (no forms or schedules except as needed to claim the Earned Income Tax Credit, Child Tax Credit or student loan interest), you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Live Assisted Basic at the listed price. Roughly 37% of taxpayers are eligible. Examples of situations included in a simple Form 1040 return (assuming no added tax complexity): W-2 income Interest, dividends or original issue discounts (1099-INT/1099-DIV/1099-OID) that don’t require filing a Schedule B IRS standard deduction Earned Income Tax Credit (EITC) Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions   Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freelancers) Stock sales (including crypto investments) Income from rental property or property sales Credits, deductions and income reported on other forms or schedules        How can I see my TurboTax  fees?  https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/review-fees-turbotax-online/L1XnIzgzg_US_en_US?uid=m682vq7k   If your TurboTax fees are higher than expected, you can reduce them by removing add-ons     (BEFORE you e-file) :   Remove Premium Services Remove MAX Defend & Restore Remove a state Remove PLUS Help & Support Remove Pay With Your Refund     Or—-Use this IRS site for other ways to file for free.  There are 8  free software versions available from the IRS Free File site   https://apps.irs.gov/app/freeFile/  

Correct. You have a sale missing a basis. Please review your entries and locate the missing basis. Enter the correct basis and you will be able to continue. The review should be showing you the line needing attention.

You have to open the form since it is not been opened yet.   On that same page, scroll up and click on Open Form.   Then expand (click the + next to 2025 - Illinois) Illinois and select the Illinois Earned Income Credit         Follow these steps: Open to your IL return Continue through until you see take a look at IL credits and taxes Locate IL earned income credit, Start/ enter 'update /revisit The program will then state that you do not qualify for IL EIC. While in that screen, switch to FORMS mode If you are in the IL EIC, great. If not, go to the top left Open Form, select IL, select EIC and open Look for pink boxes showing an error and correct them. Return to step by step and try review again.