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The deduction is automatically calculated by TurboTax if you qualify. The calculation will appear on Schedule 1-A page 2, Part V Enhanced Deduction for Seniors, which is then carried to your Form 1040 line 13b.    The maximum deduction is $6,000 for each person 65. There is a phaseout of the deduction once your income (MAGI) exceeds $75,000 for single or $150,000 for married filing jointly (MFJ). On a joint return the phaseout is calculated separately for each person.   On a joint return the phaseout is calculated separately for each person, so the 6% phases out for each spouse. This deduction is intended to provide tax relief for seniors and is in addition to the existing Standard Deduction or your Itemized Deductions. Expires December 31, 2028.

Thank you DIane W777. See my post to lordguido up above. The accrued interest issue on my NJ return was more significant in that the accrued interest did not carry over at all. Fortunately, the Support Community here is wonderful and I found the solution elsewhere - e.g., it's best to enter any Bond Premiums separately, because if they are present with the Accrued Interest entries they prevent the flow of accrued interest to NJ returns. I just split out the Bond Premium, along with enough Treasury Interest to cover it, and that solved the problem. But I had multiple separate entries to make b/c of this issue.

Select “Start a New Return” from under “My Returns” in the bottom left corner. Once you have started your new return, you can select “View All Returns” from under “My Returns”. Then delete the unwanted return by clicking the small Trash Can next to it or “Delete” under the return’s name.  

thank you for the info but it didn't work.  My Turbo Tax is up to date (according to it when i try and manually update.  Still calculating this incorrectly.  It's sort of corrected in that it says my total contribution can be $34,750, but then on the next page it reverts back to $31,000 and also isn't calculating profit sharing correctly.    

To enter a Form 1099-NEC  - Click on Federal (Personal using Home & Business) Click on Wages & Income (Personal Income using Home & Business) Scroll down to Other Common Income  On Form 1099-NEC, click the start or update button 

Thank you lordguido, I was able to see the accrued interest in the Print option on the pdf. I later had another issue with accrued interest on my NJ Tax Return - it wasn't coming through. You have to split up your 1099s even more to solve this problem - you can't have any Bond Premium on the same 1099 as accrued interest or TurboTax won't carry the accrued interest over to the NJ return. Lots of tricky areas!

To enter a Form 1099-MISC that is not for self-employment - Click on Federal (Personal using Home & Business) Click on Wages & Income (Personal Income using Home & Business) Scroll down to Other Common Income On Form 1099-MISC, click the start or update button  On the screen Did you get a 1099-MISC?, click on Yes On the screen Let's get the info from your 1099-MISC, enter the amount received in box 3 and continue On the screen Describe the reason for this 1099-MISC, enter a reason and Continue On the screen Does one of these uncommon situations apply? - Select None of these apply and continue On the screen Did the (reason) involve work that's like (your name) main job - Select No and continue On the screen How often did (your name) get income for (reason) - Select 2025 and continue On the screen Did the (reason) involve an intent to earn money? - Select No and continue The amount entered from the Form 1099-MISC will be entered on Schedule 1 Line 8z The total from Schedule 1 Part I Line 10 flows to Form 1040 Line 8

TurboTax desktop software allows installation on up to five computers owned by you. If you receive this error, it is likely due to multiple activations from hardware changes, reinstallations, or using different Windows user accounts on the same machine. You will need to Contact TurboTax Support to reset your license.   @drarick13 

The reason that you are getting so many instructions is that you have several options for how you enter something like this.  The easiest is to enter the net gain as regular income and call it a day.  Personal item sales are only taxable if they have a gain and then only the gain is taxable.  You properly separated them out and so you can easily enter in the amount that is not subject to income tax.  There is a box at the top of 1040 schedule 1 just for that purpose now.   When you enter the 1099-K into TurboTax you will enter all of the information from the form and then check the box for 'Personal Item Sales'.  Then, on the next screen, you will check the box that says "I sold some items at a loss or had no gain."  In that box you will enter the amount that is excluded from income (in your case $3,237.11) and then it will enter everything into the forms just fine.  Save your records in case there are ever questions and you're done.

@drcox @taxnovice We all seem forced to dance around this counter-intuitive [dare I say nonsensical ?] TurboTax behaviour.  Every other software package is nice enough to the user and helps him/her avoid mistakes. The TurboTax data import behaviour I expect is along the same lines: 1 - have a check box next to each tax form / account seen at my financial institution;  done already 2 - let me check / select or uncheck / clear each box individually;  done already 3 - import ONLY the tax forms I selected;   to be done 4 - IF an imported tax form already exists in my data file, ASK ME FOR PERMISSION to overwrite it; if no permission given, leave it as is;   to be done   Above all, warn me about possible inconsistencies, but TRUST ME to know what I am doing. This would be correct, friendly and logical software behavior.

Aysoref, I greatly appreciate you re-posting this update and all your efforts to resolve this issue with TT.   This is a cop-out by TT, they simply need to change this statement to a question "do you want to over-write your existing import data or add as supplemental data?" as they had in previous years.  It is on the user (as always) to reply to the question as appropriate to their specific needs.  This would support those of us who receive supplemental tax forms every single year.   This year I spent hours editing imported data pertaining to gains/losses on inherited investments.  To not lose this data my only options now are to spend additional hours keying in the minutia of text contained in the new supplemental statement or mail in a copy of my actual supplemental statement to the IRS.  The latter option defeats the whole purpose and security of e-filing.   TT is likely unwilling to change their software for this obvious defect since it is so close to tax deadline.  I am curious if any of the other TT products (I am using the desktop deluxe version) can handle this issue properly this year. I would be willing to upgrade if I knew that it would help resolve the issue.     I sincerely hope that TT reconsiders their position on this topic for next year and modifies their code appropriately, otherwise I will need to look for new tax software after years of being a dedicated TT user.   Again, appreciate your efforts on this.