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I agree that the NOL calculation should be fixed. But, how is it OK for TurboTax to knowingly add incorrect amounts to my tax return in the first place?  That sounds to me like an obvious bug in the software.

Initially I was using online but I understand that I am not able to use that as it is too late to e-file.  I downloaded the desktop version of turbo tax 2024 and then went into documents and downloaded it.  Once it was complete I attempted to just open it as well as save om folder, however,  when I attempt to open it I get an error message that states; "could not open TurboTaxReturn 2024 because it is either not a supported file type or because the file has been damaged."  How am I suppose to get it open so I can print it?  I have also attempted to right click on it and print it but it gives me the same error message.  I am at a loss as to what needs to be done for me to get my taxes opened, printed, and mailed.

Do you have a copy of  IRS Publication 536?  If so, I would appreciate you posting it or sending me a copy.  If I go to the IRS website and search for "Publication 536", I get "Error 404, Page Not Found".  Apparently that document no longer exists.

The S-Corp will issue a K-1 each year. Losses are limited to the lesser of tax basis or the amount at-risk. If there are losses and or distributions, the IRS requires completion of Form 7203.  All desktop versions support these forms, but only the premium version when using online.   Warning with 2025 versions, Form 7203 does not work properly to limit losses to basis. If at-risk is lower, you need to complete Form 6198. Contributions constitute tax basis and the amount at-risk. However, for at-risk the amount must be reduced if there's anything in place that would limit the amount you could lose.   

Solution was to delete problem1099-R, save file and and enter data again answering the questions differently until Turbo Tax recognizes it as taxable income.   I have 3 1099-R with 3 distribution Box 7 codes (4, 7,and G) and with 3 similar amounts of taxable income.   Your solution helped with a partial step. Will save it for next year's return.  Thank you. 

PatriciaV, I have same question and would like to have you review my submission - Section 754 after death of a partner for three partner LLC. I have calculated the step-up for the basis and have the depreciation too. Would like to know if I have formulated it correctly in Turbo Tax. Please review my tax submission under 111643289-00007362 Thank you.

Hi AmyC - thanks for the response. Here is my dilemma: roof loss.  On personal property information - I entered: cost basis of roof acquired in 2018: 35,700. insurance reimbursement: 31,644 Next page takes me to FMV before loss and after loss. FMV before loss: 550000. FMV after loss: 504,235 In form 4684 p1 worksheet line12 should have a loss of 15,121 but instead shows about 5K.  That’s the issue with how turbotax is calculating it. I have read up on IRC 165 where I should be able to claim actual loss not limiting it to 10% AGI.   Thanks for your help in advance!  

I encountered this question too. It prompted by a previously answered question. Two questions prior to this, the system asks if you want to track your Roth IRA Basis.  I think this is tracking for the lifetime of the account for Turbo Tax to keep track of.  So I believe they are asking how much you have ever contributed.  For me, the life of the account was not worth me tracking down these details. I contributed the allowed limits and when I over contributed I answered the prompts for the recharacterizations and am keeping year to year notes elsewhere.   To address this, for the question "Would you like to track your Roth IRA basis?" I answered No. Then I was not prompted for this question. Or you can try and track down all of the direct contributions for turbotax to keep track of.  

Thanks, interesting. In my version, I see and answered:   When did [Name] start using this home office for work? 01/01/2025 In 2025, how many months did [Name] use this office at least 15 days? 12  but I do not have the last question about the percentage of use. See screenshot below: