All Posts

I still don’t know where those numbers come from, but the form allowed me to manually override them to match my original filing. The amended return was e-filed and accepted, saving me a lot of ink, paper, stamps, and time. Thanks for the tips! Really appreciate the help!

Thank you for the response. To clarify, the excess contribution is because I exceeded the $7,000 combined limit across both accounts. I contributed $7,000 to my Traditional IRA and $7,000 to my Roth IRA in 2025, for a total of $14,000 — which is $7,000 over the limit. I completed an IRA and ESA Excess Contribution Removal Form with my custodian and removed the $7,000 plus $132 in earnings from my Traditional IRA. The funds were moved to a taxable brokerage account with the same custodian. My custodian will not be issuing a 1099-R until early 2027. TurboTax is flagging the excess on the Roth side and giving me the option to report that I withdrew excess Roth contributions — but I actually withdrew from the Traditional IRA, not the Roth. How do I correctly report in TurboTax that the excess was removed from the Traditional IRA so that my Roth contributions remain intact?

To amend a return you did somewhere else or you don't have the original.tax file,  you would first have to fill out Turbo Tax like you are doing the original return and pay for it.  You have to recreate the actual wrong original return.  Then when it matches each line that you really filed you have to tell Turbo Tax you will mail it so it thinks it was filed.  Then you can amend it.   For the current year you can use the online version by first recreating the original return exactly as filed.  Then pay the fees and say to mail it and print it out so it think you filed it.  Then when it matches every line you can amend.   How to Amend this year https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_     Or you can buy the Desktop CD/Download program here, https://turbotax.intuit.com/personal-taxes/cd-download/

Do you get Social Security?   It may have not calculated the right taxable amount on 1040 line 6b.   After you enter your SS in the interview the next screen is a big page to answer if you  lived in a Foreign Country.  People have been skipping it or answering it wrong.  You have to check NO on that screen and for each spouse if married.

For Online,  When you click in the left column tab for Deductions & Credits, it may take you to a page called "Your Tax Breaks. Lower on that same screen should be a button or link for "Add more tax breaks" or "Show more tax breaks" or similar wording. When clicked, then the screen should expand, and all the deduction topics are displayed including "Estimates and Other Taxes Paid." Then that topic can be expanded further to get the subtopic Estimated Tax Payments.

first off your math skills need some improvement. investing $30k in repairs will be paid for in ~30 months, not 30 years.  If you gross $1000/month, technically it would take 30 months to take in $30k right?  so basically in 2.5 years recovered the $30k investment for repairs provided there's no additional repairs or need for the rental money. Also, at the national average appreciation rate of 4.3% on properties, after nine years when you retire, your fixed up duplex in twill be valued at $173,283.00 an additional $55,283 for your future. This in addition to the 6.5 years of rental income at $1200/month = $93,600. This is low estimate because you will definitely increase rent over that time.  Keep the rental property, because unless your Nancy Pelosi, selling it for $100k now and trying to find an investment that will return $148,883 in a low risk investment over the next 9 years will be hard.        

To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January 2025 (for 2024) go to Federal on left or at top (Personal for Home & Business) Deductions and Credits Then scroll way down to Estimates and Other Taxes Paid Estimated Taxes - click the start button   You have to enter the dates you actually paid the estimates and pick the right state from the drop down box   For Online,  When you click in the left column tab for Deductions & Credits, it may take you to a page called "Your Tax Breaks. Lower on that same screen should be a button or link for "Add more tax breaks" or "Show more tax breaks" or similar wording. When clicked, then the screen should expand, and all the deduction topics are displayed including "Estimates and Other Taxes Paid." Then that topic can be expanded further to get the subtopic Estimated Tax Payments.

Enter Your "Seller-Financed" Interest (Even if this wasn't a mortgage or a house sale): Open or continue your return. Search for "seller-financed interest received" (or just "seller-financed") in the Search box. Click on the "Jump to..." link.  OR... Under Federal tab, Click on Wages & Income. Scroll down to Interest and Dividends section, and Click on Start/Revisit next to Interest from Seller-Financed Loans. When asked if this is "Interest from Seller-Financed Loans," Select "Yes". Enter the Borrower's Name, Address, and SSN. Enter the total interest amount. By entering this information in this section: This method allows this money to flow correctly to Schedule B. It identifies it as interest from an individual.  It satisfies the IRS requirement to list the payer’s SSN (without causing an "Invalid FEIN" error). If the interest is over $1,500, the IRS technically requires that higher amounts be broken down on Schedule B.