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2 hours ago
If you did not have Form 2210 last year and no underpayment penalty, than you should enter $0 in the "prior year tax" field. If you had an underpayment penalty in 2024, you should enter that amount. ...
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If you did not have Form 2210 last year and no underpayment penalty, than you should enter $0 in the "prior year tax" field. If you had an underpayment penalty in 2024, you should enter that amount.
TurboTax calculates your underpayment penalty using Form 2210 based on your current year's information. If you don't file the form, the IRS will calculate it and send you a bill.
See also:
How to Avoid Penalties for Underpayment of Taxes
Why am I getting an underpayment penalty if I'm getting a refund?
What is Form 2210?
Please return to Community if you have any additional information or questions and we would be happy to help.
2 hours ago
After entering personal information to purchase a second state tax return, I cannot move on to the billing information, because the little blue box (next?) will not display above the tool bar. How d...
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After entering personal information to purchase a second state tax return, I cannot move on to the billing information, because the little blue box (next?) will not display above the tool bar. How do I complete the purchase so that I can fill out the second return? Federal and home state returns have been completed and checked as well as saved.
2 hours ago
what is for 2210
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2 hours ago
This is my first year filing, and I was a dependent last year? Do I still need to show the IRS 2024 tax return?
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2 hours ago
When I report a summary of my transactions from my 1099-B, do I have to adjust the basis with "W" and put in the wash sale disallowed amount from box 1g in as the new adjusted basis? It seems to make...
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When I report a summary of my transactions from my 1099-B, do I have to adjust the basis with "W" and put in the wash sale disallowed amount from box 1g in as the new adjusted basis? It seems to make a big different in taxes owe since my total transactions has a net loss. Adding the "W" and setting the wash sale total as the new basis significantly increase my taxes owe. Is this expected?
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2 hours ago
Same here. End up I have filed by mail and next year I will reconsider the TT...
2 hours ago
I had entered other data and returned to the wages & income section to enter 1099-B data. It doesn't matter if I click add an investment, or click or 'review'. The screen dims a couple of times and...
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I had entered other data and returned to the wages & income section to enter 1099-B data. It doesn't matter if I click add an investment, or click or 'review'. The screen dims a couple of times and then takes me back to the 'Let’s finish pulling in your investment income'. I've tried deleting the 1099-B reminder to start over, but it does the same thing as soon as soon as I select the 'house' with the 1099-B form, it goes right back to Let’s finish pulling in your investment income. Very frustrating.
2 hours ago
In Pennsylvania, retirement distributions from 401(k) plans and IRAs are generally not taxable at the state level if you have reached age 59½ or full retirement age. If you paid PA state tax on these...
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In Pennsylvania, retirement distributions from 401(k) plans and IRAs are generally not taxable at the state level if you have reached age 59½ or full retirement age. If you paid PA state tax on these distributions, you likely overestimated your liability unless specific exceptions applied. You can file an amended return to make the correction and get your taxes paid refunded. See How to File an Amended Tax Return with the IRS - TurboTax
2 hours ago
When reporting my traditional IRA contribution, TurboTax asked for my total basis.I have multiple IRA accounts for 10 years and I did not consistently contribute every year. I don't remember exactly ...
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When reporting my traditional IRA contribution, TurboTax asked for my total basis.I have multiple IRA accounts for 10 years and I did not consistently contribute every year. I don't remember exactly what the total amount I contributed for past 19 years and I don't remember all the brokers that I have used. Can I simply put a rough estimate for this total amount? What does it impact?
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2 hours ago
I have $0 in Job Expenses but there is nowhere to edit this when I go to 'Deductions and Credits'
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2 hours ago
In most cases, capital gain distributions are reported on IRS form 1099-DIV box 2a.
As stated correctly above, these are capital gains which are netted against net short-term capital gain or lo...
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In most cases, capital gain distributions are reported on IRS form 1099-DIV box 2a.
As stated correctly above, these are capital gains which are netted against net short-term capital gain or loss and flow to the IRS form 1040 line 7a.
2 hours ago
Schedule 1 has 2 Parts
Part I - Additions to Income from Lines 1 - 9 - the total of all additions is on Line 10
Part II - Adjustments to Income from Lines 11 - 24 - the total of all adjustme...
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Schedule 1 has 2 Parts
Part I - Additions to Income from Lines 1 - 9 - the total of all additions is on Line 10
Part II - Adjustments to Income from Lines 11 - 24 - the total of all adjustments is on Line 25.
Part I and Part II are combined on Line 26 - and this is the net number that goes to Form 1040, Line 10
2 hours ago
In TurboTax Online, SEP IRA contributions made by your employer, including those you make yourself through self-employment, are treated separately from your personal IRA contributions. You only need ...
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In TurboTax Online, SEP IRA contributions made by your employer, including those you make yourself through self-employment, are treated separately from your personal IRA contributions. You only need to enter SEP IRA contributions related to your self-employment income in the SEP IRA section.
In TurboTax Online, to enter your personal IRA contributions follow these steps: To enter personal IRA contributions: 1. Go to the Federal section. 2. Select Deductions & Credits. 3. Find and open the Traditional and Roth IRA Contributions section. 4. Enter your personal IRA contribution amounts here. To enter SEP IRA contributions (only if you are self-employed): 1. Make sure your self-employment income is entered first. 2. Navigate to the SEP IRA Contributions section by searching for "SEP IRA contributions." 3. Only enter contributions that you made yourself from your self-employment income. 4. Do NOT enter employer SEP IRA contributions here; those are handled automatically and should not be added manually. This way, TurboTax will keep employer SEP contributions separate and not count them against your personal IRA limits.
2 hours ago
I received a consolidated 1099 form from Robinhood. There is a 1099-MISC section with box 3 showing $5. I vaguely recall earning this $5 from completing a one time Robinhood in-app survey. When I rep...
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I received a consolidated 1099 form from Robinhood. There is a 1099-MISC section with box 3 showing $5. I vaguely recall earning this $5 from completing a one time Robinhood in-app survey. When I report this in TurboTax, do I mark this as an intent to earn money? Doing so seems to report this $5 as self-employment income and TurboTax seems to treat it as having a side-hustle and asked a lot of questions about the nature of this work and income. Please advice on how to properly report this.
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2 hours ago
If your Add Supporting documents does not work, some users have reported the steps listed below as solving the issue:
Switch to Forms mode, find the specific worksheet, and directly add deta...
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If your Add Supporting documents does not work, some users have reported the steps listed below as solving the issue:
Switch to Forms mode, find the specific worksheet, and directly add details there.
Sometimes double-clicking the number field will trigger the pop-up
Try Saving your work, closing, and restarting the program
If a field is locked due to an old $0 entry, go to Forms Mode and delete the existing data. Backspace and forward space over the field to make sure there is no data there to unlock the filed
Try clicking in the box and then go to Edit - Add supporting schedule.
Some users have reported that re-installing the software can solve the problem
Please return to Community if you have any additional information or questions and we would be happy to help.
2 hours ago
My income is higher than the Roth IRA limit so I cannot contribute to Roth IRA directly. My employer offers 401K plan and it also have an option for in-plan conversion so I can contribute after tax m...
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My income is higher than the Roth IRA limit so I cannot contribute to Roth IRA directly. My employer offers 401K plan and it also have an option for in-plan conversion so I can contribute after tax money from my monthly paycheck to my 401K account in addition to my normal 401k contribution. I'm trying to fill out the Traditional and Roth IRA deduction portion in TurboxTax and I don't quite know if my situation counts as Roth IRA. For this type of mega backdoor Roth approach in the same 401K account, does it considered as a Roth IRA account? Is my 401K account with in-plan conversion considered a Roth IRA account? Do I have to report these contribution as Roth IRA contributions? I received a 1099-R for the contribution and it shows up in my W-2 box 14 as Other and AFTAX.
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2 hours ago
@JCH10 In another thread, they confirmed that we'll have to mail it in. From the Form 3468 instructions: If you are an individual and file electronically, you must send in a paper Form 8453, U.S...
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@JCH10 In another thread, they confirmed that we'll have to mail it in. From the Form 3468 instructions: If you are an individual and file electronically, you must send in a paper Form 8453, U.S. Individual Income Tax Transmittal for an IRS e-file Return, if attachments are required for Form 3468. Form 8453 doesn't include a checkbox for this situation, I read that they just don't keep it updated and to leave all the boxes unchecked.
2 hours ago
@djgoodvin wrote: In the box 14 of the form 1041, I have a H with a -$16,961. How do I get it to populate the Form 8960? The program will do that automatically, provided Form 8960 is required.