All Posts

You don’t need to repay your excess Premium Tax Credit separately—it’s already included in the total tax you owe on your Form 1040. If you were getting a refund, it's deducted from your refund.  If you have a balance due, it's added to your balance due.   When your income ends up being higher than expected, you may have to repay part of the credit. The amount shown on line 29 of Form 8962 is carried over to Schedule 2, line 2, and then included in your Form 1040 total tax.   TurboTax will automatically fill out Form 8962 once you enter your Form 1095-A.    For more information, refer to the TurboTax articles: What is the Premium Tax Credit? and When should I include Form 8962 with my tax return?  

Wow! There it is on page 84 of 128 pages of the Turbotax worksheets file! Turbotax removed it from the smaller 58-page Gov worksheets file.  What I would give to spend 10 minutes with the product team that keeps making this report harder and harder to find! lol. FWIW, Texas (and 9 other states) do not require a state income tax return.  So there is no reason for anyone in those states to realize you have to add a state return to find the Tax Tools menu option. Just Wow!

To get help from the user forum you have to post very clearly worded, complete and specific questions for us---we cannot see your tax return.   Or...do you want to pay for help from an "expert?"   EXPERT ASISSTANCE   https://ttlc.intuit.com/turbotax-support/en-us/contact/    

It depends. NYC co-op owners generally do not directly own a percentage of the land. Instead, they purchase shares in a corporation that owns the building and land, granting them a "proprietary lease" for their unit. The corporation holds the title, and shareholders (owners) possess stock certificates rather than a deed, though in some cases, the corporation itself holds a long-term ground lease instead of ownership, in which case the land value would be zero. Check with your owning corporation for more information about your particular property.   To determine the land value for a Manhattan co-op, if appropriate, you would apportion a share of the building's total land assessment, as indicated on the NYC property tax bill, based on your percentage of shares. Use the NYC Department of Finance Property Market Value Review for assessed land value, or apply the percentage of land value from the tax bill to your purchase price.   See this thread for another discussion of this issue, in which users were advised that land value would be zero.   @skygirlfly21 

Can you clarify if you already filed your tax return?  Also, what penalties were applied.  If you already filed, you will need to amend to make the corrections.   If you have not filed yet, you can go back through the Retirement Income section.  Check your 1099-R Box 7 Codes and the questions in the TurboTax interview.   If TurboTax is showing a penalty on Form 5329, it might actually be for a "missed" Required Minimum Distribution (RMD) rather than an "early" withdrawal. Ensure you have answered the RMD questions correctly. When asked "How much of this distribution was an RMD?", you must indicate that you met your requirement. 

1. After entering the details of the 1099, there is a pencil Edit Button. Click it. 2. On Identify the Plan, Check the IRA box. 3. On These situation may lower your tax bill, enter the amount of the Equal Periodic Payments in the first box. 4. Good News, your tax bill just got lower!

You are looking for the document ID, which is 8 or 10 digits. Enter only the first 3 characters after, not including "IDUSA".  Some other users experienced errors with incorrect issue and expiry dates, so double check they are correct and not swapped as well.    For more information, see Where do I find my document number so that I can e-file my New York return?

To correct an incorrect Social Security Number (SSN) on an e-filed W-2, you must file Form W-2c (Corrected Wage and Tax Statement) as soon as possible. Since you have already submitted the original W-2 to the Social Security Administration (SSA), you cannot simply edit the original; you must issue a formal correction.  Prepare Form W-2c by completing boxes a through i on Form W-2c. Box d: Enter the employee's correct SSN. Box e: Check the box for "Corrected SSN and/or name". Box f: Enter the incorrect SSN exactly as it appeared on the original W-2. Boxes 1–20: If all other wage and tax information was correct, leave these boxes blank. Prepare a Form W-3c which is the transmittal form. You can e-file these forms using the SSA's Business Services Online (BSO) portal. Give the employee their copy of the Form W-2c immediately. Advise them to use the corrected information for their tax filing or to amend their return if they have already filed.