All Posts
yesterday
i did get a letter that told me they paid intrest to me tocount for25
Topics:
yesterday
I'm still working on this. I really want to make this easier so - will the following work??? I have a spreadsheet so I have all the information. Luckily its only a couple of years. - but it is al...
See more...
I'm still working on this. I really want to make this easier so - will the following work??? I have a spreadsheet so I have all the information. Luckily its only a couple of years. - but it is also four mutual funds. If only I knew to shut off the dividend reinvestment. My question now is can I just separate into three different categories? Lots of entries for only two years with four funds. first - The inherited mutual fund info with the date of death basis. second - For reinvested dividends over a year - combine each mutual fund's reinvested dividend shares and average out the basis for this long term category. Third - For reinvested dividends less than a year - combine each mutual fund's reinvested dividend shares and average out the basis for this short term category. I hope I explained this ok. Thank you for your help. If I have to do all the entries for every purchase separately I will do it - I'd just rather not. In December they have three separate purchases per fund on the same day. Thank You.
yesterday
The general rule is (and it applies, in your case): your report all your income on your home state return, even the income earned out of state. You file a non-resident state return for the state you ...
See more...
The general rule is (and it applies, in your case): your report all your income on your home state return, even the income earned out of state. You file a non-resident state return for the state you worked in and pay tax to that state. Your home state will give you a credit, or partial credit, for what you paid the non-resident state. You will have to file a non resident MA state return and pay MA tax on the income earned there.. You will also file a RI full year resident return and calculate tax on ALL your income. RI will give you a credit, or partial credit, for the tax you pay MA. So, there will be little or no double taxation, but you have the cost and hassle of filing two state returns. Do the nonresident state return first. Doing the returns in the correct sequence insures that your RI return will include the credit for the tax you pay to MA.
yesterday
I have no 2024 return information, I can not start my 2025 return. I used TurboTax only to filing my past years return, Please help me find record.
Topics:
yesterday
1 Cheer
Do you need the AGI to efile this year's return? You need your 2024 AGI to efile 2025. The AGI is on 2024 1040 or 1040SR line 11. If you filed a Joint return you use the same AGI for each spouse. ...
See more...
Do you need the AGI to efile this year's return? You need your 2024 AGI to efile 2025. The AGI is on 2024 1040 or 1040SR line 11. If you filed a Joint return you use the same AGI for each spouse. How to find the AGI. https://ttlc.intuit.com/community/agi/help/how-do-i-find-last-year-s-agi/01/25947 If you didn't file 2024 or filed it later in the year or mailed it, then try entering 0 for the AGI. If that doesn't work you will have to print and mail your return. Or request a transcript from the IRS https://www.irs.gov/individuals/get-transcript
yesterday
1 Cheer
What do you need it for? How to Access prior year online returns https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-access-my-prior-year-return/00/27010 If you can't get the side ...
See more...
What do you need it for? How to Access prior year online returns https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-access-my-prior-year-return/00/27010 If you can't get the side menus to open up to access the prior year..... You need to start entering some basic Personal Info in 2025 for the side menu to open up. Just continue a little ways into 2025. I had to go though about 12 screens. If you used the Desktop CD/Download program then the only copy is on your computer and not saved or stored online. So you need to make and keep your own backups. Or request a transcript from the IRS https://www.irs.gov/individuals/get-transcript Or get a copy of your return using form 4506 https://www.irs.gov/pub/irs-pdf/f4506.pdf
yesterday
I have a small foreign tax credit from a trust. The K-1 total foreign taxes paid is $25 which is reported on Line 14, Box ZZ. That came from a mutual fund that the trust invested in. The foreign g...
See more...
I have a small foreign tax credit from a trust. The K-1 total foreign taxes paid is $25 which is reported on Line 14, Box ZZ. That came from a mutual fund that the trust invested in. The foreign gross income is on the K-1 is $361; expenses of $21 for a net of $340. I have no clue what the US sourced gross income is. I guarantee you the broker doesn't know either. Turbo Tax won't let me electronically file because I haven't filled in the answer to this question: US Source Income plus Foreign Source Income sourced at the beneficiary level should not be greater than the total gross income sourced at the beneficiary level. It wants me to complete the US Sourced Income. No matter what I put, Turbo Tax won't accept it. I've tried inputting boxes 1, 2a, 3 and 4a (that's all I have on the K-1), that's about $600, I've tried combining that with the foreign gross income. No matter what I input, Turbo Tax won't accept it. Doesn't matter if it's higher than, equal to or less than any combination listed on the K-1. I have never run into this with Turbo Tax before and I've always had a small amount of foreign tax credit, well under the limit where I have to complete a F 1116. Anyone have any solutions? Call the CEO of the mutual fund company and ask what my portion of their US Sourced Income is? (sarcasm). Turbo Tax won't accept it even if I did. This problem has been around on this forum and after reading pages trying to find an answer, there was not an answer given to this exact scenario. Plenty of advice, but Turbo Tax's software won't accept it. Thank you. The help section says to check with the broker. I guarantee you my broker doesn't know. We're talking a very small amount here.
yesterday
At the screen Tell us about any other medical expenses, something may have been entered in either the Description field or the Amount field.
Click the Delete trashcan to the right.
yesterday
For a pension, it's whatever they send you. Say all of it is the RMD. If you have a RMD requirement it will ask you if it is the RMD. Say yes and enter the amount from box 1 as the RMD amount. The pe...
See more...
For a pension, it's whatever they send you. Say all of it is the RMD. If you have a RMD requirement it will ask you if it is the RMD. Say yes and enter the amount from box 1 as the RMD amount. The pension doesn't need to calculate any RMD. Anything your pension pays you is considered to be the RMD. Traditional pensions automatically fulfill the rules of an RMD. So just enter the same amount in box 1 for the RMD for each 1099R.
yesterday
Dependent
Other
I need to remove the word other.
I do not have any dependents.
Topics:
yesterday
Yes, this penalty is likely correct because VA disability and SSDI do NOT count as earned income, which is required to contribute to an IRA.
Without earned income (like wages or self-employmen...
See more...
Yes, this penalty is likely correct because VA disability and SSDI do NOT count as earned income, which is required to contribute to an IRA.
Without earned income (like wages or self-employment), the IRS treats your $600 contribution as an excess contribution, triggering a 6% penalty each year it remains.
To fix it, you should withdraw the $600 (plus any earnings) before the tax deadline to avoid ongoing penalties.
For more information,, see
When Can Contributions Be Made?
yesterday
When turbo tax says there is an error and there is no error, is there some way to proceed?
Topics:
yesterday
Is your efile rejecting for last year's AGI? Try entering 0 for the AGI. The IRS might have processed your return later so the AGI didn't get entered in time. Especially if you mailed it. That wor...
See more...
Is your efile rejecting for last year's AGI? Try entering 0 for the AGI. The IRS might have processed your return later so the AGI didn't get entered in time. Especially if you mailed it. That works for most people. See, https://ttlc.intuit.com/community/rejections/help/what-if-i-entered-the-correct-agi-and-i-m-still-getting-an-e-file-reject/00/27031 How to correct the AGI in the Online version https://ttlc.intuit.com/community/agi/help/where-do-i-correct-my-agi-in-turbotax-online/00/26311 If you can’t get it to efile you will have to print and mail it. https://ttlc.intuit.com/community/printing/help/how-do-i-print-and-mail-my-return-in-turbotax-online/00/26258 Be sure to attach copies of your W2s and any 1099s that have withholding on them. You have to mail federal and state in separate envelopes because they go to different places. Get a tracking number from the post office when you mail them for proof of filing.
yesterday
If the 2024 Form 1040, Line 11 AGI is not working, try using an AGI of 0. That sometimes work when your info was late in the IRS efile database. If the AGI of 0 doesn't work, write back for a t...
See more...
If the 2024 Form 1040, Line 11 AGI is not working, try using an AGI of 0. That sometimes work when your info was late in the IRS efile database. If the AGI of 0 doesn't work, write back for a third option in order to efile.
yesterday
Try entering 0 for the AGI. The IRS might have processed your return later so the AGI didn't get entered in time. Especially if you mailed it. That works for most people. See, https://ttlc.intuit....
See more...
Try entering 0 for the AGI. The IRS might have processed your return later so the AGI didn't get entered in time. Especially if you mailed it. That works for most people. See, https://ttlc.intuit.com/community/rejections/help/what-if-i-entered-the-correct-agi-and-i-m-still-getting-an-e-file-reject/00/27031 How to correct the AGI in the Online version https://ttlc.intuit.com/community/agi/help/where-do-i-correct-my-agi-in-turbotax-online/00/26311 If you can’t get it to efile you will have to print and mail it. https://ttlc.intuit.com/community/printing/help/how-do-i-print-and-mail-my-return-in-turbotax-online/00/26258 Be sure to attach copies of your W2s and any 1099s that have withholding on them. You have to mail federal and state in separate envelopes because they go to different places. Get a tracking number from the post office when you mail them for proof of filing.
yesterday
Are your parents claiming you as a dependent on their return? If another taxpayer (your parents) is entitled to claim you as a dependent (even if they don't), you can't claim a deduction for an HSA...
See more...
Are your parents claiming you as a dependent on their return? If another taxpayer (your parents) is entitled to claim you as a dependent (even if they don't), you can't claim a deduction for an HSA contribution. If this is the case, then your answer for the type of HDHP coverage you had is None for the entire year. If don't qualify to be claimed as a dependent, then the answer for January through September is None, since you were on your parent's insurance. If the insurance plan you have through your employer qualifies as HDHP coverage, then you the answer would be Self for those months. To determine if you qualify to be claimed as a dependent see the following TurboTax article: Rules for Claiming Dependents on Taxes
yesterday
Can you clarify your question? Thanks. @chuckmjackson58
yesterday
Yes, if you are using TurboTax Online, you typically must upgrade to TurboTax Deluxe or higher to claim the Saver's Credit (Retirement Savings Contributions Credit). The Saver's Credit requires IRS ...
See more...
Yes, if you are using TurboTax Online, you typically must upgrade to TurboTax Deluxe or higher to claim the Saver's Credit (Retirement Savings Contributions Credit). The Saver's Credit requires IRS Form 8880, which is often tied to Schedule 3.
TurboTax Free Edition is limited to "simple returns" (Form 1040 only with limited extra schedules). Adding the Saver's Credit moves your return beyond this simple classification.
yesterday
In TurboTax Online you are able to remove the form by following these steps:
Down the left side of the screen, click on Tax Tools.
Click on Tools.
Click on Delete a form.
Find the f...
See more...
In TurboTax Online you are able to remove the form by following these steps:
Down the left side of the screen, click on Tax Tools.
Click on Tools.
Click on Delete a form.
Find the form listed and click Delete to the right.