All Posts

My wife and I both live in California and belong to a physician partnership. We both receive a K1 statement from our employer. We have participated in the AB150 (pass through entity) program. When I reviewed our K1 statements, Box 1 of the K1 accurately reflects our reduced income after the AB150/PTE contribution with box 14 reflecting our income prior to the AB150 contribution. Turbotax seems to be using only box 14 and not box 1 to calculate our gross income. I was under the impression that the AB150 payments would reduce our federal tax liability. Using box 14 as our gross income seems to negate any reduction in our federal tax liability. Am I misunderstanding the AB150 program or do I need to enter the K1 in a specific way to properly reflect the AB150 contributions?

Hi community,   My situation: I have a family HDHP through my employer. My spouse has a separate self-only HDHP starting Feb 2025. Both my spouse and I contributed to our respective HSAs through our employers. Our combined HSA contributions exceeded the 2025 family HSA limit of $8,550. Excess contribution: ~$900.00 What I'm doing to fix it: I plan to withdraw the excess (plus earnings) from my HSA before the April 15, 2026 filing deadline. The problem: In the HSA section of TurboTax Online, I indicated that I have an excess contribution and that I will withdraw it before the tax deadline. Despite selecting this option, Form 5329 Part VII still shows the 6% excise tax on the excess amount. I've tried re-entering the HSA section but the penalty persists. My question: How do I get TurboTax Online to correctly reflect that the excess will be withdrawn before the deadline, so that Form 5329 shows $0 penalty? Is there a specific sequence of answers I need to follow? TurboTax Online doesn't allow manual form overrides, so I can't edit Form 5329 directly.

So I filed my federal and state taxes. The total cost being 1099 was $323 to file both (all fees included). I did not pay to expedite this, I was willing to wait. My refund hit and was $25 short for no reason. Frustrating and makes me not want to use this service anymore. There’s free options out there I’ve just used turbo tax for years. This is the first time I’ve ever had this happen.