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You must reduce your net self-employment income by your deductible self-employment tax to arrive at the net self-employment income allowed for your IRA contribution. So, if your net self-employment income is $16,000, your allowable income for IRA contribution purposes will be less than that. This IRS article explains this in more detail.

To enter, edit or delete estimated taxes paid (Federal, State, Local) - Click on Federal Taxes (Personal using Home and Business) Click on Deductions and Credits Click on I'll choose what I work on (if shown) Scroll down to Estimates and Other Taxes Paid On Estimated Tax Payments, click on the start or update button   On State estimated taxes for 2025, click on the start button    

You can use a W-4 withholding calculator to determine this. See: W-4 Calculator 2026. You just answer the questions regarding your household and pay and it will help you determine how much to have withheld.. See Also: How to Estimate Federal Withholding If you have additional information or questions regarding this, please return to Community and we would be glad to help.

The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO.  You do not need to take any extra steps to enter it. (And…the new senior deduction has nothing to do with whether you are getting Social Security)   The deduction is not on the same line as your standard deduction.  It is shown separately on line 13b.     2025 STANDARD DEDUCTION AMOUNTS SINGLE $15,750  (65 or older/legally blind + $2000) MARRIED FILING SEPARATELY $15,750  (65 or older/legally blind +1600) MARRIED FILING JOINTLY $31,500  (65 or older/legally blind + $1600) HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)     For 2025 through 2028 there is an extra  deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.   (The deduction phases out completely at $175.000 Single or HOH, or $250,000 joint)   The $6,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e.  Turbo Tax automatically includes it. IRS Schedule 1-A https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf   Need to see it? https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr   If you are not getting the senior deduction it is because Your date of birth in MY INFO shows that you were not 65 by the end of 2025 Your income is too high You are filing married filing separately

The URL is not on the Form 1099-R.  Manually enter the Form 1099-R   To enter, edit or delete a form 1099-R - Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Scroll down to Retirement Plans and Social Security On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button Online editions -   On the screen Did you get a 1099-R in 2025? Click on Yes On the screen Let's import your tax info Click on Change how I enter my form On the screen How would you like to upload your 1099-R? Click on Type it in myself On the screen Who gave you a 1099-R? select the type of 1099-R you received and Continue

Thank you. I already did that. My W-2 is Unqualified income and if I unclick that box, it now shows up as W2 wages. There’s a bug in TurboTax that it is subtracting Unqualified income from W-2 wages. 

Yes, you can obtain a detailed depreciation schedule, but it is typically located in the worksheets rather than the standard filed forms like Form 4562.    To retrieve this report for a prior year return:   Log into your TurboTax Online account. Scroll down to Your tax returns & documents and select the year you need. Click on Amend (change) return. You are not actually amending; this simply "unlocks" the full menu system that is normally hidden after filing. In the left-hand navigation menu, select Tax Tools, then click Print Center. Select Print, save or preview this year's return. Choose the option to "Include government and TurboTax worksheets (optional)". Open the generated PDF and scroll toward the end of the federal section. Look for a landscape-oriented page titled "Depreciation and Amortization Report". 

@bizbeh , your post while concerning ( you may be missing FTC), does not give enough information about the actual facts & circumstances to understand what went wrong.  So can you tell more about your scenario: (a) You a US person ( citizen/GreenCard/Resident for Tax Purposes ) with a US tax-home ? (b) What type of Foreign source income ( dividend, Interest, sale of assets, wages, self-employment etc. etc.)? (c) If passive income  like dividend/interest etc., how was it reported to you --- 1099-DIV/INT etc. , Broker's consolidated statement or what  ?   How many countries are involved ?  Or is it a mutual fund or similar ? (d) Did you have  carried  forward  Foreign Tax Credit ?  Or is this your first year with Foreign Taxes paid ? (e) Your filing status ? (f) Total amount of Foreign Taxes paid -- if reported on 1099 ---- this is only important  if  you are eligible for exercising section 904(j) i.e. FTC without the limitations imposed by form 1116. Please answer my questions --ok ?

@machapman757 , you are using the wrong calculation of MAGI.  The tax code has about a dozen different ways to modify AGI, one of which is used for each of the roughly two dozen different purposes in the tax code.  MAGI for the purpose of Form 8960 line 13 can never be lower than AGI, only higher, so the amount on line 13 of your Form 8960 is correct.

Go to your 1099-R information in TurboTax.   On the 1099-R details screen, there should be a Box 1 amount and a Box 7, code J.  Box 2a may or may not have a taxable amount or the Box 2b Taxable amount not determined box will be checked.  Click Continue The IRA/SEP/SIMPLE box should not be checked - click Continue on this screen and the next screen. You may get a Where is your distribution from? screen to determine state exclusions for the 1099-R income On Do any of these situations apply to you? - none should apply.  Click Continue On Did you roll over . . . you would click I did something else, then Continue Did you withdraw the money to buy your first home? - No I didn't, then Continue Click Done on the Your 1099-R summary screen On the screen asking about disaster distributions, select the correct answer, then Continue You'll get a series of questions asking about the Roth IRA You will eventually get a screen Roth IRAs where you can enter the amount of the contributions to your Roth IRA, then Continue  You will get more questions about your Roth IRA, followed by a Let's see if we can lower your tax bill screen - click Continue You can check for penalty exceptions, by clicking the pencil icon to edit - click Continue if you have no exceptions to the penalty Taking these steps will make the earnings that were withdrawn taxable, with a 10% penalty on the earnings added to the amount of tax.