Is this some bug with TT on NY state returns. I am using the desktop version with latest updates as of 4/9
Some info about what I see TT doing. It seems to have decided I should itemize my NYS return for some reason and has claimed a huge loss on my IRA distribution which is totally incorrect!! It didn't do any such claim on my Fed return so I have no idea why it would do such a thing. Has anyone else seen such a thing??
Wow, no answers or suggestions. I guess, like me, nobody has a clue and there's no help from TurboTax. I don't even know what TOT stands for so couldn't even guess where this lose would be coming from. I didn't claim any losses on my Fed form. Every year there a new reason to dislike using TT.....
We may need clarification about your entries on the return. Check out this link for a possible solution and if necessary add more details here.
One of our tax experts will help with more clarification about entries on your tax return.
Thank you for the response, the link you provided is the secret to unraveling the mysterious 'TOT' loss. Unfortunately, I already spent many hours discovering it on my own after days of no responses from this forum - such a huge waste of time. A couple of points to consider - TT must improve the search abilities here so we can actually find answers to questions, instead it gives hundreds of non-related responses, the first couple of pages were useless. Second, since I did not use the lengthy interview method, but simply input my tax info along with the previous year's TT info, why did TT determine to check the box that I had no IRAs open in 2021? This appears to have had no impact on the Fed return but certainly wrecked the NYS data, yet I had no idea such a thing even occurred!! Third, what the heck is 'TOT' anyway? I still do not know what it stands for and even goggle didn't seem to know, very frustrating using acronyms without any definitions available.
Finally, my return has been filed, but I have serious doubts that it is accurate and I'm to exhausted from the TT process to care!
I also got "LOSS INCURRED FROM TOT" in my NYS return, but it shouldn't have showed up. The suggested link didn't help either. I couldn't find "Were any Roth IRAs open?" by following the instructions. Please help!