topic Re: Smart check issue in Get your taxes done using TurboTax

Smart check issue

cristoltt — Wed, 09 Apr 2025 21:54:40 GMT

Hello. When TurboTax ran Smart Check, it highlighted a missing field on a form I didn't recognize. That form had a line item showing a retirement plan contribution of a little over $6000 and the line below it asked how much of that was for the "trade or business" on a Schedule C. Smart Check asked me to populate that line, and since I wasn't sure, I filled in the exact same amount as the line above (I think it was $6,717) and then my tax liability rocketed up by that whole amount. I think I should have put zero, but now I don't know how to gert back to that form because I didn't note the form number or name and can't find this again anywhere in TT to correct it. Please help or ask me for more info if needed. Thanks!

Re: Smart check issue

KrisD15 — Wed, 09 Apr 2025 22:13:17 GMT

Are you using Home and Business Desktop or Self-Employed Online or something else?

Also, did you contribute to an IRA or other retirement account?

Re: Smart check issue

cristoltt — Thu, 10 Apr 2025 00:51:43 GMT

Home & Business Desktop> I believe I just found it by backtracking again, and I think that entry should indeed have been zero. I appreciated your reply however. I do still need to figure out why it's calculating total combined contributions for a Tradiional IRA and Solo 401k in excess of net income. Will look into that tomorrow unless you have a thought on it. Thanks again.

Re: Smart check issue

KrisD15 — Thu, 10 Apr 2025 03:03:38 GMT

If you are basing it on Self-Employment income, you also need to account for half the self-employment tax when figuring that income. It can't be the full amount reported on Schedule 1.