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Thank you but this does not work. It appears to work and then it still shows the full amount of the state refund and that it will be sent by check>the dialog boxes appear not to be feeding the forms.
310 Address error on my state return. Can I still submit my taxes or do I need to wait until this error is fixed?
The thread provided for you will include a workaround for you to try. Click here to access the thread.
There is an error on Form 8880. The Line 11 Credit Limit Smart Worksheet, Line 1, Says: "Enter the amount from Form 1040, 1040SR, or Form 1040-NR, Line 17......"
It should say Line 18 on the 2020 1040 Form, and obviously use the Line 18 value.
Software Bug Cant enter 1st and 2nd qtr estimated tax pyments
outdated info in the i401k info box. 2021 deferral limits with catchup are 26k not 25k
https://www.irs.gov/retirement-plans/one-participant-401k-plans
Limits on Contributions
Elective deferrals (contributions) to an Individual or Roth 401(k) plan must be coordinated with any other elective deferrals to ensure that the total does not exceed $19,500 ($25,000 if age 50 or older) for the year. Other elective deferrals include deferrals to employer provided retirement plans shown in Box 12 of Form W-2 and any contributions to a SIMPLE plan. Review all your elective deferrals for the year to be sure you have not exceeded the maximum.
Turbo tax does not deduct Gambling losses from reported winnings
Right, It is very hard now to get to deduct losses. You can't deduct it directly from the winnings. The winnings will still show up as income. You can only deduct gambling losses up to the amount of your winnings if you itemize deductions on Schedule A. Gambling losses go on schedule A line 28 and are not subject to the 2% threshold.
Gambling Losses are an itemized deduction and you need to itemize on schedule A to use them. So if your Standard Deduction is more they won't be used. And since the Standard Deduction has increased a lot more people will be taking the Standard Deduction.
Can I Deduct gambling losses?
Turbotax is using Gross Income to calculate Stimulus Recovery Credit. It should use Adjusted Gross Income!
@Ruth T wrote:
Turbotax is using Gross Income to calculate Stimulus Recovery Credit. It should use Adjusted Gross Income!
The program uses the 2020 AGI from the Form 1040 Line 11 as required by the IRS Recovery Rebate Credit Worksheet, which is included in the TurboTax program and shown on IRS Form 1040 instructions on page 59 - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=59
I have a 1099-R OMB Form 1545-0119 and I enter the numbers like previous years however this year, the numbers in turbotax dont match the 1099-R specifically box 12 state box withheld is numbered in turbotax as box 14. boxes 12 and 13 on the form do not match in turbotax.
@sdgoboy1234 wrote:
I have a 1099-R OMB Form 1545-0119 and I enter the numbers like previous years however this year, the numbers in turbotax dont match the 1099-R specifically box 12 state box withheld is numbered in turbotax as box 14. boxes 12 and 13 on the form do not match in turbotax.
Then use the title of the box on your Form to match the title of the box on the TurboTax form and enter any amounts you have on your form onto the TurboTax form.
Estimated tax calculations for 2021 are incorrect. My 2020 taxes were low because I did not have to take a required minimum deduction from my SEP-IRA, but I will have to make a larger one in 2021 and wanted to make a 2021 estimate higher than what I have to pay in 2020. When I tried to include that extra money as "extra income" for 2021, the estimated tax routine gave me an estimate that was even lower than in 2020. When I went into the Forms version, I discovered that Turbotax had not entered data correctly on the interview format. The screen displayed my business income and expense from 2020 correctly, but displayed only one box for my 2021 business estimate, and when I entered my 2021 business estimate as a Net income, Turbotax treated it as an expense rather than income. This needs to be fixed. I am trying to enter the correct data on the Forms version, but it's hard to get this right. The incorrect box in the forms version make it hard to enter the proper information in the forms version.
I purchased TurboTax Deluxe at Best Buy.
TurboxTax is incorrectly calculating my tax refund.
The Federal Tax Summary per TurboTax
Income and Adjustments $75,354
Deductions $12,400
Taxable Income $62,954
Total Tax $9,645----------------------> The correct tax $9,640
Total Payments $11,927
Refund / Tax Due $2,282----------------------> The correct refund $2,287
Tools used to confirm my calculation of $9,640:
1) Calculated by hand
2) Created my own tax calculator in Excel
2) Calculator.net ---> Income Tax Calculator
3) SmartAsset.com
4) Nerdwallet.com
5) eFile.com
TurboTax appears to be using the official IRS Tax Tables.
On page 10, between 62,950 and 63,000 (i.e. 62,954). You will see that the official IRS Tax Tables show $9,645 for Single.
I don't know for sure, but I suspect that the other websites are seeing a rounding error due to using a formula rather than the official IRS Tax Tables.
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