HELP!! How to export really old data from TT files

[roscoedillon]

I recently moved and all my old tax returns were lost.  Combine that with TT failing me last year by not correctly carrying data forward from previous returns and I'm in a serious bind.  I have TT tax files on my computer back to 1997 but the paper copies are gone.  Is there any means of extracting a PDF from 99-03 tax files (I have the rest)?  My install disks only go back to 2009 so reinstalling is not an option.

More I dig through my oder records (the ones that I do have) the more I realize that the IRA reporting data is all screwed up.  Since I don't have my 1099s either (lost in the same box) I can't reconstruct my 8606 forms.  I retired this past year and started taking distributions so I need to make sure I have my ducks in a row on this years return.

It would be great if Intuit had a universal (i.e. any year) PDF export tool to pull the data from their tax files...

I mostly use a Mac but have a Windows laptop so I can use either...

Help!

[Mike9241]

The IRS offers transcripts (free) or $43/year for the last 6 or 7 years by filing 4506-T (transcript) or 4506 (return copy) . since you used your computer to prepare returns Turbotax does not have copies. Turbotax only supports 2019 forward. if you were to install older apps you would likely change the .taxXXXX file from what was filed. the Cds are based mostly on the prior year with some updates. the updates for these older years are no longer available and neither are state apps.  a service that offers to print out copies of your return from the .tax XXXX file but there is a fee. we don't vouch for them but have seen posts that users were happy with the service

https://www.taxprinter.com/ 

[roscoedillon]

I have what I need for 2004 on so the IRS won't have data that far back (you actually answered that part yourself).

Don't need state apps, my question only relates to my IRA reporting.

Don't understand your discussion "if you were to install older apps you would likely change the .taxXXXX file from what was filed."  Are you implying that (for example) a 2009 CD will open a 2003 tax file?

I'll look into tax printer.com, thanks

[roscoedillon]

From https://www.taxprinter.com/: "We read most federal and state files (Windows and Macintosh) from years 1996, 1997, 1998, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016 and 2017. Known exceptions are TurboTax 1997, 1999 and TaxCut 2005 files which we can't read for technical reasons. TurboTax 1998 and 2002 files may show only the tax summary and the Form 1040."

1997-2003 are the ones I need...they can't help with 4 of those.  Thanks for suggesting them though.

[taxlady28]

If you installed a 2009 CD you would get the file that was created around October 2009.  It would not have any updates.  You would be changing your taxfile to the raw version of TurboTax which may be very different than what was happening by February of 2010.

[fanfare]

you must have some number in your brain for what your prior years basis was.

write it down.

If you lost schedule D carry forwards and IRS audits you, you will lose them without records.

But the numbers are on your last-filed tax return and your record of account at IRS.

you don't have to rely on memory for that..

@roscoedillon 

[roscoedillon]

Not a clue except that I knew the IRA Basis was way off.  However, because I wasn't taking IRA distributions (only Roth conversions) it didn't really impact my taxes.  This past year I retired and that all changes.  Trying to get everything right.

[fanfare]

do you know (or can estimate) the years in which you were contributing?

Assuming you put the maximum amount, you can look up the allowed contribution in those years (it keeps changing)  and do a summation.

That's your basis.

conversions require a calculation involving your prior years basis, but that's water under the bridge now.

@roscoedillon 

[cmmanis]

You may not need this data.  When taking a distribution from a traditional IRA (as opposed to a ROTH IRA distribution), the withdrawal is considered ORDINARY INCOME.  Even though you held the investment for more than a year, it is not the same as a capital gain on a regular investment.  The cost basis not needed for taxes.  While you may want to know this information to calculate investment returns, it is not part of the tax return.

One thing you want to be aware of: when you take a distribution from your IRA, the taxes are due in the quarter you receive the funds.  The due date is generally the 15th of the first month after the quarter: JAN-MAR due APR 15; APR-JUN due JUL 15; JUL-SEP due OCT 15; OCT-DEC due JAN 15.  April 15 is usually the FILING DEADLINE.  If you owe more than $1,000 two years in a row, then you will have to pay under payment additional taxes, so you don't want to get a larger tax bill than required.  If withdrawing from a broker or investment firm, normally they will have a box where you say how much withholding to send to the IRS.  Example: You want to withdraw $30,000 for a vehicle purchase.  Presuming your taxable income (married filing jointly) is $100,000, your marginal tax rate is 22%.  To get $30,000 net divide 30,000/ 0.78 = 38,462, so your withdrawal amount is $38,462, tax withheld @ 22% is 8,462, net to you is $30,000.  Realize also that your previous income of $100,000 is now $138,462 for the year.  Knowing where the next bracket starts, you may want to keep the withdrawal below the next bracket where the tax rate is higher.  If you have been financially fortunate and accumulated several hundred thousand dollars, then hire a fiduciary tax accountant to help design a plan if what you read and learn is  not clear.

Look at your MARGINAL TAX RATE, not your effective tax rate.  Your filing status affects the rates.  Tax brackets available here: https://taxfoundation.org/2022-tax-brackets/

All of  this became clear to me when I withdrew from my traditional IRA for a major purchase.  When I realized the withdrawal was ordinary income, I felt a fool because I had been saving for over 30 years at that point.  A basic brokerage investment would have been a long term capital gain and a lower tax rate than ordinary income rate that an IRA withdrawal is.  If you have both Traditional and ROTH IRA, then I suggest withdraw from the Traditional first and pay the tax.  Reasons are: Required Minimum Distributions (RMD) are REQUIRED on Traditional IRA's beginning at age 72, ROTH does not have RMD.  Tax rates going up or down? Unknown but not expected to decline in the future.  The growth of ROTH funds will remain TAX FREE as you paid the tax when the year the ROTH was established.

Hopefully this example helped provide clarity for you.  Good luck.

[roscoedillon]

Tax programs ask for your IRA Basis every year so I'm confused by your statement that  that I don't need it.

To answer other comments, I have all of my contribution history (from 1998 on when I opened my first Roth account) from my bank account so yes I've been able to recreate much of what I need.  Problem is my Quicken account history and my 2000 8606 and IRA worksheet (which show cumulative amounts) have different numbers that I can't reconcile.

[msilvera]

An additional issue impacting the IRA basis is whether your contributions were deductible or non-deductible.  I did not see any of the other responses addressing this.  Your contributions add to your basis only to the extent that they are non-deductible. And it only matters in that when you withdraw, the non-deductible contributions are not-taxable on a pro-rata basis (the portion they represent of the fair market value of your account). Maybe a change from being deductible to non-deductible (or vice-versa) is what is making you think the system messed it up? (just speculating). Not sure how many of your recent years of returns you have on your computer that you can access. There is a IRA information worksheet buried in the system that tracks your IRA basis (not just the 8606 form when it is produced).  If you know what your all your contributions were (and you could potentially confirm this from the IRA custodians), and you know they were all non-deductible, and you have not done any withdrawals are, then you know what your basis is.

[fanfare]

"All of  this became clear to me when I withdrew from my traditional IRA for a major purchase.  "

Your IRA is taxed on the back end as you are shuffling off or you leave it to your heirs.

This can come as a shock to some people and you will be wishing you put all your retirement dollars into a Roth IRA instead.

@cmmanis 

[roscoedillon]

Only traditional IRA I have is my 401(k) that was converted over to an IRA when I retired.  All of my own Trad IRAs were 100% converted.  (That was never my question :))