How do you get in touch with turbo tax to ask a real question?

[GeoffBey]

Turbotax is saying I have overpaid my IRA and penalizing me. I contributed $7000 for myself and then for my wife. We are both over 65 and make under $65,000, so as I understand it we each should be able to contribute $7000, am I missing something or is turbotax making a mistake?

[GeoffBey]

TurboTax is saying that I have overpaid my traditional IRA and is penalizing me. As I understand it being over 65 and making less than 65,000 I should be able to contribute $7000 along with my wife who is also over 65. Am I missing something or is TurboTax making mistake?

[LindaS5247]

Are you or your wife covered under any employer sponsored retirement plans?

If neither you nor your spouse is covered by a retirement plan at work, your deduction is allowed in full.

For contributions to a traditional IRA, the amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

For 2022, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or your taxable compensation for the year.

Your tax return filing deadline (not including extensions). For example, you can make 2022 IRA contributions until April 18, 2023.

Click here for FAQ about IRA's.
 

[GeoffBey]

I do have a retirement plan from work I am now benefiting from... drawing down, but I am no longer contributing to it so I thought I would be treated normally regarding traditional IRAs.... is that not right? I am 67

[AnnetteB6]

First, you must have taxable compensation in order to contribute to an IRA.  So, if you have a W-2 from working in 2022 where the 'retirement plan' box is checked, then you are considered to be 'covered by a retirement plan at work'.  Therefore, your Traditional IRA contribution that is deductible may be limited by your income.

If you simply answered the question in the IRA contribution section that you and/or your spouse are 'covered by a retirement plan', then you will need to change your answer to 'not covered'.  If you are currently taking distributions from a retirement plan that was a sponsored plan at your job is not the same thing as being 'covered by a retirement plan' with regard to IRA contributions.

To learn more, see the following information from the IRS:

Traditional and Roth IRAs

@GeoffBey 

[Flyfisher2]

In the section Your2022 Deductions and Credits shows my Mortgage Interest at $14,444.00 Which is correct, however when I view the sections called  Here are your 2021 and 2022 Deductions and Credits it only shows $7,010.00 Mortgage Interest.

What am I doing wrong.

Thanks

[MonikaK1]

There are a number of reasons you might not be seeing all of your mortgage interest on Schedule A after entering it. You can revisit your entries to confirm, for example, that you identified the loan as being secured by your home, the dollar amount of interest entered was corrected, and that the loan principal was entered and didn't exceed applicable limits. In addition, you may not have had enough total itemized deductions to exceed the standard deduction.

You can preview your return before filing to find out how your taxes were calculated and review the schedules. See here for details. 

Please see this article and this one for more information on home mortgages from TurboTax. 

You have posted on an old thread that involved different topics. It is easier for the Community to help if you start a new discussion thread instead of posting on an old thread if you are changing the topic.

[10116m]

 Are quarterly  fees paid to financial services re: retirement acct. deductible for State(Michigan) returns?

[bioman7264]

When I deleted form 4562 I lost the carryover of the worksheet basics and the tax owed is higher because i am not get the final year of depreciation on the F150XLT truck .  can I retrieve just that form worksheet and then answer new questions for 2023 input.  I do not want to start the whole tax return again Thank you

[LeticiaF1]

Yes, you can get the information about the truck on your 2022 Asset Summary and then enter the truck in your 2023 return.  The asset summary has all the information about the truck that you will need, like the date first used for business, the cost basis, and the previous depreciation taken.  

To print/view the information from 2022 you can:

   To print a copy of a prior tax return that you filed:

1. Sign in to the account you used to file.
2. Select Your tax returns & documents.
3. Select the year of the return you wish to print.
4. Select Download/print return (PDF).

Assuming that you are entering the truck as a schedule C expense, here are the steps to add the truck:  

1. Login to your TurboTax account
2. Go to Tax Home and select Wages and Income
3. By Self-employment & expenses, select Edit/Add
4. It takes you to your self employment summary, click Edit
5. Under Expenses, select Edit/Addon the right side of Assets

If it is not for a business and instead it is for a rental property or a farm, the program will guide you as you enter the information.  

Feel free to reach back if you have additional questions.

@bioman7264 
 

[PADenny]

I am a long time user of TurboTax, but new to this messaging process.  For over 5 years I have received a W-2 related to monthly pension payments received from a non qualified pension plan.  I received the error message noted in the Subject line for the first time this year (2023 return), and can't seem to find a way to make it go away.

The error message shows the following as the issue: Nonqualified Diet (St ID): PA

The above is correct as I reside in Pennsylvania.  Having said that, the pension income is taxable for Federal purposes but not for PA.  The W-2 shows the same amount in boxes 1 and 11 of my W-2, and shows a state ID of PA and ID number in box 15.  Boxes 16 and 17 show "$0.00" in both boxes on the W-2.  There is also Federal withholding in Box 2.  All of this information is the same as in past years, but this is the first year with this error.

Can someone please assist in addressing this error message?  Thanks.

[MonikaK1]

From your description (assuming it says Nonqualified Dist not Diet), it appears that the error may have to do with the fact that you have a State ID and employer ID on the W-2, but no state wages or state tax withheld, or that the format of the State ID is not as expected for that State. If you see the error in Review, the program will normally provide a screen with the error highlighted and ask for an action to correct it.

You might also try going back to the W-2 interview to see whether the answer to a particular question about the W-2 caused the error, or if the State employer ID number was entered correctly. In the alternative, if there are no state wages or stage withholding, try deleting the Box 15 entries altogether, or deleting the entire W-2 and reentering it without Box 15.

[msyoung1202]

Where will my W2 forms come from if I have 2 income sources in retirement? One from my former employer state of Washington, and one from Social Security.

[DoninGA]

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@msyoung1202 wrote:

Where will my W2 forms come from if I have 2 income sources in retirement? One from my former employer state of Washington, and one from Social Security.

---

You will not receive a W-2 for retirement income nor for Social Security benefits.

Retirement/pension income from a former employer will be reported to you on a Form 1099-R.  You should receive this form in late January or early February of the year.

The Social Security benefits will be reported to you on a SSA-1099, sent to you by the Social Security Administration in January of the year.

The tax data from both of these forms are entered on your federal tax return, Form 1040.

[quehanna90]

On PA state return,  interest amount is correct in interest income summary,  but incorrect and nearly double in income/deduction summary a few pages further on.