About drizzydrazel

drizzydrazel · ‎June 4, 2019

Ah ha! Yes, that is exactly right. The line 14 tax is from self-employment. Brilliant. Thanks so much.

drizzydrazel · ‎June 4, 2019

Thanks Annette. I did add the carryover on the "home improvement" link in TurboTax, and TurboTax is showing an $18,815 tax credit available, but the credit is not being applied to my $2,500 tax due. How can I tell TurboTax to apply part of my available solar credit to my bottom line tax due?

drizzydrazel · ‎June 4, 2019

I have $18,815 in unused solar installation credit carryover (from 2016). My bottom line 2018 Fed tax is around $2,500. TurboTax Premier is not automatically applying the carryover credit to the tax due. How do I force TurboTax to net the carryover credit against my tax due (so that my net tax is zero)?

drizzydrazel · ‎June 4, 2019

Carl, thanks for that! I'm 62, not retired, and I fully expected to pay tax on the conversion amount ($44,000). But TurboTax is telling me that the IRS will assess a 6% -penalty- PER YEAR (penalty, not tax) on the Roth deposit over $6,500. It's called an "excess contribution penalty." How can I tell TurboTax / IRS that this isn't an "excess contribution" but rather a "IRA to Roth conversion?"

drizzydrazel · ‎June 4, 2019

I should add that line B4 shows $44,000 and line B6 shows $39,160

drizzydrazel · ‎June 4, 2019

First code = 7 Second code = blank IRA/SEP/SIMPLE box = checked

drizzydrazel · ‎June 4, 2019

In 2018, I had Schwab convert $44,000 from my Traditional IRA to my Roth IRA. Schwab filed a 1099-R for the conversion. A total of $4,400 (10%) was sent to IRS and $440 sent to State as withholding tax, making a total of $39,160 converted into the Roth IRA. But Turbo Tax is calling this an "Excess Contribution" for 2018, and says the IRS will levy severe fines for this conversion. What am I missing? The 1099-R form has been uploaded successfully into TurboTax. I followed the step-by-step instructions. But TurboTax doesn't know that this $39,160 was a conversion.

drizzydrazel · ‎June 3, 2019

Ah ha! You are correct. Thanks for the answer, you're awesome.

drizzydrazel · ‎June 3, 2019

Schwab helped me do a Traditional-IRA to Roth-IRA conversion (2018 tax year), a total amount of $44,000, of which $4,400 was sent to IRS withholding and $440 was sent to state (CA) withholding. Total net amount converted was $39,160 after withholding taxes were paid. The Schwab 1099-R shows all this, with Box 7 ticked. I think TurboTax has all this information (Schwab import, also showing on form 8606, part 2). Turbo Tax 1040 is showing a $44,000 deduction from my Traditional IRA (lines 4A and 4B), but the 1040 is not showing the $4,400 Federal withholding tax paid. At least I can't find it. Help!

Date Registered	‎June 3, 2019 5:11 PM
Date Last Visited	‎June 3, 2019 5:41 PM
Total Messages Posted	9

Ah ha! Yes, that is exactly right. The line 14 tax...

Thanks Annette. I did add the carryover on the "ho...

How to Force Solar Credit from Carryover?

Carl, thanks for that! I'm 62, not retired, and I ...

I should add that line B4 shows $44,000 and line B...

First code = 7 Second code = blank IRA/SEP/SIMPLE ...

TurboTax Penalizing my IRA to Roth IRA conversion....

Ah ha! You are correct. Thanks for the answer, you...

Traditional IRA to Roth IRA conversion -- withhold...