To enter contributions to a Traditional IRA in
TurboTax, please follow these steps:
on Federal > Deductions & Credits
down to the Retirement and Investments section and click on the Start/Revisit
box next to Traditional and Roth IRA Contributions.
[See Screenshot #1, below.]
the Traditional IRA and Roth IRA screen, mark the box for Traditional
IRA and click Continue. [Screenshot #2]
the screen, Did you Contribute to a Traditional IRA?
click the Yes box. [Screenshot #3]
the appropriate box on Is This a Repayment of a Retirement
Distribution? [Most likely,it isn't.] [Screenshot #4]
the Tell Us How Much You Contributed screen, enter the amount of
your contribution and click Continue. [Screenshot #5]
through the screens, entering the requested information
If you're referring to 401k contributions, TurboTaxMargaretL provides a good explanation:
Any employer - sponsor retirement contributions are already listed on your W2, box 12. Entering W2 form into Turbo Tax exactly as it appears is the only entry required.
The 401(k) plan contributions you elect to make come directly out of your salary. Since the contributions are made with pre-tax dollars, your employer does not include these amounts in your taxable income for the year. At the end of the year, when you receive your W-2 form that shows your earnings, you will notice that your wages subject to federal income (box 1) tax are lower because of your 401(k) contributions (box 12). Since the contributions are not counted in your taxable income to begin with, you do not take a deduction when you file your return.
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According to the MI Dept of Treasury:
You may claim a property tax credit if all of the following apply beginning 2012:
Your homestead is in Michigan
You were a resident of Michigan for at least six months during the year
You own or are contracted to pay rent and occupy a Michigan homestead on which property taxes were levied
If you own your home, your taxable value is $135,000 or less
Your total household resources are $50,000 or less (Part year residents must annualize total household resources to determine if a credit reduction applies)
Please review the entries you made in the MI return:
As you go through the interview, you will come to the Take a look at Michigan credits and taxes screen. Click on the Start/Revisit box next to Homestead Property Tax Credit. (See Screenshot #1, below.)
On the screen Do you want to review your total household resources? click Yes. (Screenshot #2)
On the Location of Property screen answer Yes (if appropriate). (Screenshot #3)
On the Homestead Property Tax Credit screen click on Yes (if appropriate). (Screenshot #4)
Continue through the rest of the screens, entering the requested information.
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You report the sale of a rental property on Schedule E. To do this you need TurboTax Premier or above.
The general rule is that the cost of repairs incurred to maintain your rental properties may be deducted from each property's taxable income in a given year. However, some repairs are considered improvements (for example a new roof or new kitchen cabinets), which are added as an asset and depreciated over time.
You can deduct depreciation each year as an expense of the property. When you sell the property, the total depreciation you've taken over the years is subtracted from the basis of the property.
You can report the sale of the rental property by following these steps in TurboTax ONLINE:
haven't already, enter the house and all of your major improvements
as individual assets in TurboTax. Then allocate a portion of the sales
price to each of the assets (house, windows, siding, roof).
this please follow these steps:
Click on Federal >
Wages & Income
In the Rentals, Royalties, and
Farm section click on the Start/Revisit box next to Rental
Properties and Royalties (Sch E).
On the Income from Rentals or
Royalty Property You Own screen, click Yes.
If you have already started adding
information about your rental, you will come to the Rental and Royalty
Summary screen. Click on the Edit box next to the
On the screen, Review Your
[property] Rental Summary click the Start/Update box next to Sale
If you have already entered
assets, you will see the screen, Do you want to go directly to your
asset summary? mark the Yes radio button and click Continue.
On Your Property Assets,
click Edit next to the property. [If you haven't entered any assets yet,
just follow the screens to add the house as an asset. Once you are
finished you will be brought back to the the Asset Summary to enter the
improvements as assets.]
When you come to the screen, Tell
Us More About This Rental Asset, mark the box that the item
was sold and enter the date of the sale.
Y ou will eventually come to a
screen to enter the sales information.
Continue through the interview,
entering the requested information.
You will be brought back to
Your Property Assets. Follow the same procedure with the other
assets related to this property.
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You indicated to TurboTax that the home was not your main home during 2018
by selecting "Yes, but the home we received the credit for stopped
being our main home on or before December 31, 2017." That's why Form
5405 was not being generated in your 2018 return--because you did have the house in 2018. You should have reported this on your 2017 return and paid the balance then.
As a workaround, you could indicate that it was your home on January 1, 2018 and also ceased being your home on the same date [1/1/2018]. To do this, please follow these steps:
Click on Federal > Deductions
In the Your Home section,
click on the Start/Revisit box next to Homebuyer Credit
On the next screen, Tell Us
About Your Homebuyer Credit, mark the appropriate radio button.
Selected the option that the home was still your main home on
January 1, 2018, enter the date of purchase in the box that appears and
On the screen, At the end of 2018, did you still live in the home you bought in 2008? mark the No radio button and enter 1/1/2018 as the date you stopped using the home. Select the appropriate option below that.
On the screen, Tell Us More About Your Home Situation, mark the button I sold the home and click Continue.
Follow the rest of the screens, entering the requested information.
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If you sent your extension in on time, it should be granted. To confirm receipt, it's easiest if you use software like TurboTax Easy Extension, since you'll get a confirmation from TurboTax within 48 hours. If
you use the U.S. mail to send your extension, you'll have to contact
the Internal Revenue Service (IRS) to ask about extension status.
Currently, you can't do this on the IRS website. Call the IRS customer
service number to determine if your request for an extension was
received and approved.
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Yes - TurboTax can prepare Form 8962 - Premium Tax Credit (PTC) for you. Please follow these steps:
While in your return, click the Health Insurance tab.
Continue through the Health Insurance interview.
TurboTax will create Form 8962 based on the information you enter.
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There is no corresponding entry screen for a CA 541 from an estate/trust as there is for a K-1 from S-Corps or Partnership. Compare the CA K-1 to the federal version. If there are any differences you can enter them in your CA return as "adjustments to income." To do this:
Go back into your CA return and proceed to the screen, Here's the income that California handles differently.
[NOTE: If you have finished going through the CA interview, when you go back in to the return, you will see the screen, Your 2018 taxes are ready for us to check. Click the Edit box next to Income and adjustments to get to the screen, Here's the income that California handles differently.
In the Miscellaneous section, scroll to the bottom of the list and click the Start/Revisit box next to Other Adjustments to income.
On the next screen, Enter Any Other Adjustments to Income, enter the description and amount as either a subtraction or addition to federal income. Click Continue when done.
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