To enter contributions to a Traditional IRA in TurboTax, please follow these steps: Click on Federal > Deductions & Credits  Scroll 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.] On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue.  [Screenshot #2] On the screen, Did you Contribute to a Traditional IRA?  click the Yes box.  [Screenshot #3] Click the appropriate box on Is This a Repayment of a Retirement Distribution?  [Most likely,it isn't.] [Screenshot #4] On the Tell Us How Much You Contributed screen, enter the amount of your contribution and click Continue.  [Screenshot #5] Continue 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. ... View more

You report the sale of a rental property on Schedule E.  To do this you need TurboTax Premier or above. Repairs 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. Depreciation 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: If you 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). To do 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 property.  On the screen, Review Your [property] Rental Summary click the Start/Update box next to Sale of Property/Depreciation.  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. ... View more

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. ... View more

Mark the box for Section 754 Depreciation.  Then enter the amount in the Section 754 Depreciation box that pops up. ... View more