About bosso3

bosso3 · ‎June 6, 2019

I suggest that you return to the Social Security input dialog and make your corrections. You can get the the Social Security input dialog by locating the FIND box, in the upper right corner of the screen (TT Deluxe). Type in "SSA 1099" and click the Find button. Select "Jump to SSA 1099". This should take you to the SSA 1099 data input dialog.

bosso3 · ‎June 6, 2019

The Social Security worksheet is an internal and personal worksheet. The IRS does not require that it be filed. If you wish to see the worksheet, in TurboTax Deluxe, Click the Forms icon, located at the upper right of the screen (in the blue stripe). Your return and worksheets should be displayed. You can scroll through the forms to find the worksheet, or on the left side click on the quick jump to "Social Sec". You can also print this worksheet for your records.

bosso3 · ‎June 6, 2019

You do not include this on any W-2. Interest earned from a savings account is usually reported to you on form 1099-INT. Interest is entered in Turbotax in: Federal Taxes > Wages & Income > Interest and Dividends.

bosso3 · ‎June 5, 2019

It sounds to me like you removed all the money from the account in 2018, and that is why the Total Distribution box is marked. It does not matter whether it was all removed in one or multiple transactions. I suggest you enter the 1099-R information and follow the TT questions and instructions. Pay attention to the question about whether any of the amount withdrawn was rolled over to another account.

bosso3 · ‎June 5, 2019

I suggest: If the 1099R is incorrect, you should contact your financial institution and request a corrected 1099R. They should be able to explain why it is checked, or issue a corrected form. Did you in fact roll it over? If so, you may be able to report that when you enter the newly created rollover account.

bosso3 · ‎June 5, 2019

My understanding is that all SSA payments (and other income) received in 2018 must be reported on you 2018 Income Tax Return. If you have no 1099-SSA I suggest you contact the SSA either via phone or in person, and ask why you did not receive the 1099-SSA.

bosso3 · ‎June 5, 2019

In the first part of the conversation for Business Income and Expenses, Schedule C, check to ensure that you checked the box that the business carries inventory. If you carry inventory, the conversation then asks for the year's beginning inventory value and ending value. That's as much as I know. i hope it helps.

bosso3 · ‎June 4, 2019

I suggest you refer to Publication 936 Home Mortgage Interest Deduction. See https://www.irs.gov/pub/irs-pdf/p936.pdf

bosso3 · ‎June 4, 2019

I am not a tax professional. You said the 2 payouts were issued by 2 different payers. This means that you should have received 2 Form 1099-R s - one from each payer. If so, enter each 1099-R separately. If you only received one 1099-R, you may be missing the second one, or you may have been paid by the same company. Your employer or plan representative should be able to help you determine this. Finally, if you are in fact being paid by 2 separate companies and receive 2 1099-R s, you likely now have 2 "retirement plans" (401k s) and would need to take an annual RMD from each plan. (This is different for IRA's.) For details see: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions#...

bosso3 · ‎June 4, 2019

The new tax law for 2018 eliminated personal exemptions, and increased the standard deduction. In 2017 the personal exemption was $4050 per person (more for over 65 or blind). In 2017 the standard deduction was $6350 (single) and $12,700 joint. 2018 standard deduction is 12,000 single, 24,000 married (with adjustments for head of household and over 65 .. .) If the person's marital status changed, or if they previously claimed many dependents, it is mathematically possible that 2018's standard deduction does not offset the loss of personal exemptions. However, a Medicaid recipient, living in a nursing home would likely have lots of medical expenses, which would likely exceed the standard deductions. My suggestion is to review all the entries you have made for income, and deductions. Look for mistakes in entry or perhaps double entries. Pay special attention to the medical expenses. Also, look to see if the SSA payments are being treated as not taxable. Check to see if the standard deduction is being taken or the itemized deductions are being used. Also ensure that the correct filing status (single or married-joint) is being used and matches last year's returns, if appropriate. If this does not resolve your question, please rsvp with details of your findings..

Date Registered	‎May 31, 2019 5:36 PM
Date Last Visited	‎June 3, 2019 5:59 PM
Total Messages Posted	37

I suggest that you return to the Social Security i...

The Social Security worksheet is an internal and p...

You do not include this on any W-2. Interest ea...

It sounds to me like you removed all the money fro...

I suggest: If the 1099R is incorrect, you should c...

My understanding is that all SSA payments (and oth...

In the first part of the conversation for Business...

I suggest you refer to Publication 936 Home Mortga...

I am not a tax professional. You said the 2 payout...

The new tax law for 2018 eliminated personal exemp...