About huilam1942

huilam1942

I have a similar issue with TurboTax online Premier Version for 2019. TurboTax took my total long-term capital gain distribution as reported by my mutual funds and entered it on Line 6 and checked the box "No Schedule D required) on the first page of my return to arrive at the AGI. It appears my total long-term capital gain distribution was treated as dividend/short-term capital gain while it should be taxed at a much lower rate. I do not believe I would have entered my long-term capital gain distribution incorrectly in the TurboTax inquires as I had been using TurboTax online Premier Version for many years. In my 2018 return, a Schedule D was included in my return. Is it possible to retrieve the actual entries in the online Premier Version to verify the correctness of my entries for 2019? If it is an error by TurboTax, how can it be corrected with IRS and the US Government to get back some money as it also affected my Medicare and Part D drug premiums paid in 2020? Please help.

huilam1942

Thanks for the help. I used TurboTax premier online and have been doing so for many years. I looked at my 2018 Return. TurboTax did file the Schedule D for me in 2018. As usual, I do not have short-term capital gains and always reported them as long-term capital gains in the TurboTax online inquires. I wonder why TurboTax decided Schedule D was not required in 2019. As said, if Schedule D was not filed, how IRS would know if the capital gains are short-term or long-term, as the tax treatments are very different. Can I get TurboTax sending me back the online entries for my 2019 filing to make sure my long-term capital gains were reported correctly in the online entries? Thanks for your help.

huilam1942

I had Long term capital gain in 2019 as stated in the online entries. But, my TurboTax filed return indicated that no Schedule D was required. My long term Capital gain was entered as an entry to the tax return. Then, how did TurboTax know the Capital Gain is Long Term and did my Tax calculate my tax for 2019? I do hope TurboTax did not treat the long term capital gain as ordinary income in my 2019 tax return.

huilam1942 · ‎February 21, 2020

Thanks. That is the way to do it with the online version of TurboTax.

huilam1942 · ‎February 20, 2020

May be it is easier to compute what is taxable for CA from the federally tax exempt amount first based on information provided by the investment company and enter the amounts which are taxable for CA and the portion which is not when TurboTax starts the interview on Tax Exempt Funds when it recognizes one has income from Tax Exempt Funds

huilam1942 · ‎February 20, 2020

If I could get to Form 1116 to enter all the pertinent data, it will be ideal. But TurboTax does not allow us to do so. Please tell me how to get Form 1116 in TurboTax online Premier version, to enter the date myself. I talked to the TurboTax Specialist and was told to enter the data as if it is a US 1099-R using Form 4852. It also poses an issue because I have to take my Pension with a Canadian Bank as if it is a IRA in US and lumps the balance of my Traditional IRA as reported as such to IRS. I take RMD every year based on life expectancy figure. adopted by IRS. My Bank in Canada is doing the same, but based on the life expectancy adopted by Canada Revenue Agency which could be different than that adopted by IRS. For future reporting to IRS on RMDs, it could be such that if the life expectancy adopted in Canada is longer than that for IRS, IRS could penalize me Thanks.for not taking sufficient RMD because IRS could treat both as US traditional IRAs. I still believe it is best for TurboTax could fix the problem in how to include the Foreign Tax paid for pension plan from a Canadian source correctly in Form 1116. Lumping the pension fund from a Canadian source as if it is a US IRA does not resolve the problem and could actually complicate the issue more. If anyone knows how to I can do so, please let me know. Thanks.

huilam1942 · ‎February 20, 2020

I have a pension from Canada RRIF. The income was entered to the Income Part of TurboTax, but the difference is that in the entry, not like other dividend reporting, no foreign tax was entered. The foreign tax paid was only entered much later in the work sheet for Form 1116, but From 1116 does not appear to have included the foreign tax paid for my RRIF. I would like to make sure that I get all my foreign tax credits back Where and how can I see all the foreign tax paid are entered into Form 1116?

huilam1942 · ‎February 19, 2020

In TurboTax, question was asked if the tax exempt mutual fund has more than 50% invested in California. If no, provide detalis etc etc. There is also adjustments with which one can enter the addition of the portion of that said federal tax exempt fund which is taxable by California. Which is the best place to take care of this issue.

huilam1942 · ‎May 31, 2019

I donated to a charity directly from my IRA which is in excess of the IRA RMD. I also had a RMD from my 401K. Can I use the excess from my IRA donation to offset the tax for my 410K rmd?

Date Registered	‎May 31, 2019 6:31 PM
Date Last Visited	4 weeks ago
Total Messages Posted	9

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