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Questions tagged [turbotax]

For questions about using Intuit's TurboTax software

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Why did the IRS refund me the penalty?

Assumptions (Normal w2 job, index fund investments with dividends but no taxes witheld no other weird financial products), For FY23, I had $56,472 owed and $47,392 paid thus requiring having to pay $...
PHV's user avatar
  • 11
0 votes
1 answer
28 views

How to Calculate Excess Real Estate Taxes with two home offices?

My wife and I each have a home office in our home. I am using Turbo Tax to do our taxes, and it seems that our property taxes exceeded the $10,000 deductible limit. We get asked the same question for ...
Barry Chapman's user avatar
1 vote
2 answers
1k views

"you may elect to treat the tax withheld as paid when it was actually withheld" -- What does this mean?

I am doing my 2023 taxes using TurboTax and it said I owe underpayment penalty(which I agree) and it was giving me few options to see if this penalty can be waived and one such option is as below: I ...
javanoob's user avatar
  • 335
3 votes
1 answer
2k views

Confused as why TurboTax asking for 2022 Tax Liability to calculate 2023 underpayment penalty

System showed that I owe tax penalty and it started asking few questions to see if it can be waived. One of the questions was 2022 Tax Liability, where it is asking me to enter line 4 from form 2210 ...
javanoob's user avatar
  • 335
0 votes
1 answer
73 views

Should I enter the non-adjusted cost basis or the adjusted cost basis in Box 1e in Form 1099‑B in TurboTax for ESPP (Employee Stock Purchase Plan)?

I'm filing my taxes in the US since I reside in WA state and I'm being asked by TurboTax to enter "Box 1e - Cost or other basis Learn more" for some Employee Stock Purchase Plan (ESPP) ...
Franck Dernoncourt's user avatar
0 votes
2 answers
94 views

Is there any objective benefit to electronically submit tax returns with software rather than POST the prepared returns?

This question is about the IRS tax returns in the US. This question is neither opinion based nor is it about specific tax preparation software. I am asking specifically if there are objective benefits ...
DashUS2023's user avatar
2 votes
1 answer
151 views

the correct place to report foreign income

Doing taxes by both Turbotax (TT) and TaxAct (TA), I get different answers to my relatively simple situation. Here is the summary of their respective calculations: line# Entry Turbotax TaxAct 1 ...
punkish's user avatar
  • 271
-1 votes
1 answer
261 views

Where can I find the form, schedule and line where the interest/dividends/royalties etc from foreign accounts are reported, when those values are 0?

I am a US resident. I have a non-US bank accounts. Therefore, I fill form 8938 on Turbotax. In form 8938, I need to indicate the "schedule and line" and the "form and line" where ...
Franck Dernoncourt's user avatar
0 votes
1 answer
182 views

Trying to understand 1-person LLC taxes (paid myself as W-2)

I'm trying to prepare my 2022 taxes (using TurboTax Deluxe, if you care). In the beginning of 2022, I created a 1-person LLC. I set myself up as a W-2 employee of my LLC and paid myself on payroll. I ...
Ryan's user avatar
  • 430
0 votes
1 answer
150 views

Which version of turbo tax has "The cost basis is incorrect or missing on my 1099‑B" in TurboTax in the case of vested RSUs?

The RSU cost basis is incorrect on my 1099-B' and it repost 0. Before the stock was available to me and company sold some of my shares as tax deduction.
 Qing's user avatar
  • 11
0 votes
1 answer
169 views

Import HR Block tax pdf into Turbotax (fails, error)

I try to import 2020 HR Block tax pdf file into 2021 Turbotax(*). I get the error message "This import was unsuccessful" "No problem - we'll help you enter the information and continue ...
Der Kire's user avatar
0 votes
2 answers
127 views

I guesstimated my taxes and overpaid a bit before April 15. But I have not filed. Where can I file and not pay?

I am filing late so I guesstimated my tax bill and overpaid it directly on irs.gov (to prevent penalties. So I have paid a bit too much, but have not filed. Where (Turbotax?) can I file but not pay? ...
Derek Fulton's user avatar
4 votes
2 answers
3k views

My tax return was approved, when does the IRS debit my account?

I just recently filed on TurboTax. This is the only time I've had to pay the IRS anything beyond what they normally take in withholding. I know normally when they "withhold" more than they'...
Evan Carroll's user avatar
0 votes
1 answer
113 views

How does Turbotax get your W-2 from the previous year without user input?

How does Turbotax get your W-2 from the previous year without user input? Does it use the prior year's W-2 to populate the current tax year's W-2? Also when Turbo tax says you will get a refund next ...
taxguys322's user avatar
1 vote
0 answers
45 views

royalty trusts in TurboTax

Trying to figure out how to get my taxes correct in TurboTax. I have owned shares in several royalty trusts. At the end of the year, they come out with tax information. Here is an example: http://s24....
William Jockusch's user avatar
1 vote
1 answer
2k views

Must I select "The cost basis is incorrect or missing on my 1099‑B" in TurboTax in the case of vested RSUs?

I file my US taxes via TurboTax as a US lawful permanent resident. Some of my RSUs vested in 2021, which I partly sold in 2021. My employer uses E-Trade for RSUs. E-Trade reports on Form 1099-B that ...
Franck Dernoncourt's user avatar
1 vote
1 answer
40 views

Filing tax amendment for 2020

I live in California, and while doing this years taxes I realized that I forgot to file a 1099-R in last years return. So I want to file a tax amendment 1040-X now. I used TurboTax to generate this ...
Ufder's user avatar
  • 147
3 votes
1 answer
127 views

Spouse not eligible for third EIP and claiming my child for third EIP

So I am in the process of completing my taxes on Turbotax and I am confused with the following. I am under Federal Review section where I am presented with the following question: Let's double-...
Tan's user avatar
  • 267
2 votes
0 answers
105 views

Why does Turbotax ask to enter Form 8938: Interest II schedule even when there is no interest?

Does the IRS require me to enter Form 8938: Interest II schedule even when there is no interest, or is that just Turbotax asking for unnecessary information? The same issues arise for all other Form ...
Franck Dernoncourt's user avatar
0 votes
1 answer
112 views

My bank account changed country and IBAN during the year: which address and IBAN should I use in Turbotax, when filing for my US taxes?

I have a bank account with Revolut. As a result of Brexit, Revolut moved my bank account from Revolut UK to Revolut European entity in Lithuania (“Revolut Payments UAB”) on Nov. 6, 2020, and changed ...
Franck Dernoncourt's user avatar
1 vote
2 answers
501 views

Schedule 1, Other Income: How to override in TurboTax

I have other income that is listed on Schedule 1. Schedule 1 Form line 8 state list type and amount. Turbo Tax enters "other income 1099-misc". I want to override the text and put my text in ...
paulj's user avatar
  • 1,157
2 votes
1 answer
59 views

Adjusted Gross Income for TurboTax

In order to file my taxes using TurboTax, I need by AGI (adjusted gross income) for 2019. Since I used form 1040, the adjusted gross income in on line 8b. However, when I downloaded the form, it is ...
taxguywewe's user avatar
0 votes
2 answers
143 views

How to Receive Federal Refund Using TurboTax

In TurboTax, there are two options to receive your refund as show in the below screenshot: I am not sure which option to choose. I have never used CreditKarma before. If I choose the first option, ...
taxguywewe's user avatar
2 votes
1 answer
879 views

What does Turbotax mean by "This account did not have income, deductions, or credits associated with it in [year]"?

I use Turbotax to prepare my taxes in the United States. When declaring foreign financial account, Turbotax asks: What does Turbotax mean by "This account did not have income, deductions, or ...
Franck Dernoncourt's user avatar
0 votes
2 answers
96 views

TurboTax behavior for married filing jointly with different income levels

I observe behavior whenever we file our taxes that I do not understand. It's not that I think TurboTax is making a mistake, I am just wondering why it behaves this way. Let's say these are our (made ...
Murenrb's user avatar
  • 103
1 vote
1 answer
1k views

how can capital losses carryover used be more than $3000? (in US income taxes)

This is regarding short-term capital gains (actually losses) carried over from past years. I have a capital loss carryover of about $4800 from 2019. I had a gain of about $12k in 2020. I thought the ...
user26270's user avatar
  • 174
2 votes
1 answer
160 views

Where can I enter my contribution for Maryland College Investment Plan in TurboTax Online?

I'm a Maryland resident who contributed $2500 to each of my two daughters' Maryland College Savings Plans. That should entitle me to a $5000 Maryland state tax deduction. Now I'm trying to do my taxes ...
Saqib Ali's user avatar
  • 275
2 votes
2 answers
80 views

Can adding a 1098 from another mortgage bank lower my deductible interest? How?

I'm a long-time homeowner. In 2020, I refinanced my home. Due to the refinance, and switching mortgage banks, I made mortgage payments to three different banks in 2020: Bank A (original mortgager): 8 ...
Saqib Ali's user avatar
  • 275
16 votes
2 answers
4k views

I e-filed my taxes ONE SECOND after the deadline - am I in trouble?

I am a US resident and last night I e-filed my 2019 federal income tax return with TurboTax and I owed money. (I know you should NEVER wait for the last day but it's been a couple of crazy weeks so I ...
Gabe's user avatar
  • 283
1 vote
2 answers
75 views

Can I choose my Roth IRA contribution belong to 2019 or 2020 made between 1/1/2020 and 7/15/2020?

I am trying to fill my tax return by TurboTax. I saw this: Enter your total Roth IRA contributions for 2019. Note: include contributions made between 1/1/2020 and 7/15/2020 that you want to include ...
Hongbo Miao's user avatar
1 vote
1 answer
590 views

How can I manually delete or regenerate California Schedule D (540) in TurboTax?

How can I manually delete or regenerate California Schedule D (540) in TurboTax? I'd prefer not to have to start over the California tax section in TurboTax. Motivation (TL;DR: incorrect cost basis ...
Franck Dernoncourt's user avatar
0 votes
0 answers
44 views

How should I report a Foreign Financial Account that contains more than one currency on TurboTax?

I use Turbotax to prepare my taxes in the United States. How should I report a Foreign Financial Account that contains more than one currency on TurboTax? All currencies are in the same account number....
Franck Dernoncourt's user avatar
1 vote
1 answer
431 views

Capital gains tax for US NRIs for stocks/MF in India

I am an NRI who is a tax resident of USA. I use TurboTax to file my taxes. Irrespective of the filing software, can someone help me understand my tax liability as well as reporting for MF redemption? ...
Viraj's user avatar
  • 211
2 votes
1 answer
771 views

Why did TurboTax underestimate my California state taxable income?

I just received two bills from the state of the california franchise tax board saying that my state tax for 2015 and 2016 are missing a few thousands plus interest. The reason was that turbotax way ...
John Jiang's user avatar
1 vote
1 answer
185 views

Home Office Deductions for Same Job in Different Locations

Working on my taxes for 2019 and came upon this scenario. I lived at my parents' house for 10 months and my own place for two, but was working at the same job as a contractor in both locations. ...
dyarbrough's user avatar
2 votes
1 answer
620 views

Why does increasing my W2 HSA contribution in TurboTax INCREASE my tax due?

TurboTax becomes more inscrutable every year. I was looking for where to report my HSA contribution, then realized it already came in on my W2. I have a $6000 line 12, code W (Employer contributions ...
Marvin's user avatar
  • 135
1 vote
1 answer
777 views

TurboTax had me file for a 1040 instead of a 1040NR. Is there a way I can change this?

It's my first time filing for a US tax return. I used TurboTax, filled up all the necessary information, and I got the result showing a form 1040, which means I got zero amount. I am from the ...
Sammy's user avatar
  • 11
6 votes
2 answers
2k views

Do I have to wait for my W-2s to fill my tax return for the previous year?

First year out of college (and my first paid jobs ever). I worked at 3 different companies last year (2 as a full-time employee and 1 as an independent contractor (1099-MISC)). Do I need to wait for ...
Raj's user avatar
  • 693
1 vote
0 answers
31 views

Question regarding reporting medical insurance, interest income and my address because of part-year stay in the US

I am seeking urgent assistance with my US tax filing (with TurboTax) for 2018 concerning part-year residency. I lived in the US between Jan-August and left the country for good thereafter. Keeping ...
Darth Coder's user avatar
2 votes
1 answer
353 views

Does New York State law require me to e-file if I use TurboTax?

If I use Turbo Tax to prepare my taxes with locally installed software, and specifically Turbo Tax with New York State, to prepare my returns, am I permitted to file my returns by mail and paper, or ...
paulj's user avatar
  • 1,157
1 vote
2 answers
97 views

How can I distinguish ordinary dividend from qualified dividend for when reporting amounts related to foreign financial assets in Turbotax (US taxes)?

How can I distinguish ordinary dividends from qualified dividends for when reporting amounts related to foreign financial assets (= hold in non-US brokerage accounts) on the Turbotax website when ...
Franck Dernoncourt's user avatar
2 votes
2 answers
248 views

Do I have to pay estimated taxes?

I had a financial windfall in 2018, pre-paid taxes to account for this, and ended up getting a refund. Turbotax included several 1040-ES forms for paying estimated taxes for 2019, I assume based on my ...
user83547's user avatar
2 votes
1 answer
92 views

Download tax return before filing to show to accountant

I like using turbotax to gather my information, but I'd like to work with my tax advisor to review what I'm filing before actually submitting the return. Is there a way for me to show my tax advisor ...
lf215's user avatar
  • 73
1 vote
0 answers
97 views

Corrected 1099 resulted in less income, but now I owe more

I submitted my tax return weeks ago. And it has since been accepted. However, this morning I received an updated 1099 from my brokerage which resulted in a $1 difference (rounded). $1 dollar less ...
Kris Krause's user avatar
1 vote
1 answer
123 views

I don't have a 'I'll enter additional info on my own' button for correcting the cost basis of a stock sale on TurboTax online

The help section of TurboTax says that to enter the corrected cost basis of a stock sale, I need to click the 'I'll enter additional info on my own' button, but I don't have this button.
qwertzguy's user avatar
  • 361
19 votes
2 answers
3k views

Should I choose Itemized or Standard deduction?

I see I am saving more when I choose Itemized deduction, even though its less than standard deduction. Is that normal? And in this case should I choose itemized and disregard recommendation of Turbo ...
hmajumdar's user avatar
  • 561
0 votes
0 answers
49 views

How do I file an inheritance on my New Jersey tax return?

I inherited a bit of money from a grandparent that passed away last year. New Jersey has an inheritance tax but from what I looked up close family inheritance is not taxable. I want to make sure ...
Chris's user avatar
  • 407
3 votes
1 answer
86 views

Property Tax entry for 2018 Federal Income tax

In preparation for 2018 Federal Income Tax (based on the 2017 Tax Act), I was suprised when using 2018 Turbo Tax to see the following: Which seems to state that the IRS is still working on how to ...
BobE's user avatar
  • 688
5 votes
1 answer
428 views

Employer paid rent as part of income?

In 2017, my wife's employer paid for our rent as per her contract. The employer added this to her monthly salary. She received a 1099 at the end of the year. I considered this money income when ...
D. Vyd's user avatar
  • 51
1 vote
2 answers
123 views

Filing a 1040 after filing 1040 ES

I'm trying to plan my taxes for 2018 (note, I have already filed taxes for 2017). I have about $5K of short term capital gains that have not had any tax withholding during the time Jan 1, 2018 - Mar ...
David's user avatar
  • 241