Questions tagged [turbotax]

For questions about using Intuit's TurboTax software

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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? ...
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4 votes
2 answers
2k 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'...
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0 votes
1 answer
78 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 ...
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1 vote
0 answers
31 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....
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0 votes
1 answer
169 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 ...
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1 vote
1 answer
29 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 ...
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  • 137
3 votes
1 answer
112 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-...
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  • 245
2 votes
0 answers
48 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 ...
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0 votes
1 answer
64 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 ...
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1 vote
2 answers
123 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 ...
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  • 1,053
2 votes
1 answer
51 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 ...
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0 votes
2 answers
107 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, ...
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1 vote
1 answer
319 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 ...
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0 votes
2 answers
88 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 ...
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  • 103
1 vote
1 answer
324 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 ...
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  • 174
2 votes
1 answer
97 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 ...
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  • 265
2 votes
2 answers
64 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 ...
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  • 265
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 ...
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  • 283
1 vote
2 answers
71 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 ...
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1 vote
1 answer
362 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 ...
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0 votes
0 answers
36 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....
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1 vote
1 answer
350 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? ...
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  • 211
2 votes
1 answer
559 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 ...
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1 vote
1 answer
101 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. ...
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2 votes
1 answer
392 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 ...
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  • 135
1 vote
1 answer
669 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 ...
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  • 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 ...
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  • 505
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 ...
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2 votes
1 answer
270 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 ...
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  • 1,053
1 vote
2 answers
79 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 ...
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2 votes
2 answers
225 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 ...
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2 votes
1 answer
87 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 ...
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  • 73
1 vote
0 answers
94 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 ...
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1 vote
1 answer
118 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.
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  • 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 ...
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  • 561
0 votes
0 answers
40 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 ...
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  • 407
3 votes
1 answer
81 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 ...
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  • 688
5 votes
1 answer
372 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 ...
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  • 51
1 vote
2 answers
113 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 ...
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  • 241
1 vote
3 answers
139 views

Preventing tax underpayment penalty

I had some short term capital gains in 2017 which resulted in underpayment penalties both in my Federal and State taxes. I have about $5K in crypto-related short term capital gains for 2018 to report ...
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  • 241
9 votes
2 answers
1k views

When you e-file your taxes with TurboTax, does Intuit get a copy of your personal information?

When you e-file your federal taxes with TurboTax's PC software, do the tax forms go through Intuit's servers, or are they submitted directly to the IRS somehow? i.e. do Intuit servers ever see a copy ...
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  • 3,267
2 votes
1 answer
217 views

Didn't mark that I had a checking account for direct deposit on tax filing, will I have my returns rejected?

I submitted by taxes electronically through TurboTax and I realized that when I submitted my bank info in order to receive my returns via direct deposit, I didn't mark that it was a checking account ...
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  • 123
2 votes
1 answer
174 views

What version of TurboTax to get

Last year I worked on a 1099 Contract for 4 months and a W2 Contract for 6 months. I'm not sure which version of Turbotax to buy. Actually I'm not sure if doing this myself is the best way to go but I'...
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  • 1,623
1 vote
1 answer
84 views

State wages not from state where I was living

In my W-2 I have State wages from MA and corresponding state taxes were withdrew from my salary. But I lived actually in other state. When I completed taxes in turbotax, I thought it should ...
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  • 720
5 votes
3 answers
5k views

RSU already included in W-2

My employer includes the bonus given as RSU on the W-2. How to correctly import the data from E*Trade (who manages the RSU and provides tax forms) into turbo tax (or any other tax software) so it does ...
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  • 171
1 vote
1 answer
70 views

How to report paying having paid estimated tax?

On 12/26/2017 I paid x dollars to New York state as an estimate of what I owed for 2017. After going through the turbo tax flow, it shows my state tax balance as x. Is there any way to tell turbotax ...
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  • 73
2 votes
1 answer
73 views

In what situations does tax preparation fees not count as a deduction on taxes?

Last year I filed my taxes through turbotax. This year I'm doing it again. There is an option to check if money spent on tax preparation (including tax software like turbotax) is deductible. I spent ...
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3 votes
2 answers
170 views

Tax refund disparity arising from TurboTax, relative to other programs (H&R, TaxAct, Credit Karma)

While I haven't received any of my tax forms for 2017, I can compute the values for each of the boxes based on past experience and available statements and pay stubs. My tax situation is fairly ...
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0 votes
1 answer
135 views

Why did Turbo tax provide me with form 1040 and Interest and Ordinary dividends attachment when I am filling amended tax return (1040X)?

I need to amend a return to include form 1099-R. For some reason TurboTax gave me three forms: 1040X, 1040 and Interest and Ordinary dividends attachment to form 1040. Why do I need the last two? As ...
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  • 693
8 votes
1 answer
485 views

If I can be claimed as a dependent, what do I do without my parent's tax information?

I'm filing my 2016 taxes. Although I was not claimed as a dependent by my parents, I meet the qualifications of being claimed as a dependent. When filling out my tax return via TurboTax Freedom ...
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