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wonab1

Question

How do you get in touch with turbo tax to ask a real question?

Forum|Forum|6 years ago
February 15, 2020
11 replies
0 views

No text available

TurboTax Deluxe Online

ee-ea

Employee

The best way to get an answer is to ask the question here!

Cynthia35

I have earned income from a part time job. I put 90% of that earned income, about $8000 into the company 401K and showed that when I entered my W2. Therefore, it showed that about $1000 in Block 1 and, $8000 in Blocks 3 and 5 and about $7300 in Block 12a with code D (ret. plan box checked.)

When I later imputed my ROTH IRA contribution of $5000 in Turbo Tax, it showed that I owed about $2000 in taxes after inputting my IRA contribution. Can you please help me understand what happened and how to fix this? My research shows that I can contribute to both a ROTH IRA and a 401K. What am I doing wrong in Turbo Tax? Thank you very much for your support.

BillM223

@Cynthia35

First, where on your return is this $2,000 in taxes appearing? Schedule 2 (1040)? On what line?

Second, what is your adjusted gross income?

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samwright

call this number 1-877-559-8824

EJHERALD

I am analzying my long term capital gains tax associated with sale of stocks, mutual funds and a house. I am married and filling jointly with a joint income below $400k including capital gains. Based on income, the federal capital gains rate should be 15% (according to the current tax law which may or may not change). However when I plug in a capital gain of $10,000, Turbo tax 2021 calculates a $2000 tax due equivalent to a 20% rate. Is there a bug in the software that requires a software update?

ThomasM125

@EJHERALD I assume you mean that your tax increases by $2,000 when you add $10,000 worth of capital gain income. Although you would appear to be in a 15% bracket for capital gains based on your income, some capital gains are taxed at more than that regardless of your income, as is the case for short-term capital gains and also depreciation recaptured if you had rented out a portion of your home, or used a home office for your business.

Here are some links that you may find helpful:

Things you should know about capital gains

A guide to capital gains tax rates

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pwickenhauser

This is the second year that Illinois has calculated a different ratio of out of state to total income. Is there something different in the calculation between TurboTax and the state?

NCPERSON1

@pwickenhauser - can you be more specific? what ratio did TT use? what ratio did Ilinois use (I presume you received a letter from the state? what did it say?) Can you give the numerator and denominator that was used by TT and by Illinois?

Mike9241

what lines? if IL furnished details, then you compare the Turbotax CR to the IL CR to see what number they changed.

for a full year resident line 43 would change. for that to change Illinois changed some amount in column A or B since we have no access your. you will need to provide us with details

for part-year resident it would be line 45.

if you work in Illinois but telecommute for work in states that tax income earned as a telecommuter, Illinois deems the wages paid by the company in the telecommuting state as Illinois wages and thus 0 would be proper for column b non-Illinois wages.

Edgeleaempress7

Turbo Tax Deluxe is assuming the 1099R is my spouse and it really belongs to me; does it matter

AmyC

Employee

Yes, it might matter. Income can affect child care, retirement plan can affect IRA, and so on. Be sure your spouse has been entered in the personal section first.

Please do return to the W2 entry screen and click edit for the W2.

Next, use the dropdown box and select your spouse instead of you.

@Edgeleaempress7

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MoniqueLO_

Please feel free to contact Customer Support so you can speak with someone who can assist you.

@highreturn

Sta2ned

Hello- I have an established SSTB but also retired last year from my position at a college. My former employer contracted me as an independent for services to bridge the gap until a replacement is found. Turbo Tax wants to treat that income from 1099-NEC as an adjustment to my QBI. I am confused why, and if that is correct. I was not an employee and received no benefits from them while working as an independent contractor, just as with my other clients for that SSTB. Is income from a former employer in every situation always non-QBI? What if they continue to contract my service independently next year? Is that QBI? Thanks you! Dennis.

KrisD15

If the income on the 1099-NEC is being linked to your business, and your business is a Specified Service Trade or Business, then the additional income may adjust your Qualified Business income Deduction depending on your taxable income level.

If the 1099-NEC is for something unrelated to your SSTB, you will need to file a second Schedule C for that 1099-NEC income.

It is not clear if the 1099-NEC income is for the same work as your SSBT.

I am also not clear on HOW the 1099-NEC income adjusted your QBI. Are you eligible? Did it increase or lower your deduction?

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Sta2ned

Thank you.... The 1099-NEC income from a former employer was for doing the exact same services as my regular SSTB. That service was also the same service I did as an employee before retirement. I have had this private service business for 40 years and was an employee for 35 years, but recently retired from my full-time position. If they continue to contract me independently after my retirement isn't that QBI, the same as income from my other clients? It is a small business. The 1009-NEC amount in question is only $1,240.

Turbo Tax adjusted my QBI by $964. over my net Schedule C profit, which increased my refund. I am confused why the QBI was not adjusted the full $1,240. I just want to make sure there wasn't a mistake and do not understand how $964. was calculated.

thank you!

judy1949

I am unable to remove the checkmark on Box 14 Schedule K-1 1041 and on the comments that have drop down to show Code I and Code Z

MonikaK1

@lori 1

It depends. If the change in the income you reported was subject to the capital gains rate instead of the regular income tax table, you could indeed have zero tax change despite having added a loss.

The tax rate on most net capital gain is no higher than 15% for most individuals. Some or all net capital gain may be taxed at 0% if your taxable income is less than or equal to $41,675 for single and married filing separately, $83,350 for married filing jointly or qualifying surviving spouse or $55,800 for head of household. See here for more details from the IRS.

You can preview your entire return before filing to view the forms that TurboTax has prepared from your entries and to find out how your taxes were calculated. See here for details.

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GeoffBey

TurboTax is saying that I have overpaid my traditional IRA and is penalizing me. As I understand it being over 65 and making less than 65,000 I should be able to contribute $7000 along with my wife who is also over 65. Am I missing something or is TurboTax making mistake?

LindaS5247

Are you or your wife covered under any employer sponsored retirement plans?

If neither you nor your spouse is covered by a retirement plan at work, your deduction is allowed in full.

For contributions to a traditional IRA, the amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

For 2022, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or your taxable compensation for the year.

Your tax return filing deadline (not including extensions). For example, you can make 2022 IRA contributions until April 18, 2023.

Click here for FAQ about IRA's.

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GeoffBey

I do have a retirement plan from work I am now benefiting from... drawing down, but I am no longer contributing to it so I thought I would be treated normally regarding traditional IRAs.... is that not right? I am 67

Flyfisher2

In the section Your2022 Deductions and Credits shows my Mortgage Interest at $14,444.00 Which is correct, however when I view the sections called Here are your 2021 and 2022 Deductions and Credits it only shows $7,010.00 Mortgage Interest.

What am I doing wrong.

Thanks

MonikaK1

There are a number of reasons you might not be seeing all of your mortgage interest on Schedule A after entering it. You can revisit your entries to confirm, for example, that you identified the loan as being secured by your home, the dollar amount of interest entered was corrected, and that the loan principal was entered and didn't exceed applicable limits. In addition, you may not have had enough total itemized deductions to exceed the standard deduction.

You can preview your return before filing to find out how your taxes were calculated and review the schedules. See here for details.

Please see this article and this one for more information on home mortgages from TurboTax.

You have posted on an old thread that involved different topics. It is easier for the Community to help if you start a new discussion thread instead of posting on an old thread if you are changing the topic.

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