Question

Turbo Tax printed out the Form "other income statement" For the wrong year.

Forum|Forum|3 years ago
January 10, 2023
4 replies
0 views

I am preparing my NJ State taxes for the year 2021 (yes, late filer). I have W-2 as well as interest and dividend income. Additionally, I have $5k in "other income". On the ready-to-be-mailed final printouts, Turbo Tax has correctly listed my $5k "other income" on line 26 of the NJ-1040 for year 2021. Turbo also printed a form labelled "Other Income Statement" showing details for my $5k "other income". However, this "Other Income Statement" form is for year 2019, instead of year 2021. How do I fix this error and get this form for the correct tax year? Thanks for your help.

Other

SteamTrain

Employee

First check the form to make sure it doesn't say "Do not file" on the top.

I know @maglib and @rjs used to do NJ tax returns, maybe they can check their 2021 software to see if it's a problem on theirs too, or whether a state software update is necessary and might fix it.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

fanfare

Employee

if you want to include that sheet just cross out the wrong year and write in the correct year.

It is only a cover sheet.

@Samosa

S

SamosaAuthor

@fanfare thanks. Doesn't look like a cover sheet. It is a proper form which provides a list of different sources of "other income" )such as prizes and rewards, income from deceased, scholarships, income from jury duty, reimbursement of deducted medical expenses, and so on...) and tax payer has to select one of these sources, or select "other" and describe it.

I can manually over-write the correct year but not sure whether the State will reject the return because of manual edit.

M

maglib

Employee

@Samosa We filed in 2021 with other income electronically and so far so good. Never realized it said 2019. You are correct though. Should be okay to file with it. I did see if you update the software that turbotax fixed the mistake.

**I don't work for TT. Just trying to help. All the best. ***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.

rjs

Employee

In the 2021 New Jersey software, when you look at the Other Income Statement in forms mode it has the correct year at the top, 2021. However, when you print it the printed (PDF) form has 2019 at the top. This happens with the software fully updated, so an update is not going to fix it. As SteamTrain said, TurboTax is not going to fix the 2021 software now. Since you are filing on paper, just cross out or white out the 2019 and write in 2021.

The 2022 New Jersey software shows the correct year in forms mode (as does the 2021 software). The New Jersey forms are not available for printing yet, so we cannot check the printed form. Check after January 26.

S

SamosaAuthor

Thanks @rjs and @maglib. One more question: Since our beloved NJ taxes any growth in HSA accounts, how to properly report dividends earned in my HSA? The Form 1099-DIV issued by Fidelity doesn’t include dividends earned in my HSA account because they aren’t taxed by the IRS. Here's what I did;

After finishing Federal return I started the State return and Turbo transferred all the information from the federal return and walked me through step-by-step for filling out the state return. On the screen “dividend income”, all dividends reported on federal return were listed. I manually added HSA dividends by adding Payer’s name as “Dividends from HSA account at Fidelity” and "Net Dividend income” as “$500”.

On the final printout, the total amount of dividends (line 17) is $500 greater than shown on the Federal form meaning that Turbo correctly added HSA dividends. However, on Schedule B printed with the State packet, the amount of dividends shown is exactly as federal i.e., manually addedHSA dividends are not shown. I wonder why turbo tax is not showing manually entered dividends on Schedule B, and how to fix this issue. Thanks for your help.

fanfare

Employee

Schedule B is attached only if your interest is over $1,500 dollars.

It is not needed for dividend income.

rjs

Employee

@Samosa wrote:

Turbo also printed a form labelled "Other Income Statement" showing details for my $5k "other income". However, this "Other Income Statement" form is for year 2019, instead of year 2021. How do I fix this error and get this form for the correct tax year?

@Samosa The Other Income Statement has been corrected in today's update (Jan. 26,2023). The Other Income Statement now has the correct year at the top in the PDF.