When you reach the «Import Investment Income» step, select Edward Jones from the list of brokerage firms that offer imports. With Online Access, you can import information from certain Edward Jones tax forms into TurboTax®and other tax preparation software programs. If you are owed a refund, there is no penalty for filing late .
This significantly reduced the tax I have to pay. Tim – If you print out a 2012 Form 8606 CARES Act and fill it out by hand following the instructions, you will see how it should look like.
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Select the Help icon in the upper-right corner to open the TurboTax Assistant. Enter your question, or type in Talk to a specialist. Follow the prompts to set up a call.
If you do it the way the software has it, you will see your tax goes up when you enter the 1099-R. That’s because you haven’t entered the contribution yet. When you do, the tax will come down again. When you are not covered by a retirement plan at work, such as a 401k or 403b plan, your Traditional IRA contribution may be deductible, which also makes your Roth conversion taxable. Now the refund in progress comes back to the expected level. The $49 difference is because we have to pay tax on the $200 in earnings when we contributed $6,000 and converted $6,200.
If you did your previous year’s tax return wrong, fix your previous return first. The screenshots below are from TurboTax Deluxe downloaded software. The downloaded software is way better than online software. If you haven’t paid for your TurboTax Online filing yet, you can buy TurboTax download and switch from TurboTax Online to TurboTax download. You can use Direct Pay to pay your individual tax bill or estimated tax payment from your checking or savings account for free. Always remember to print your return after you successfully file online. If you forget to print your return, you can order a free transcript.
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That’s the earning between the time you contributed to your Traditional IRA and the time you converted it to Roth. First click on “I moved …” then click on “a combination …” Enter the amount converted in the box. There used to be a separate bullet for “converted all” but my current software only shows the two options for “rollover” and “combination.” Don’t choose the rollover option. A Roth conversion is not a rollover.
However, TT is treating entire $5,746 as taxable. It should only be $246 of taxable income. Second, this is the first year we’ve had a backdoor Roth situation. I initially contributed $1,300 to Roth Jan – March 2013, only to find out income level too high to contribute. I recharachterized adjusting entries contribution April 2013 to a Traditional IRA, and continued to make contributions to Traditional IRA through end of the year to reach full $5,500 for the tax year. Sometimes the running meter in TurboTax isn’t very accurate. Make sure you run the state return all the way to the end.
TurboTax guarantees accuracy or they’ll pay your IRS or state penalty and interest charges due that are caused by a TurboTax calculation error. While we don’t recommend going toe-to-toe with the IRS, for beginners, this is a major plus. It also guarantees the largest refund or smallest tax amount due based on your circumstances, and it offers audit support from tax professionals all year long. If you’re confused when it comes to doing your taxes, even if they’re fairly straightforward, then using TurboTax is a solid DIY option.
Dave – The worksheet instructions are not wrong. It wasn’t $53 because you waited until 2012 to convert it and you made a fresh $5,000 contribution in 2012 and left it there as of 12/31/2012. The good news is having paid tax on $168 instead of $53, when you convert the 2nd $5,000 the taxable income would be $115 less. This article deals with contributing and converting in the same year and having a zero balance in the traditional IRA at the end of the year. Check the Preview of your tax forms.
If your contribution in 2012 was actually for 2011, you also need to fill out a 2011 Form 8606. Vic – I would amend the returns and make them right, even though it won’t affect your bottom line that much . Harry, as you suggested, I put $5,500 for the contribution and $5,000 for the total basis but line 14 of my form 8606 from 2013 is 0!
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I have spent 4 hours on this problem with TT. After I entered the 1099-R, it asked if I made any non-ded contributions. I said yes and tracked non-ded contributions. Then, I’m asked to enter the Cost Basis as of Dec, 31, 2011. I entered $6000 because I bought with non-ded of $6000 in 2011 and converted to ROTH in 2012. Therefore, on Dec 31, 2011, I still had $6000 in my Trad IRA. Then, the taxes were reduced to zero. TT must have changed the screens to ask for the cost basis prior to conversion vs. after .
The $60 price tag is steep but it could be a valuable insurance policy. The only Audit protection includes representation by an expert if the IRS audits you. TurboTax has a great library of knowledge articles, but the best part of TurboTax is that you may not need any of them. The software includes lots of pithy explainers throughout.
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I still haven’t figured out how to prevent a TT penalty for having too high an income for a Roth. Strangely, TT used to have a screen telling you it was keeping track of your nondeductible IRA contributions but that screen is nowhere to be found in the 2012 version. I was getting all confused and contra asset account couldn’t figure out a way to do this from TTs help pages or community . This is a topic that comes up quite frequently in financial talk shows and of course they cant say how it is done in TT or TaxCut or TaxAct or any DIY software. I added 5k non-deductible, to an IRA with 3k already in it.
, there are multiple issues — all of which could have tax consequences — that could make this year’s filing process more complicated than previous years. Get your taxes done quickly, accurately and for the lowest price. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice.
The fourth screenshot shows that her contribution made in early 2012 for 2011 should have been entered into TurboTax 2011. Check 2011 return to make sure Form 8606 shows $6k basis. She would not enter that $6k again in TurboTax 2012. The only contribution she would enter is the $6k contributed in November 2012.
In 2003, Intuit faced vocal criticism for its TurboTax activation scheme. The company responded by removing the product activation scheme from its product. In 2005 TurboTax extended its offering by allowing any taxpayer to use a basic version of its federal product for free as part of the Free File Alliance. TurboTax has received a number of complaints regarding its advertising of the free version. For filers who use this basic version of the software, federal filing is free. Always know your tax returns are in a safe place that you can access whenever you need, like when applying for loans, student aid including FAFSA, or showing proof of income.
TaxAct even offers a free option, including free state tax preparation. While the wait time was minimal, it’s likely that the wait times increase as the tax deadline approaches. TurboTax offers Audit Defense, in case you’re audited. In collaboration with TaxResources, Inc., an agency of tax experts, you’ll be walked through the audit, and they even prepare documents and represent you in IRS meetings. If you choose the call option, you’re matched with a tax professional and a timed callback window. TurboTax’s desktop products offer U.S. based phone support with TurboTax specialists. These specialists should be able to help you with your problems, but they’re probably not CPAs or EAs.
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The compensation we receive and other factors, such as your location, may impact how ads and links appear on our site. @PortraitSF @turbotax Plus I’m a paying Premier customer and there is serious no actual customer service to contact? This is a question/error with your platform not even a tax question too. That still leaves out individuals who receive Supplemental Security Income, or SSI, or veterans benefits. TurboTax, which is owned by Intuit Inc., partnered with the IRS to create a stimulus registration product to make it easy for those people to fill out a simple tax return. On the free tier, you only get one free state.
- I just went over your tutorial and it is very helpful especially since I am new to this all.
- Strangely, TT used to have a screen telling you it was keeping track of your nondeductible IRA contributions but that screen is nowhere to be found in the 2012 version.
- You can import a tax return from the IRS, as well as from TurboTax , H&R Block or TaxAct.
- Enter or verify the value of all of your traditional IRA accounts on December 31, 2014.
- We’ll add a bonus 5% when you put some of your federal refund on an Amazon.com e-gift card.
Terms and conditions apply; seeAccurate Calculations Guaranteefor details. H&R Block’s Free Online tax filing service gives you more for free than TurboTax Free Edition. Parents, employees, and students, in particular will appreciate all of the fast, easy features that make https://turbo-tax.org/ filing simple returns a breeze. IF I follow your instructions for 2012 and amend my return to accommodate my TIRA, I receive 1500 additional tax return due me. If I then do my 2013 taxes using your instructions, I need to pay over 4,000, given my two 1099-Rs total 26,000.
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Your options are the same as in my reply to @YF. If I were you I would recharacterize the conversion before April 15 .
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This allowed it to track if it was on a computer previously, even through reinstalling the operating system. This also caused it to conflict with some boot loaders that store data there, rendering those computers unbootable. In 2001, TurboTax saved financial institution passwords entered by users to servers at Intuit and the home computer. The programming error was reportedly fixed, but as of 2012 TurboTax offers no option to download a data file directly from the financial institution. Instead, it prompts the user for their login name and password at the financial institution or permits the data to be entered by hand.