Any accountant here that can help me with TurboTax?

[Mom21]

None of the Turbotax people can help me, so they do have in a request for one of their accountants to call me first of next week. Um yeah right.

I have 3 sources of income. One a w-2 for a job I worked. One a 1099R for a job I "retired" from years ago at age 25 (I was vested). They are closing out their retirement plan they had then so they told me I had to either take a monthly amount or a lump sum. It was only $5000 so I took the lump sum. Easier that way. That is showing in proper line as Pension-taxable.

Now here is where the problem comes in. I have a CSA 1099R for my job that medically decertified me and required me to retire. I was told that a CSA is diff from a 1099R. In my box 2 which is taxable amount it shows UNKNOWN, so thinking of course it is taxable I put in the amount of box 1 which is what I made. When you get to the final review it is showing that amount in both the wages and salary (taxable) and the Pension-nontaxable. While it is taxing me on the proper amount it is basically showing my income to be more than it is by the amount of the CSA. It is counting that twice. As this is my main source of income, it was a significant amount. Anyway to fix this?

I can't afford an accountant this year before anyone suggest that. I have absolutely no extra money right now due to a $6000 property tax bill. I'm sure Turbo Tax accountant won't call me back.

 

[PatMcDuck]

I have asked their accountants questions before, so try that.

You can call the IRS.

Did you try googling your question? This can be helpful.

 

[Cheshire Figment]

I use the professional series of Turbo Tax (and have since 1985).

On the data entry form for the 1099, at the bottom is a place to compute the taxable portion. You would put in the amount considered contributions and fill in other blocks was needed. This will then compute the taxable amount. And if you use TT in subsequent years it will roll a lot of the numbers forward.

 

[Mom21]

I was using that Cheshire, doing I can't remember the 2 ways, but one was general schedule. Don't remember offhand what other was. Basically I owe taxes on the entire amount, but it is still putting it in both taxable and pension-nontaxable. I even walked through it with one of their people on the phone. I spoke with several. I think it just might be a glitch with TT when it is a CSA as opposed to a regular 1099. At least that is what turbotax people thought it may be. All I can hope is that the accountant calls me back on Monday or at least Tuesday. Somehow I doubt that will happen. Really my taxes are somewhat simple. I have a few incomes and 1 child and mortagage interest. That's it. Should be simple. Thanks for the help.

 

[robsmom]

This may be a silly question but have you tried entering the 1099R as it was sent. do not put an amount in box 2a instead of unknown. there is a box on 2b that should be checked to say that the taxable amount was not determined.

 

[Mom21]

This may be a silly question but have you tried entering the 1099R as it was sent. do not put an amount in box 2a instead of unknown. there is a box on 2b that should be checked to say that the taxable amount was not determined.

Unfortunately there is not a way to do that. You have to put an amount in. If I put in 0.00 then it does take it out of the taxable amount, but it doesn't tax me on it which isn't correct. I go from getting about 600 back to getting almost $8000 (can't figure that one out except maybe I then qualify for EIC which I really don't). While I would love to get that amount back, I certainly don't want IRS coming after me. I just can't figure out why it is showing up as taxable and non taxable. I have to put my taxable income in 2b and then counts it twice. I think it is something with the programs because generally 1099r's are nontaxable but mine isn't. This is driving me crazy. I spent over 5 hours with TurboTax Friday and still no answer.

 

[jessc79]

I'm a CPA but I don't do taxes so I can't help you. Just wanted to reassure you that turbo tax accountants should call you back. They advertise that they do. Their discounts to in-person services aren't as significant as they used to be so they're rumored to be stepping up their customer service.

If you are unable to afford professional tax preparation but would still like to go that route, please consider a volunteer program in your area. Accounting students generally volunteer for this each year and are closely supervised by CPAs.

Good luck.

 

[ruadisneyfan2]

None of the Turbotax people can help me, so they do have in a request for one of their accountants to call me first of next week. Um yeah right.

I have 3 sources of income. One a w-2 for a job I worked. One a 1099R for a job I "retired" from years ago at age 25 (I was vested). They are closing out their retirement plan they had then so they told me I had to either take a monthly amount or a lump sum. It was only $5000 so I took the lump sum. Easier that way. That is showing in proper line as Pension-taxable.

Now here is where the problem comes in. I have a CSA 1099R for my job that medically decertified me and required me to retire. I was told that a CSA is diff from a 1099R. In my box 2 which is taxable amount it shows UNKNOWN, so thinking of course it is taxable I put in the amount of box 1 which is what I made. When you get to the final review it is showing that amount in both the wages and salary (taxable) and the Pension-nontaxable. While it is taxing me on the proper amount it is basically showing my income to be more than it is by the amount of the CSA. It is counting that twice. As this is my main source of income, it was a significant amount. Anyway to fix this?

I can't afford an accountant this year before anyone suggest that. I have absolutely no extra money right now due to a $6000 property tax bill. I'm sure Turbo Tax accountant won't call me back.

I'm sorry I can't help you with your tax question but just want to sympathize with you on the tax bill. In fact, by NJ standards, that would be almost cheap. Taxes on our little 1600 sf rancher with no basement is now up to $8400 this year.
In some neighborhoods/bigger homes, $20-25,000 is typical.