Hi Bogleheads,
I'm almost ready to file my 2023 tax year return with TurboTax, I had a few questions that TurboTax support answered for me but wanted to run these by the community here and get your input as well.
1.) When I was running the "check return" feature TurboTax Online brought me to a form editor screen and wanted me to enter a few values from my 2021 Tax Year return. My 2021 Tax Year return was also filed with TurboTax so they already have this data, this is why I found it strange. They asked me:
"We transfered some 2021 information to your 2023 tax return, let's check a few of these numbers to make sure they look correct". It basically asked me to enter line 7 and line 15 from Schedule D in my 2021 return, which I did. It also asked me for my "AMT" income from form 6251, my return did not have a form 6251 so I followed the instructions to determine this from form 1040, the result of that matched the value they were expecting.
So as I understood it, they were just asking me these values to verify that transfer of information, but let me know if there is any additional digging I should do here. TurboTax support didn't think I had any issues.
2.) I imported my 1099s, there were 2 imported 1099s (1099-INT, 1099-MISC) that were all $0. TurboTax supported suggested I remove those from my return because the "return check" feature was asking for state witholding information, even though there was no witholding, again these 1099s were all $0 for all fields. So I removed those 2, is there any reason I should include a 1099 with all $0s in my return filing? As I understood it, a 1099 with all $0 wouldn't change anything in my actual tax forms, but let me know if I'm missing something
3.) I realized that in my 2022 return that I didn't include a 1099-R from my after-tax 401k->Roth (Mega Backdoor), should I file an amended return for tax year 2022 and include that 1099-R? It has $0 of tax liability as the plan converts the after-tax funds to Roth same day automatically, but I was wondering if it's important to include as the total conversion value would be added to 5a on form 1040 but box 5b would be unchanged as there was no taxable amount in this conversion. Doing this would not change my tax lability so it was unclear to me if I should be amending the return? IF I should amend the 2022 return, should I do this before/after I file my tax year 2023 return or does it not matter?
Thanks for reading
I'm almost ready to file my 2023 tax year return with TurboTax, I had a few questions that TurboTax support answered for me but wanted to run these by the community here and get your input as well.
1.) When I was running the "check return" feature TurboTax Online brought me to a form editor screen and wanted me to enter a few values from my 2021 Tax Year return. My 2021 Tax Year return was also filed with TurboTax so they already have this data, this is why I found it strange. They asked me:
"We transfered some 2021 information to your 2023 tax return, let's check a few of these numbers to make sure they look correct". It basically asked me to enter line 7 and line 15 from Schedule D in my 2021 return, which I did. It also asked me for my "AMT" income from form 6251, my return did not have a form 6251 so I followed the instructions to determine this from form 1040, the result of that matched the value they were expecting.
So as I understood it, they were just asking me these values to verify that transfer of information, but let me know if there is any additional digging I should do here. TurboTax support didn't think I had any issues.
2.) I imported my 1099s, there were 2 imported 1099s (1099-INT, 1099-MISC) that were all $0. TurboTax supported suggested I remove those from my return because the "return check" feature was asking for state witholding information, even though there was no witholding, again these 1099s were all $0 for all fields. So I removed those 2, is there any reason I should include a 1099 with all $0s in my return filing? As I understood it, a 1099 with all $0 wouldn't change anything in my actual tax forms, but let me know if I'm missing something
3.) I realized that in my 2022 return that I didn't include a 1099-R from my after-tax 401k->Roth (Mega Backdoor), should I file an amended return for tax year 2022 and include that 1099-R? It has $0 of tax liability as the plan converts the after-tax funds to Roth same day automatically, but I was wondering if it's important to include as the total conversion value would be added to 5a on form 1040 but box 5b would be unchanged as there was no taxable amount in this conversion. Doing this would not change my tax lability so it was unclear to me if I should be amending the return? IF I should amend the 2022 return, should I do this before/after I file my tax year 2023 return or does it not matter?
Thanks for reading
Statistics: Posted by Yarlonkol12 — Mon Mar 18, 2024 8:37 am — Replies 0 — Views 72
