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R. Klein, EA
R. Klein, EA, Accountant
Category: Financial Software
Satisfied Customers: 2879
Experience:  A member of the Intuit Ask a Tax Expert team and 10 years as QuickBooks Certified Pro Advisor.
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TurboTax 2012 is putting $172,000 Misc deduction in that I

Resolved Question:

TurboTax 2012 is putting $172,000 Misc deduction in that I did not place there. I have tried several times to delete this entre but it continues to presist. This seems to be a program problem. Should I return this defective TurboTax disc? I have another that was sent last year that I will have to pay for when I load it into the computer. I want a refund for the defective one. Tom Beard
Submitted: 1 year ago.
Category: Financial Software
Expert:  R. Klein, EA replied 1 year ago.
A bad disk does not cause a calculation error. Symptoms of a bad disk are inability to load the program.

I can help you remove this item if you can more accurately tell me exactly where you see this amount. If you go to Federal Taxes, then Deductions and Credits, and select Explore on my Own.
In what category does this large amount appear?

You can also review your return by selecting Forms mode in the top color bar. If you know what form this appears on, you can right click the field and find the source of the entry. You may need to drill down a few levels to find it.
Customer: replied 1 year ago.


Thr $172,000 deduction does not appear in the deduction and credits, it only appears in the final phase of the of the process- checking out of the information.

Expert:  R. Klein, EA replied 1 year ago.

I don't understand "checking out of the information".

 

This number either appears on the tax return or it does not.

 

Did you go into Forms mode? Do you see a large number on your 1040 main form that appears out of place? Go to the line, and RIGHT Click on the field. Click Data Source to determine where information on the line comes from. Go to the other forms until you find this source of the number.

 

If you don't see a large number, then it could be information from 2011 that is carrying forward in the summary and should be ignored as an error that does not affect 2012. If you see this number and you are on a summary screen, see if it is in the 2011 column. If so, again, this is a known error, and can simply be ignored.

 

Customer: replied 1 year ago.

I looked at the form for deductions as you suggested and found that $174,000 was assigned to a loss incurred from an Roth IRA account. I do not know how this was calculated. I tried to delete but could not.

Expert:  R. Klein, EA replied 1 year ago.
Did you have any 1099-R statements this year?
Did you have any Roth conversions in 2010 or 2011?

What form or schedule or worksheet did you find this on?

Does it appear on Form 8949 or on Schedule D?
R. Klein, EA, Accountant
Satisfied Customers: 2879
Experience: A member of the Intuit Ask a Tax Expert team and 10 years as QuickBooks Certified Pro Advisor.
R. Klein, EA and other Financial Software Specialists are ready to help you
Customer: replied 1 year ago.


I found that the $174,000 was related to a loss in a Roth IRA account. How that amount came about I do not know. I deleted the amount and now the calculations are much better. Thank you.

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