Business & farm

I had prior year capital loss carryovers that should be distributed to the K1s.

To include other income from being an executor.

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My wife and I are the only members of an LLC.  Our CPA had us filing a Schedule C as a Sole Proprietor.  It's my understanding that is acceptable as a disregarded entity.  Is that correct?  But TurboTax wants two Schedule Cs for a husband-wife partnership.  Note my wife owns 51% of the LLC.  Our CPA did one Schedule C with both our names as the proprietor.  But then he generated separate Schedule SEs per our percentage ownership.  I hope to start doing my own taxes using TT, but it may be too complicated.

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I am considering converting my sole proprietorship to an S-Corporation. I want to better understand the tax implication, including my state (Georgia) pass-through entity tax (PTET) deduction. Let's say I am the sole business owner of an S-Corp. I elect Georgia's PTET (5.49% for 2024). My business has an annual revenue of $120,000 with $20,000 in business expenses. I pay myself $50,000 as its employee plus $3,825 in employer FICA and $42 FUTA payroll taxes. I also provide an employer match to my Solo 401k of $12,500. This leaves me with a business profit of $33,633 ($120k-$20k-$50k-$12.5k-$3,867). Is the state tax credit determined by the PTET based on the business profit (in this example $33,633, so after W-2 and payroll taxes)? So I would pay income tax on my individual return for the $50,000 W-2 earnings but the state taxes on the business profit (paid in the year they were received through quarterly estimated payments) would be paid at the entity level, correct? This

I own a small handmade craft business and I made less than $150 for the year of 2023. It is to my understanding that I do not have to report inventory because I have made such a low amount. When filing online, it states: "If you're not reporting inventory, but had material or supply expenses, enter them as supplies under expenses." When I check the box that says "No, I do not have inventory to report," and click continue, it doesn't give me an option to enter material or supply expenses under expenses. Where do I enter this information? 

I have a W-2 for a supplemental pension that has the same amounts in Box 1, Wages, and Box 11, Nonqualified Plans.  Why does TT then ask me if this income is from a Nonqualified plan?  And, what are the consequences of checking or not checking that box?

Last year, my brother passed away and, as his fiduciary representative, I created an EIN for his estate. As his representative, I need to file Form 1041 for his estate, and I need to file Form 1040-SR for my own taxes. Is it possible to file BOTH at the same time using TurboTax Business? Or would I need to file the 1041 using TurboTax Business and then file the 1040-SR using the FREE edition? Thank you. Or is there perhaps a different TurboTax edition I should use?

I have no idea how to fill these out

I am puzzled as to how TurboTax came to the conclusion that my income from my farm rental qualifies for the "Qualified Business Income Deduction" (QBID). Here is the situation: I live in California, and inherited some farmland a few years ago in the midwest. Accordingly, I receive a share of the income from the crops, and I pay for a portion of the fertilizer, and all the property taxes. Although I visit the farm annually, and communicate with the farmer a few times per year, and occasionally advise him when he asks what kind of crops I want, etc., I do NOT "Materially Participate" (e.g., I do not run the operations, or spend more than a few hours at the farm each year). Also, the farm is not an LLC or any other type of corporation. I simply receive payments, and report this income (and expenses) on IRS Form 4835. Recently, I read some articles about QBI, and concluded that it is not easy to find a simple answer to this question. TurboTax somehow concludes that this income qu

I don't have a rental and want to delete

if turbo tax does not support form 709 what do i do?

I started a fabrication business last year and purchased tools and equipment ranging from $50 to $6000. Do I need to record each and every purchase I made or just a total? Also, what about the equipment that costs less than $200. Do I record that under expenses instead of startup? Confused. Thank you for any advice.

I own an LLC that in 2023 invested in a franchise.  The investment was $47,000.  The business is on a cash basis for accounting.  I liquidated my IRA to make that investment.  Going through the business on , it won't allow me to deduct in full the investment.  Without that deduction, I am being taxed on the IRA liquidation.   Can you help? 

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I used my car in a new security business last year.  Business usage was only 2%.  This year I did not do anything with the security business, but plan to next year.  Do I have to recapture anything or do I just delete schedule c off this year since I didn't have any 1099 income?  

Hello, I signed a contract to replace the windows of our home in November 2023, and paid the 1st installment of the cost then.  In January 2024, I paid the 2nd installment. This week (Feb 2024) we will have our windows installed and we will pay the 3rd and final installment. Should I depreciate the cost of this improvement in my 2023 or my 2024 taxes? I have a home office and plan to depreciate it, just want to make sure when I should do that. Thanks in advance!

From a tax perspective, am I able to remain in a partnership with 0% profit/loss/capital? In other words, can I be a partner that earns no income, does not claim any losses, and will not earn any capital on future dealings? I will no longer be actively participating in a partnership formed by myself, my mum, and my sister. However, I'm offering to remain on pro bono to help with their accounting. I'm planning to file our Form 1065 with 0% profit/loss/capital for my end of year, but without checking the Final Return box. It's been difficult to find answers surrounding this specific situation and calling the IRS didn't yield any helpful insights other than the suggestion of filling out Form 8822B if I am fully exiting the partnership - but I couldn't get answers to my specific question. Hoping the community can help!