Having a business is both exciting and rewarding! But it can be
confusing if you don’t know what it means for your tax returns. Whether
you’re starting off and plan to conquer the world with your new
business, have a side gig for a little extra cash,...read more
I have a business in my name and my husband has a separate business in
his. We both file Schedule C with our 1040. He claims health insurance
on his. Do we have to file a Form 7206 for each of our businesses or do
we not have to file one at all? TT d...read more
mootziePosted 8 hours ago
| Latest post 5 hours ago by
DawnC
Hello, Unfortunately I have a K1 with many states. The input regarding
the K1 for Colorado is an outlier... The TurboTax interface asks about
"Schedule K1 Increases" and "Decreases".How is this info gleaned from
the CO Schedule K-1 Equivalent form? T...read more
mikejsteinPosted April 11, 2020
| Latest post 7 hours ago by
DawnC
I am a resident of California, but I have an LLC in Colorado. In past
years, I have had no problem, but this year, TurboTax kept considering
the LLC to be in California and added a Schedule C under California
instead of Colorado. I have told TT that ...read more
Filling out the foreign accounts section in TurboTax, I ticked that I am
a beneficiary of more than 50% of a foreign trust (I had a foreign
pension whilst I lived abroad, which seems to be categorised as a
foreign employee's trust). I did not tick th...read more
In calculating Schedule 1 Line 1 on form 1040, TurboTax is not
calculating this correctly. If you go to page 86 of IRS 1040
instructions you will get a schedule 1 line 1 worksheet. The
calculations from that worksheet do not match up with TurboTax Sc...read more
TurboTax Home & Business (Windows) is incorrectly reporting the share of
income from a partner's K-1. But there is a workaround. The Bug:
Schedule E misstates non-passive income reported on a partners' K-1. On
line 28, column (k), it should be report...read more
Amended my tax forms because received a K1 form 1041.After adding the K1
to income on the federal 1040x, the headline showed I owed 397. After
printing and reviewing the forms, their is a 1040 SR, that has a
signature block and /or but it has an owin...read more
Where do I enter the 1065 k-1 issued to a single member S corp on the
1120s return? The 1065 k-1 only has data on line 1 for Net loss for the
year. Since the s corp is single member pass through to my personal
return do I enter on the 1120s or direct...read more
jd2004Posted 14 hours ago
| Latest post 9 hours ago by
jd2004
In the section mentioned above, in the details in "more information" it
has a line "Other taxable income" which I thought I needed to enter a
small amount not reported on an NEC. Then when I opened that section to
update, none of those listed items a...read more
kare2k13Posted 11 hours ago
| Latest post 10 hours ago by
CatinaT1
Am I going crazy? The responses in the top thread about 'What does
'materially participate' mean?' are pretending like they provide a clear
answer.Look at this winner of a line in there:"Your participation was
substantially all the participation in t...read more
Using desktop version;The non-passive income from my K1 properly flows
to schedule E line 28, but K1 line 20 ZZ entry of a non passive loss
does not. There is an asterisk that tells me this must be made by a
manual entry. However, when I open the Sch...read more