[Event] Ask the Experts: Extension Filers

Join us on Wednesday, Sept 25th any time between 9:00 am and 5:00 pm Pacific Time for our latest installment of our Ask the Experts event series. This time we'll be answering questions about the upcoming tax deadline for our Extension Filers. Come sp... read more

Can I declare my debt as a write off

I am SSA income and self employed can I use my credit card debt as a tax reduction or loss of funds to pay less taxes? How do I file this on a amend tax return

Carryovers from previous returns

A CPA filed our last years returns. How do I include carryovers from previous years for this year, as we'll be receiving refunds?

Caught in a loop between 1099-MISC and 1099-K

I am self-employed, and received a 1099-K. After entering the information for my 1099-K, Turbotax 2023 won't let me get past 1099-MISC. When I tell it I didn't receive one, it loops me to 1099-K Summary, and then back to 1099-MISC. I was told on the ... read more

How to use the Turbo expert help functions and find out the background data table

Thank you for this expert event for 2024! I was always stuck at some pages while using the TurboTax web version. Usually how could I get advice/help from the expert team? How could I use my purchased TurboTax software to file the tax for last year?I ... read more

401k to Roth IRA Conversion over 60- 5 year rule?

I have seen a couple conflicting answers to this. AssumeI am 60.I convert part of a regular 401k to a Roth IRA.I have other Roth IRAs from many years ago. Can I access the rolled over amount almost immediately? How about any earnings?Or do I have to ... read more

Deductions

I operated an Airbnb out of my home that I occupy during 2023. Can I deduct expences (or a % of) such as homeowner's insurance, property tax, etc.?

Can't see where major improvements made to sell a rental are added to cost basis

I sold a rental in 2023. I entered major improvements made for the sale (and after the last tenants moved out) like a new HVAC system and new flooring in the “Your Property Assets” section, which comes up after you select “Sold rental property”? (Wit... read more

1120S K-1 with multiple activities in Section 199A

I have a K-1 (1120S) that has the following filled in:Box 1 (ordinary business loss)Box 4 (interest income)Box 5a (ordinary dividends)Box 5b (qualified dividends)Box 6 (royalties)Box 8a (net long-term capital loss)Box 12 (other deductions) - Code ZZ ... read more

Missouri state tax "attach all 1099's here" What 1099's do I need to attach? 1099ssa? all 1099int?

Previous taxes

Hi, my husband and I separated last year and he used to do taxes due to his business. When I tried to do my taxes filing married but separate for 2023 I found out that the taxes he did for 2022 weren’t filed correctly. I sent in my taxes for 2022 but... read more

How do I report ESPP sale without a form 3922

I sold ESPP shares last year that were purchased back in the 90's. I don't have the form 3922 that was snail mailed to me back then. The current transfer agent who manages the stock doesn't have the form either. I'm stuck on my Turbo Tax page. I can'... read more

I have a Foreign Financial Account that is chequing only and does not accure interest. On the Foreign Financial Assets page, what box do I enter the value of the account?

Does it go under "Other Income" since no other boxes apply?

Reporting excess Roth contribution earnings

I removed excess Roth contributions prior to filing my extension this year. I will not get the 1099R from Vanguard until 2025. Can I just wait and file an amended return next year or is there a way to declare this on my 2023 taxes? Someone mentioned ... read more

Using turbo tax for first time - I have previous year PAL carryforwards, how to record?

I'm transitioning to doing my own taxes in turbo tax, so I don't have anything to roll forward from previous years. My accountant used to prepare a long list of passive loss carryforwards.. I checked the "I have passive activity losses carried over f... read more