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Hi, Your tax return was likely rejected because you’re missing Form 1095-A from the Health Insurance Marketplace. To download it: Go to Log in and select your 2024 application Click “Tax Fo... See more...
Hi, Your tax return was likely rejected because you’re missing Form 1095-A from the Health Insurance Marketplace. To download it: Go to Log in and select your 2024 application Click “Tax Forms” and download your 1095-A Once downloaded, use it to fill out IRS Form 8962 and refile your taxes. Need help? Visit Quicken Accounting — they can take care of it for you. Let me know if you need anything else!
You cannot use Online TurboTax to prepare a 2023 return.   If using TurboTax, you would need to purchase 2023 desktop software.   The 2023 return cannot be efiled with TurboTax.  It will have to be p... See more...
You cannot use Online TurboTax to prepare a 2023 return.   If using TurboTax, you would need to purchase 2023 desktop software.   The 2023 return cannot be efiled with TurboTax.  It will have to be printed, signed, dated, and postal mailed.   Here's where you can purchase 2023 desktop software directly from TurboTax: https://turbotax.intuit.com/personal-taxes/past-years-products/
Based on your situation, here's a breakdown of how to approach this: 1. TurboTax Edition: For reporting the sale of a property, especially one located outside the US, you will likely need TurboTax... See more...
Based on your situation, here's a breakdown of how to approach this: 1. TurboTax Edition: For reporting the sale of a property, especially one located outside the US, you will likely need TurboTax Premium. The Deluxe version often doesn't handle the complexities of foreign asset sales and the associated tax forms as comprehensively as the Premium version. TurboTax Premium includes more detailed guidance on investment property sales and foreign tax credits. 2. Documents for IRS Reporting: It's crucial to have documentation to support the information you report to the IRS. While the IRS might not always ask for documents upfront when you file, they can request them later during an audit. Here's a list of documents that would be beneficial to have: Sale Deed/Transfer Documents: This is the primary document proving the sale price of $36,000 in June 2024. You mentioned having this, which is excellent. Property Card/Mutation Documents: The document showing your name was added to the property card in December 2022 serves as evidence of the date you inherited the property. Evidence of Fair Market Value at Inheritance (December 2022): This is where it gets a bit tricky since you don't have formal documentation. While your CA provided an estimate of $20,000, the IRS generally prefers more concrete evidence. Consider if there were any of the following around the time of inheritance that could help support this value: Appraisal Reports: Even if informal, did a local appraiser give an estimate? Recent Sales of Comparable Properties: Were there similar properties sold in the vicinity around December 2022? You might be able to find records online or through a local real estate agent. Property Tax Assessments: The assessed value for property tax purposes around that time could offer some indication, although it's not the same as fair market value. Documentation for Repair Costs: Even though you don't have all the receipts, gather any that you do have. If you paid by check or have bank statements showing payments for repairs, those could also be helpful. While you might not be able to deduct the full $2,000 without complete documentation, having some evidence is better than none. Foreign Tax Deduction at Source (TDS) Certificate: The copy of the TDS certificate showing the $3,800 withheld is essential for claiming the foreign tax credit. Currency Conversion Records: Keep records of the exchange rates used to convert Indian Rupees to US Dollars for both the fair market value at inheritance and the sale price. You can typically find historical exchange rates online (e.g., from the Reserve Bank of India or other financial data providers). Does the IRS typically ask for documents? The IRS doesn't always ask for supporting documents when you initially file your tax return. However, they can and do request documentation if they have questions or decide to audit your return. It's always best to have the necessary documents readily available in case they do. 3. Other Important Considerations Before Filing: Capital Gains: The profit from the sale of the inherited property will likely be considered a capital gain in the US. The holding period for inherited property is generally considered long-term, regardless of how long you actually owned it. Long-term capital gains are typically taxed at lower rates than ordinary income. The capital gain would be calculated as: Capital Gain = Selling Price - (Fair Market Value at Inheritance + Repair Costs) Capital Gain = $36,000 - ($20,000 + $2,000) = $14,000 Keep in mind that the IRS might scrutinize the $20,000 fair market value without supporting documentation. Foreign Tax Credit (Form 1116): You will want to claim a credit for the $3,800 in foreign taxes withheld in India. You will need to file Form 1116, Foreign Tax Credit, with your US tax return to do this. This form can be complex, and TurboTax Premium should guide you through it. Basis in Inherited Property: Generally, the basis of inherited property is its fair market value on the date of the decedent's death. Since your name was added to the property card in December 2022, it's important to confirm if this aligns with the date of death for US tax purposes. If there's a significant difference, you might need to clarify the correct valuation date for your US tax basis. Currency Conversion: You need to convert all Indian Rupee amounts (if the sale and valuation were in Rupees) to US Dollars using the appropriate exchange rates at the time of inheritance and the time of sale. Professional Advice: Given the international aspect and the lack of complete documentation for the fair market value and repair costs, it might be prudent to consult with a tax professional who has experience with international tax matters and US citizens selling foreign property. They can provide personalized guidance and ensure you are reporting everything correctly and maximizing any potential deductions or credits. Filing taxes with international transactions can be intricate, so taking your time and gathering as much supporting documentation as possible is key. For More Information you reach out Easy Return .Good luck with your filing!
Sorry you're having that trouble, but this is mainly a user community forum.   You'll need to phone TurboTax Support for help with your issue.    If you have no luck with TurboTax Support in getting ... See more...
Sorry you're having that trouble, but this is mainly a user community forum.   You'll need to phone TurboTax Support for help with your issue.    If you have no luck with TurboTax Support in getting connected back to your tax agent, I've also posted a page to contact a liaison in the office of the president of Intuit.    FAQ: What is the TurboTax phone number? https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632   If your experience with Customer Support is unsuccessful, you can elevate your issue to the  office of the president of Intuit.  They usually get back to you in 1 business day.  The contact form and a box for explanation of your issue is here: https://www.intuit.com/company/contact/office-of-the-president/
you should pay for your kids.
does the notice show the calculation of the penalty because we have no access to your reporting or the notice   the rules: withholding and timely estimated tax payments must meet the lowest of ... See more...
does the notice show the calculation of the penalty because we have no access to your reporting or the notice   the rules: withholding and timely estimated tax payments must meet the lowest of either of the following 1) 90% of current year tax  2) 100% of last year's tax. That jumps to 110% if your prior year adjusted gross income was over $150,000   also there is no penalty if you owe $1000 or less after subtracting withholding (estimates don't count) from 90% of the current year tax.    not knowing how much is involved we don't know if requesting first time abatement is advisable.     
see this link - https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-large-number-stock-transactions-turbotax/L7IFdQzko_US_en_US    it will handle any type o... See more...
see this link - https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-large-number-stock-transactions-turbotax/L7IFdQzko_US_en_US    it will handle any type of security transaction   reporting will be on form 8949    turbotax does not catch or identify wash sales. if you have a domestic broker, they should catch them and report accordingly. However, the broker will not catch wash sale between accounts  
Duh wouldn't that be the first thing that you would do would be contacting them when you have an issues with your refunding your check smh
Oh yes you think that I haven't contacted them by now it's been since February 26th I have not only went to that exact link that you gave me but it also talked to someone on the phone as well and if ... See more...
Oh yes you think that I haven't contacted them by now it's been since February 26th I have not only went to that exact link that you gave me but it also talked to someone on the phone as well and if you check it with my information it'll tell you that my refunds was deposited on February 26th it would also tell you that a traces put out a month thing on March 4th and the worker that I talked to said that they issued the money to that bank institution and that TurboTax into it Cross riverbank is responsible for issuing me a new check so I've tried to have patience but I'm just I might have to reach out to attorney because this is ridiculous.
I'M THE OWNER OF  2 SMLLC WHICH ARE SUBSIDIARIES OF A HOLDING COMPANY (MMLLC) THAT I ALSO OWN.  EACH SMLLC PURCHASED A PROPERTY, ONE IN CT AND THE OTHER IL. THE HOLDING COMPANY OWNS BOTH SMLLC.  I'M ... See more...
I'M THE OWNER OF  2 SMLLC WHICH ARE SUBSIDIARIES OF A HOLDING COMPANY (MMLLC) THAT I ALSO OWN.  EACH SMLLC PURCHASED A PROPERTY, ONE IN CT AND THE OTHER IL. THE HOLDING COMPANY OWNS BOTH SMLLC.  I'M ABOT TO START RENTING BOTH PROPERTIES, BUT IS UNSURE HOW TO SETUP COLLECTION PF THE RENTAL INCOME.   IS IT BETTER FOR EACH SMLLC TO COLLECT IT'S OWN RENTAL INCOME, OR  SHOULD I JUST COLLECT THE RENT UNDER THE HOLDING COMPANY (MMLLC)? IF EACH SMLLC COLLECTS ITS OWN RENT, HOW WOULD I SHOW IT ON FORM 8825 OF THE 1065? IF THE RENT IS PAID DIRECTLY TO THE HOLDING COMPANY THEN HOW SHOULD I RECORD IT ON THE 1065 SINCE IT'S BYPASSING THE SUBSIDARY (SMLLC).  
How can I get back into online 2024 Turbotax after I filed an extension and the April 15 deadline has passed?
Thank you for the prompt, clear and a comprehensive answer to my query. Much appreciated.
You would have to find the 2021 desktop version of Turbo and mail the return or download the necessary forms and complete them manually. 
What is on line 38 of your 1040 and how does it differ from the IRS amount? Does your letter explain the discrepancy?
What is on line 38 of your 1040 and how does it differ from the IRS amount?