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yesterday
If you are referring to the initial questions that you see in the beginning of starting your return, and you indicated that you made an IRA contribution but you did not, you do not need to go back to...
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If you are referring to the initial questions that you see in the beginning of starting your return, and you indicated that you made an IRA contribution but you did not, you do not need to go back to remove that from your tax breaks. These initial questions are asked just to allow the program to present these sections to you later to get the data needed to report it on your return.
Instead, when you reach the Deductions & Credits section of your return, navigate to Traditional and Roth IRA Contributions, then click Start and answer the question No, you did not make IRA contributions.
This section of TurboTax is not finalized as of today for the latest tax laws. If this is causing you a roadblock to completing your return at this time, you do have the option to clear and start over with your return.
For further information see the following TurboTax help article:
How do I clear and start over?
yesterday
Yes, if you kept the reimbursement, include the credit in your sale transaction. Then next year you can report the 1099 as miscellaneous income. Basically, you're shifting rental income from 2025 to ...
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Yes, if you kept the reimbursement, include the credit in your sale transaction. Then next year you can report the 1099 as miscellaneous income. Basically, you're shifting rental income from 2025 to other income in 2026.
yesterday
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yesterday
I purchased 2025 Home and Business back in November and am waiting for the Michigan forms. Why are they not part of the stated purchase package?...!
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yesterday
1 Cheer
Overseas travel/adventure the 1st of the month not back until April. Need to know the damage.
yesterday
Go back though My Info and check all the dependent questions. A very common reason is you missed the question if their ssn is valid for employment. You need to say YES, it is valid for employment. An...
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Go back though My Info and check all the dependent questions. A very common reason is you missed the question if their ssn is valid for employment. You need to say YES, it is valid for employment. And there is one that can be confusing….Was at least half of child's expenses paid by CHILD? Usually is NO, Child didn't pay for more than half of their living expenses. It's not asking if you paid more. If you still can't get it, I would delete the child under My Info and enter them again.
yesterday
Fidelity is not showing for me between the institutions I can link to my turbo tax account (Turbo Tax Premium online). Last year, I had two accounts linked (me and my wife's accounts). This year, the...
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Fidelity is not showing for me between the institutions I can link to my turbo tax account (Turbo Tax Premium online). Last year, I had two accounts linked (me and my wife's accounts). This year, the accounts showed auto-import not available, I thought to delete them and add them back in case that fix it; for my surprise I cannot even link the accounts back because Fidelity it's not between the institutions I can link to my account.
yesterday
1 Cheer
Yes, the members and the LLC kept track of the capital investment but not in the software. Obviously not a tax professional, hence using the software to create the K-1s as it has always been a very s...
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Yes, the members and the LLC kept track of the capital investment but not in the software. Obviously not a tax professional, hence using the software to create the K-1s as it has always been a very simple straightforward entry for a single property with income/expenses in the past which generated the K-1s which then got entered into personal taxes. Thanks for explaining distributions are not taxed but the profit of the LLC and any capital gains beyond initial investment. In my head, the distribution was taxed because it was the capital gain amount. When using software to do all the taxes, it is harder to recognize which numbers are doing what behind the scenes.
yesterday
Also, can I upload a Word document on on IRS's "Document Upload Tool" website to request for more time? Is that the right approach?
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yesterday
I was wondering the same thing.
yesterday
Amazon sends you a 1099-NEC because it's required by the IRS. When you review the items, you are providing a service in exchange for something of value. This is "compensation" (or "work") un...
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Amazon sends you a 1099-NEC because it's required by the IRS. When you review the items, you are providing a service in exchange for something of value. This is "compensation" (or "work") under US tax law, and that is why you're taxed on the income the same as any other contract worker. Tax law doesn't distinguish much between cash and non-cash compensation. It doesn't matter if Amazon or another party funds that compensation. In the end, you are the person being compensated and that compensation is taxable. That said, there is a way for 1099-NEC income to be treated as "Hobby Income" if the income is not for work, but rather a hobby. Here are the instructions for entering the 1099-NEC so that it shows as hobby income: Open your return and go to Federal >> Wages & Income >> Other Common Income >> Income from Form 1099-NEC. Click Start/Update. Or go to Tax Tools >> Tools >> Topic Search. Enter 1099-nec then click Go. On the screen Did you get a 1099-NEC?, click on Yes On the screen Do You Want to Enter Your 1099-NECs Now?, click on Add a 1099-NEC On the screen Let's get the info from your 1099-NEC, enter your information and click Continue On the screen Describe the reason for this 1099-NEC, enter a reason and click Continue On the screen Does one of these uncommon situations apply? Select This is not money earned as an employee or self-employed individual, it is from a sporadic activity or hobby and click Continue. These entries will report the income on Schedule 1 Line 8z Other Income. The total from Schedule 1 Line 10 flows to Form 1040 Line 8 as ordinary income. Be aware that if the 1099-NEC is reported as Hobby Income the IRS might look at your return more closely. Here is how the IRS describes a hobby. Reporting the income as a hobby means you will pay Income tax, but not Self-Employment Tax on that income. Prior to 2018, taxpayers were able to deduct hobby expenses (not more than the income) if the taxpayers used the itemized deduction. The Tax Cuts and Jobs Act eliminated itemized miscellaneous deductions, including hobby losses, until after the 2025 tax year. (i.e., Hobby expenses are not deductible from 2018 to 2025.) You might want to consider whether the tax obligations and reporting responsibilities are worth the value of program participation.
yesterday
In 2025 we paid 2 family members a large sum of money to settle an estate pay-off that was documented with an attorney. Do we/should we issue a form1099S or some other form1099 to the in-laws? And ho...
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In 2025 we paid 2 family members a large sum of money to settle an estate pay-off that was documented with an attorney. Do we/should we issue a form1099S or some other form1099 to the in-laws? And how do we go about issuing the form to the IRS?
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yesterday
why are you in a time crunch?
yesterday
yesterday
I have run into the same, no income section for 1099's! I'm in a time crunch... this is terrible to sell you a product that is not usable! Shame on intuit. Loyal users for more years than I can remem...
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I have run into the same, no income section for 1099's! I'm in a time crunch... this is terrible to sell you a product that is not usable! Shame on intuit. Loyal users for more years than I can remember.
yesterday
This may explain what has happened. The way that you report your cryptocurrency activity is changing.
This tax year introduces a new IRS tax form 1099-DA Digital Asset Proceeds From Broker Tr...
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This may explain what has happened. The way that you report your cryptocurrency activity is changing.
This tax year introduces a new IRS tax form 1099-DA Digital Asset Proceeds From Broker Transactions.
IRS Form 1099-DA is required to be filed by brokers dealing with digital assets like cryptocurrency and NFTs (non-fungible tokens). Brokers, digital trading platforms, payment processors, and hosted wallet providers have to issue this form for all digital asset sales or exchanges starting from January 1, 2025.
IRS Form 1099-DA will be used by brokers to report proceeds from (and in some cases, basis for) digital asset dispositions to you and the IRS.
For your 2025 tax return, the IRS form 1099-DA will report transactions where you disposed, sold, exchanged or transferred ownership of digital assets:
For another digital asset
For U.S. dollars or other currency
In exchange or trade for property, goods or services in any amount
To pay for broker transaction costs with digital assets
Use IRS form 1099-DA and your other records to report your income on your tax return. You may need to calculate basis before you file your tax return.
yesterday
The Investment Income section of TurboTax Desktop has recently been updated and is now available for input of Form 1099-B.