All Posts

Same - Why does a thread with supposedly an answer have a bunch of blank entries by anonymous accounts? This question is similar to what I've been looking for an answer to, but there's just nothing here - even though the first post has a link back to the question claiming 'answer in first post' (or words to that effect).   Frustrating!!

I received a CP28 for 2024 and I changed lenders (not my doing, conducted by lending company). I took the sum of interest paid across the two 1098 forms and submitted as my mortgage interest deduction. My loan was under $750,000, while I deducted ~$40k. Any ideas on what went wrong and/or how to fix?

We are a Texas  LLC if it matters. The program wasn't in use in 2017 so it doesn't have the history of capital investment to the LLC to purchase the property. The real estate asset disposal calculates the capital gain on the property correctly, but disbursements paid to members are taxed on our personal taxes as income. The return of initial capital investment should not be taxed again federally as income based on my understanding. I figured somewhere in the program there was a place for return of personal capital investment but I can't find it.

@Markusdb1 wrote: Is there a minimum amount or percentage of your income that you have in order to deduct medical expenses?  Only the amount of medical expenses which is greater than 7.5% of your Adjusted Gross Income (AGI) can be entered as an itemized medical deduction on Schedule A. For example - If your AGI is $50,000 then only amount of medical expenses over $3,750 can be entered as a deduction.

 Yes.   You can only deduct the amount of unreimbursed Medical Expenses you actually paid over 7.5% of your AGI. So it might take a lot to be worth entering. And then all your itemized deductions have to be more than the standard deduction to get any benefit (so you would only be getting the benefit of the amount that puts you over the standard deduction). And since the Standard Deduction is increased more people will not need to Itemize. For 2025 the standard deduction amounts are: (new as of July 5, 2025 OBBBA) Single 15,750 + 2,000 for 65 and over or blind (17,750) HOH 23,625 + 2,000 for 65 and over or blind (25,625) Joint 31,500 + 1,600 for each 65 and over or blind (33,100/34,700) Married filing Separate 15,750 + 1,600 for 65 and over or blind (17,350)

Are you on Windows or Mac?     You can do them 2 different ways from the Windows Desktop Home & Business program. Either Online using Quick Employer Forms (QEF) -or- directly on your computer using Create forms on Desktop. If you use Create Forms on your Desktop you have to mail them to the IRS and not efile. In the Window's Home & Business Desktop program to Prepare W2s or 1099s, there are 2 ways to start. 1. Go up to File - Create 1099/W-2 2. On the beginning screen that has the Continue box and Start a New Return blue button, below is the Create 1099/W-2 button. Then you will get a box to Create employer forms using Quick Employer Forms OR you can pick Create forms on Desktop at the bottom. If you use Create Forms on your Desktop you have to mail them to the IRS and not efile.   On the beginning screen that has the Continue box and Start a New Return blue button, below is the Create 1099/W-2 button. Or you can go up to File-Create 1099/W-2. That will open a box to Create employer forms in the online Quick Employer Forms (QEF). OR you can pick Create forms on Desktop at the bottom. If you use Create Forms on your Desktop you have to mail them to the IRS and not efile.  

Did you get a 1099 NEC or need to prepare them?   How to prepare 1099 & W2 https://ttlc.intuit.com/community/forms/help/how-do-i-create-w-2-and-1099-forms-in-turbotax/00/25869 Quick Employer Forms FAQ https://quickemployerforms.intuit.com/faq.htm You need to give a 1099NEC to anyone you paid $600 or more to for the year. But not to corporations or for merchandise. You send the IRS a copy of the 1099NEC with the transmittal summary form 1096. These are due to the person by Jan 31 and to the IRS by Jan 31 also.

Distributions are not taxable (unless they are in excess of Basis).   The program should already know how much it paid for the real estate and the amount of depreciation, then you'll enter how much it sold for.  It will then calculate the taxable gain based on that information.  The 1065 and its K-1s will then only reflect the gain.