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Wednesday
The federal stimulus checks were issued for tax years 2020 and 2021. There have been no federal stimulus checks since 2021. People who filed a 2020 or 2021 return after the filing deadlines for th...
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The federal stimulus checks were issued for tax years 2020 and 2021. There have been no federal stimulus checks since 2021. People who filed a 2020 or 2021 return after the filing deadlines for those years were able to use the recovery rebate credit on those returns to get the stimulus money if they had not yet received it. The final deadline to get the recovery rebate credit for 2021 was April 15, 2025. Not sure what the "few people" you mention have received----but they did not receive any sort of recently issued federal stimulus check.
Wednesday
assuming this is not a hobby, and you are self-employed. file schedule C and if you don't account for inventory per schedule C instructions
Line 22 In most cases, you can deduct the cost of mat...
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assuming this is not a hobby, and you are self-employed. file schedule C and if you don't account for inventory per schedule C instructions
Line 22 In most cases, you can deduct the cost of materials and supplies only to the extent you actually consumed and used them in your business during the tax year (unless you deducted them in a prior tax year). However, if you had incidental materials and supplies on hand for which you kept no inventories or records of use, you can deduct the cost of those you actually purchased during the tax year, provided that method clearly reflects income.
if you account for inventories, you will use part III of schedule C and either line 36 or 38
Wednesday
I am allowed to e-file my Federal MFJ return. But since my California state filing status will be different - MFS, then I have to paper mail my California return to FTB. If I understand the screen be...
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I am allowed to e-file my Federal MFJ return. But since my California state filing status will be different - MFS, then I have to paper mail my California return to FTB. If I understand the screen below correctly, it asks me if I also want to print my federal return for IRS. As can be seen If I pick "Do not print my federal return..." And when I navigate to this screen that actually allows me to print state return: I observe that generated PDF file contains: 1. Federal 1040 forms (but without Federal filing instructions page) 2. California filing instructions page 3. California 540NR forms 4. Second copy of Federal 1040 forms and schedules Am I doing something wrong? Or is this 1. a bug in TurboTax where "Do not print my Federal return" option only removed instructions page, but still left copy of 1040 forms intended for IRS? OR 2. do I really need to send two copies of 1040 forms to FTB?
Wednesday
1 Cheer
If using the Windows version, once you go into Forms Mode and bring the form up from the Forms list, do you not see a Print button in the bottom left corner of that screen? I don't know if the Mac v...
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If using the Windows version, once you go into Forms Mode and bring the form up from the Forms list, do you not see a Print button in the bottom left corner of that screen? I don't know if the Mac version's screen is the same or different. See image: .
Wednesday
My husband had a traditional IRA with all pre-tax contributions. Learning of the backdoor Roth conversion, we contributed $8000 in 2025 as a nondeductible contribution and then converted that nondedu...
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My husband had a traditional IRA with all pre-tax contributions. Learning of the backdoor Roth conversion, we contributed $8000 in 2025 as a nondeductible contribution and then converted that nondeductible amount to a Roth IRA. At the time, we were unaware of the pro-rata rule but learned of it just recently. In order to be tax efficient, we want to roll the traditional IRA over to his employer sponsored 401(k) but I have read that we cannot roll over any basis that is in the traditional IRA. I have two questions about this: 1 - Since we have not had basis BEFORE this year, can we roll the entire amount of the traditional IRA (but not the amount in the Roth IRA) into the 401(k)? 2 - If the answer to 1 is no, then how do we calculate the basis left in the traditional IRA? For example, if the traditional IRA had 70K in it before the $8000 contribution, do we say 8k/78k = ~10.3% in basis so if we plan to roll over the pre-tax amount in the IRA we would roll over $62,790 which is 89.7% of the 70k? Or am I way off?
Topics:
Wednesday
I spent 13000 on materials. How do I deduct that
Wednesday
For my Schedule F; how to I add purchases to the depreciation Schedule for the current year?
Wednesday
I spent 13000 on materials. How do I deduct that
Wednesday
@ wendysimpson2002 wrote: "I had a reassessment done and now owe almost $3600?" A reassessment of what? Did you get a letter from the IRS? If so, did it say what they were changing? It shou...
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@ wendysimpson2002 wrote: "I had a reassessment done and now owe almost $3600?" A reassessment of what? Did you get a letter from the IRS? If so, did it say what they were changing? It should also have a phone number if you need to speak to them. If you purchased Audit Defense, that company can help you with an IRS issue (see link below.) If you did not purchase Audit Defense, TurboTax has a free Audit Support Center for help with an IRS letter. FAQ: TurboTax Audit Support Center https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-audit/turbotax-audit-support/L6AcMoNFD_US_en_US FAQ: I got a letter/notice from the IRS https://ttlc.intuit.com/turbotax-support/en-us/help-article/internal-revenue-service/got-letter-notice-irs/L2JDxmDTo_US_en_US
Wednesday
There is no stimulus check currently.
Wednesday
Topics:
Wednesday
As of a couple of years ago, I think the desktop download version of TurboTax could handle more states. (The online version could not.)
Wednesday
The instruction I found refers to "jump link" which I don't find. 1040-es is in list of forms and I see it completed on my screen, but no way to print it. RF
Wednesday
Keep getting the following error after transmitting:
FAILED_VALIDATION. There is an update available for your version of TurboTax. Before you can file electronically, you'll need to get this update. T...
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Keep getting the following error after transmitting:
FAILED_VALIDATION. There is an update available for your version of TurboTax. Before you can file electronically, you'll need to get this update. To do this, go to the Online menu and select Check for Updates.
I do this, and it says I am up to date.
Topics:
Wednesday
Oh...and after October 15, 2025 the 2021 software will likely be removed from availability, so if you need to prepare 2021 take care of it asap.
Wednesday
I invested in a start up that went bust in 2024. The final K1 has the Account Analysis illustrating a decrease of $15,000 in the Capital Account (Ordinary Business loss and Net section 1231 loss). ...
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I invested in a start up that went bust in 2024. The final K1 has the Account Analysis illustrating a decrease of $15,000 in the Capital Account (Ordinary Business loss and Net section 1231 loss). Part III include values for Ordinary Business Loss, Net Section 1231 loss, Net Long Term Capital Gain, etc. I considered this a Complete Dissolution and Abandoned Partnership Interest. The confusing thing is the decrease in the Capital Account plus the Net Section 1231 appears on Form 4797 (sale of business property) while the Ordinary Business Income appears on Schedule E (all losses). Seems like double dipping; that the deduction should be the loss in Capital only (not Income or 1231 losses also). The illustration is simplified here. Any comments/suggestions
Wednesday
Each tax year has to be filed separately using the forms for the specific tax year. They cannot be combined in any way--do not even put them in the same envelope when you mail them. Software for pa...
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Each tax year has to be filed separately using the forms for the specific tax year. They cannot be combined in any way--do not even put them in the same envelope when you mail them. Software for past years is available back to 2021. Any earlier years can only be prepared on paper forms by hand--and those refunds have been forfeited now.
The current online program can only be used for a 2024 return--no other year. And if you did not file a timely 2023 return you will have trouble e-filing 2024. When it asks for your 2023 AGI try using zero. If zero does not work then you have to print, sign and mail 2024.
It might be better for you to seek local paid tax help in a situation when you are several years behind in filing your tax returns. Do you even have all of the documents you will need to enter and show your income—like your W-2’s and any 1099’s?
You cannot change the tax year. The current online program is for 2024 only. Only a 2024 return can be prepared online and only a 2024 return can be e-filed.
Online preparation and e-filing for 2021, 2022, and 2023 is permanently closed.
Note: The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac. It cannot be used on a mobile device.
To file a return for a prior tax year
If you need to prepare a return for 2021, 2022, or 2023 you can purchase and download desktop software to do it, then print, sign, and mail the return(s)
https://turbotax.intuit.com/personal-taxes/past-years-products/
You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.
Remember to prepare your state return as well—if you live in a state that has a state income tax.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/contact-state-department-revenue/L9qVToi02_US_en_US?uid=m6e06um0
When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as certified mail so you will know the IRS/state received the return.
Federal and state returns must be in separate envelopes and they are mailed to different addresses. Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.
And....if you did not request an extension for 2021 before the filing deadline in 2022, any refund for 2021 has been forfeited, including the recovery rebate credit for the stimulus money for 2021.
But if you owe tax due, you will still have to pay, and you will be billed later for the interest and penalties owed. TurboTax will not calculate the penalties or interest. That will be done by the IRS/state after they receive your return with your payment of the tax due as shown on the tax form(s).
Wednesday
2017 is probably gone now. TurboTax saves returns for seven years. And...it is years too late to get a refund for a 2017 tax return. If you owe tax due for 2017 it is owed with late filing pena...
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2017 is probably gone now. TurboTax saves returns for seven years. And...it is years too late to get a refund for a 2017 tax return. If you owe tax due for 2017 it is owed with late filing penalties and interest, though, which will never go away. You could seek local paid tax help or use the paper forms from the IRS to prepare a 2017 return to mail in.
You have to access your own account and/or print it for yourself using exactly the same account and user ID that you used when you prepared the return.
https://myturbotax.intuit.com/
Start a 2024 return online and enter some personal information so that the menu on the left opens up and lets you access your past year returns.
https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-access-my-prior-year-return/01/27010
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m5y4ch1y
Many people have multiple TT accounts and forget how to access them. Log out of the account you are in now.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx
Account Recovery
Or did you use the desktop version of TurboTax? If so, the files are on your own hard drive or any backup device you used like a flash drive.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/find-last-year-tax-data-file-tax-file-computer/L0XJvPaJr_US_en_US?uid=m6gufxei
https://ttlc.intuit.com/turbotax-support/en-us/help-article/data-systems/find-tax-data-file-mac/L4VNGm33S_US_en_US?uid=m6guhab0
You can get a free transcript from the IRS or for a fee of $30, an actual copy of your tax return.
https://www.irs.gov/individuals/get-transcript
https://www.irs.gov/pub/irs-pdf/f4506.pdf
SAVE YOUR TAX RETURNS !
EVERY year before mid-October you should save a copy of your tax return as a pdf and print a copy of it for your records. That way you will not be searching online frantically when you need it for a lender, FAFSA forms, your next tax return, etc.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m6guj526
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m78eb8pc
In order to transfer a past year return to the new return you need the tax file
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-turbotax-online-return-tax-data-file/L4xwOG3LF_US_en_US?uid=m6guk3xl
NOTE: TurboTax and the IRS save returns for seven years. Returns older than seven years are purged.