All Posts

How do you verify that I did not take the Safe Harbor and only took the QBI deduction on the tax return or worksheet or on the desktop TurboTax? I want to verify this to make sure TurboTax was filled out  correctly and Safe Harbor was not included.  Thanks 

you may have to upgrade to Premier because the lower versions can't handle a K-1, You have to wait for your return to be fully processed (receive your refund or your payment deducted) to amend. Then see this TurboTax page for amending How to amend a TurboTax return    gambling winnings are taxable, while losses are only deductible if you itemize your deductions and the deductible losses can't exceed your gambling winnings.       

For the above scenario, does this also apply to a rental house that I acquired through a 1031 like-kind exchange? I want to sell this house and use losses from another rental property (not 1031) to help offset the gain. Please advise. Thanks

You can file your taxes free with TurboTax Free Edition if you have a simple 1040 Form without any schedules except for Earned Income Credit, Child Tax Credit and Student Loan interest.  Do you have additional forms or schedules besides the ones mentioned?

All of those new deductions need to be entered in the federal return and will automatically transferred to your Idaho return.  Before you begin troubleshooting your state return, go back through your federal return and make sure everything is correct.   After you review your federal return, select the State Taxes tab and review the state section. Pay close attention to the information, especially if you have made changes to your federal return. There might be new sections that need to be completed.    Troubleshooting common federal to state transfer issues   How will the One Big Beautiful Bill impact my taxes?   Update on filing 2025 Idaho income taxes now that conformity is law    

To add additional property taxes for the second home, you can try the steps that are listed below.   Click on Search at the top right of your TurboTax screen Type Property Taxes in the search box Click on the link Jump to Property Taxes (Depending on what you have input previously in TurboTax) Your screen will say Enter any additional property tax paid in 2025. The second box says Taxes on additional homes or land. You will enter it there and Continue  This will add your additional property tax to Schedule A for your itemized deductions.   Click here for Claiming Property Taxes on Your Tax Return   Click here for Where do I enter my personal property tax? Please return to Community if you have any additional information or questions and we would be happy to help.

Follow the steps below to amend your 2025 tax return to add your Schedule K-1 and gambling losses:   Open TurboTax. Scroll down to Your tax returns & documents and select the year that you want to amend Select Amend (change) return, then Amend using TurboTax Online Follow the prompts on the next screens and answer the questions On the screen Tell us which 2025 return(s) you want to amend, select the 2025 federal and/or state return that you want to amend Follow the prompts to amend your tax return.   Refer to the TurboTax articles: Amending Your Income Tax Return and How to Correct Federal Tax Returns for additional information.   Once you file your amendment, you can check the status of your amended tax return at Where’s My Amended Return?   You can deduct gambling losses but only to the extent of your gambling winnings. You can't deduct the losses without reporting any winnings and you have to itemize your deductions on Schedule A. If you don't have enough Itemized deductions, you won't be able to deduct your losses.   Refer to the TurboTax article Can You Claim Gambling Losses on Your Taxes?

You mention inventory. Sale of inventory is 100% taxable in the year of sale. Goodwill sold is eligible for installment sale. Entering the wrong date may fix it but it isn't valid. Take a look: Check your asset classifications - no inventory or depreciated property Look for the recapture question - how much prior depreciation was taken? That goes to line 20 Look at the asset entry worksheet to see where the software is pulling the recapture data from.  To print or view  your forms, including all worksheets: In desktop, switch to Forms Mode.  For online: On the left side, select  Tax Tools Select Print center Select Print, save or preview this year's return If you have not paid, select pay now.