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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.
yesterday
@waves25 wrote: These companies issued 1099-NECs, but did not include the tips since these forms weren't updated by the IRS in time for the 2025 tax year. Are you tips included in the amo...
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@waves25 wrote: These companies issued 1099-NECs, but did not include the tips since these forms weren't updated by the IRS in time for the 2025 tax year. Are you tips included in the amount in Box 1 of the 1099-NEC? The tips don't need to be separately stated on the 1099 for the 2025 tax year, but they still need to be included in the amount in Box 1 of the 1099-NEC.
yesterday
When I click the refund advancement option it prompts me to login to my Credit Karma account and I log in says it finds my account and that is where they will deposit my refund then it goes back to wh...
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When I click the refund advancement option it prompts me to login to my Credit Karma account and I log in says it finds my account and that is where they will deposit my refund then it goes back to where it prompts me to log in to my Credit Karma again
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yesterday
@user17689532250 wrote: Is there one version that does both? No. You need two different TurboTax products. TurboTax Business can prepare the 1065s for your LLCs and you only need one copy t...
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@user17689532250 wrote: Is there one version that does both? No. You need two different TurboTax products. TurboTax Business can prepare the 1065s for your LLCs and you only need one copy to do multiple 1065s. You then need a personal income prep TurboTax product to prepare your 1040 (such as Premier or Home & Business).
yesterday
Do you mean, may I 'write off' the estimated cost of the automobile transmission which failed in June of 2025?
No, you would not. If you have been claiming the standard mileage rate for the ...
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Do you mean, may I 'write off' the estimated cost of the automobile transmission which failed in June of 2025?
No, you would not. If you have been claiming the standard mileage rate for the vehicle, the standard mileage rate contains a maintenance or repair expense component. The IRS contends that you are expensing the maintenance and repair costs of the vehicle as you claim the standard mileage rate.
However, do you mean that you paid for a replacement transmission or the repair of the transmission in June of 2025? If so, in some cases, the IRS allows taxpayers to claim either the standard mileage rate or the actual vehicle costs when claiming vehicle expenses against self-employment income.
This IRS publication states:
Choosing the standard mileage rate.
If you want to use the standard mileage rate for a car or truck you own, you must choose to use it in the first year the car is available for use in your business. In later years, you can choose to use either the standard mileage rate or actual expenses.
So, If you have been claiming the standard mileage rate for this vehicle since it was first used in your business, then during any subsequent year, you may use either the standard mileage rate or actual vehicle costs, including the cost of the repair of the automobile transmission.
yesterday
Tomorrow or Thursday for an update
yesterday
Check again tomorrow. It's supposed to be ready Jan 21 , 2026.
yesterday
1 Cheer
@JohnQT wrote: I use LibreOffice myself and never have a problem opening MS Office files.... I use plugins that won't directly work with Libre.
yesterday
it is not showing on my return
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yesterday
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yesterday
@Dukedg That's a notification bug on teh software end. TTX "claimed" the 1099-Rs would be ready by 21 Jan....but maybe the 22nd or 23rd might happen if the stuff isn't quite right yet.