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Yes, those expenses could be considered start up expenses until your rental property is available for rent whether or not you have an immediate tenant. You can either deduct or amortize start-up expe... See more...
Yes, those expenses could be considered start up expenses until your rental property is available for rent whether or not you have an immediate tenant. You can either deduct or amortize start-up expenses once your business begins rather than filing business taxes with no income.   Start up costs - if you had any expenses before you actually opened for business services such as legal fees, market study or organization fees.   Amortize all of them over 180 months (IRC Section 195 Property); OR ​​​​​​The IRS allows you to deduct $5,000 in business startup costs and $5,000 in organizational costs, the first year the business/rental is operating, but only if your total startup costs are $50,000 or less Add them as Business Expenses. Continue past the expense categories (or choose Other Miscellaneous Expenses) to the page titled "Enter Business Expenses Not Yet Reported" and enter the description & amount  If you have more than $5000 in start-up costs, the remainder is entered under Assets/Depreciation as a capital asset for amortization as noted above. Start up Business Tax Tips Any assets purchased (house, appliances, capital improvements) will  be added as Assets for your rental property. Under rental expenses select Add expenses or assets. Where do I enter income and expenses from a rental property?
Hello,  I’m here because I need urgent help. I’ve never filed my W-2 in the 4 years I’ve worked. Only because I would always chose to pay taxes every check and always made under a certain amount of ... See more...
Hello,  I’m here because I need urgent help. I’ve never filed my W-2 in the 4 years I’ve worked. Only because I would always chose to pay taxes every check and always made under a certain amount of money. I wasn’t aware you still needed to file. Now I have to do all the taxes for every year I didn’t file but I don’t have those old W-2 what should I do. Please advise me in any way you can and I will do whatever it takes to solve this issue.
All of your suggestions are things that I have already  addressed. When I  call the IRS  # and ask for a status on 2022and2023, after entering the requested information (SS, Birth date, & zip),  thei... See more...
All of your suggestions are things that I have already  addressed. When I  call the IRS  # and ask for a status on 2022and2023, after entering the requested information (SS, Birth date, & zip),  their automated system responds that that person cannot be found.
Turbotax is generating Form 5239 based on the 1099 for my military retirement, which is a non-qualified plan.  Similarly, it generates one for my wife's life insurance policy distribution, which is a... See more...
Turbotax is generating Form 5239 based on the 1099 for my military retirement, which is a non-qualified plan.  Similarly, it generates one for my wife's life insurance policy distribution, which is also non-qualified.  Why does this happen?  Can I just delete these forms before filing?
Yes, based on this information, there is an opportunity to reduce/eliminate the penalty.  You can annualize the tax. Here is how to enter the information in TurboTax Online:   Navigate to Federal ... See more...
Yes, based on this information, there is an opportunity to reduce/eliminate the penalty.  You can annualize the tax. Here is how to enter the information in TurboTax Online:   Navigate to Federal > Other Tax Situations > Additional Tax Payments > Underpayment Penalties > Start or Revisit Continue through the questions until you arrive at the screen Annualized Income Method, answer Yes, and Continue on the next 2 screens  Enter the what you earned in the first 3 periods on the screen Annualized Adjusted Gross Income, ensuring the amounts are cumulative for the year.  Similar to step 3, on the screen Itemized Deductions on Schedule A enter the what your deductions were in the first 3 quarters, ensuring the amounts are cumulative for the year.  Continue with the process for the following screens until you reach the Conclusion, which needs to be unchecked if you want to see the results. Continue through the interview, answering the questions, until you reach Underpayment Penalty, which tells you what the underpayment computed using the annualized method is.   See also: Why am I getting an underpayment penalty if I'm getting a refund?  
Are you paying through TurboTax or some other way? HERE is an IRS link for those payments made through TurboTax HERE is an IRS link for fees associated with online credit card payments   
It does not work it
I had an LLC, pass-through as a S-Corp. Got it dissolved on CA FTB LLC online, but accountant forgot to file State final  and Federal final last year in 2024. Do I file a CA FTB dissolve filing... See more...
I had an LLC, pass-through as a S-Corp. Got it dissolved on CA FTB LLC online, but accountant forgot to file State final  and Federal final last year in 2024. Do I file a CA FTB dissolve filing on 100s and Final filing on IRS 1120? If I do, since the LLC was dissolved through FTB online site, does it mean, I cannot file my expense (e.g. online payment, state LLC fee of $800, which also by mistake from that accountant firm that I wrote a check for it. etc.) and pass it through my 1040 in 2025 for taxable year 2024, right?   Thanks
House fire in 2022. Husband in chemo/radiation and passed six months later. We took two distributions from our Nationwide Act to restore house. Was I supposed to file a special form to report reason f... See more...
House fire in 2022. Husband in chemo/radiation and passed six months later. We took two distributions from our Nationwide Act to restore house. Was I supposed to file a special form to report reason for additional "income" which is how Social Security/IRS terms it. I paid taxes on disbursements at time of withdrawal, and on 2023 taxes, now Social Security has reduced my monthly income by nearly $400 because they consider it "new income," even though I paid taxes on it twice already.
I need to change my name on my tax forms
Hello, I accidentally selected full-time student while doing my taxes. I have not submitted my
HELLO ALL,    LAST YEAR I HAD NO ISSUES WITH THIS. THIS YEAR I'M STUMPED! MY W-2 SHOWS MY WAGES FOR CAREGIVING FOR MY 22 YEAR- OLD SON, AUT. THE COMPANY CONTINUES TO NOT REPORT THE CORRECT WAY, SO, ... See more...
HELLO ALL,    LAST YEAR I HAD NO ISSUES WITH THIS. THIS YEAR I'M STUMPED! MY W-2 SHOWS MY WAGES FOR CAREGIVING FOR MY 22 YEAR- OLD SON, AUT. THE COMPANY CONTINUES TO NOT REPORT THE CORRECT WAY, SO, I ENTERED THE WAGES THE HOME CARE COMPANY PAID ME, TAXES WITHHELD, ETC.  I SEE ON SCHEDULE 1 ON SECTION L8, IT SHOWS WHERE I CAN PUT THIS NUMBER IN TO DEDUCT THE AMOUNT I HAVE RECEIVED. I'M MISSING SOMETHING, BECAUSE I DONT SEE WHERE TO INPUT THE AMOUNT, OR IF I'M MISSING A CHECK BLOCK, ETC.   THE WORKSHEET WILL NOT  ALLOW ME TO TYPE AMOUNT IN. PLEASE HELP ME IF YOU CAN, TIA.  NANCY  
Two things need to happen for this to be possible: 1. The taxing agency has to be able to accept and process PDF files, and 2. TurboTax has to have coding to enable the process.   While the G... See more...
Two things need to happen for this to be possible: 1. The taxing agency has to be able to accept and process PDF files, and 2. TurboTax has to have coding to enable the process.   While the Georgia state return does allow attaching PDF documents, this is what our Canadian friends call a "one off". That is, this is not normally a feature of TurboTax. 
You can go through the filing steps again to submit your returns (you won't be prompted to pay again).   No one can call you from the Community Forum.   You can Contact Support if you are still havin... See more...
You can go through the filing steps again to submit your returns (you won't be prompted to pay again).   No one can call you from the Community Forum.   You can Contact Support if you are still having problems.    Make sure you are signing into the same TurboTax account you used to prepare your return.   You may have more than one account.   Use the instructions below to ensure you are signing into the correct account.     How many TurboTax Accounts do I have? 
I have a 1099-SA with numbers only in boxes 1 (gross distribution) and 4 (FMV on date of death). However TurboTax online fails to import a photo of this form and there appears to be no way to manuall... See more...
I have a 1099-SA with numbers only in boxes 1 (gross distribution) and 4 (FMV on date of death). However TurboTax online fails to import a photo of this form and there appears to be no way to manually enter it. When I specifically navigate to HSA section through the help menu... I'm not sure whether to claim that I paid for anything with the HSA. If I say no, there is a question about whether the HSA is inherited. When I answer yes, I'm taken to a question about "qualified medical expenses" and "the value of the HSA on Dec 31, 2024" without referencing box numbers. I expect it's on me to find out if my deceased had qualified medical expenses. However, the value of the account on Dec 31 was $0 because it was all distributed by then, but then on the summary page for HSA task it looks like there was no HSA income which doesn't seem correct since a google search shows that inherited HSA income is taxable. So do I put box 1 or box 4 info in the "HSA Account Value" text box....? I appreciate your help! I think the inherited HSA path through TurboTax online could use some revision.
Hello, I am a Green Card Holder, who moved permanently to the US in May, 2024, after getting married to a US citizen. Up until relocating to the US, I was working in my home country, earning an inco... See more...
Hello, I am a Green Card Holder, who moved permanently to the US in May, 2024, after getting married to a US citizen. Up until relocating to the US, I was working in my home country, earning an income there.  By the time I entered the US, I had already quit and was no longer employed. After a couple of months, I started working in the US. Do I need to report the income I had earned abroad prior to my relocation? Thanks!
Thanks. let me make sure I understand you. That is, we already file estimated taxes in Oregon (based on last years 1040s). What you are saying is that on 2024 Turbotax 1040 Form, we need to include t... See more...
Thanks. let me make sure I understand you. That is, we already file estimated taxes in Oregon (based on last years 1040s). What you are saying is that on 2024 Turbotax 1040 Form, we need to include the CA withholding in the estimated taxes paid section? Then, we file in CA and request a credit (tax refund) for those CA prepaid withholding taxes, so that we are not paying taxes on the same money in two states (OR and CA)?
Also check the area under "Your Home" in deductions and credits for Property Taxes only.  Is there a second entry of the amount here?   
@AnnetteB6 I can not find this section "Take a look at New York Credits and Taxes". Where should I look for this section? Nothing comes up when I try searching for "Take a look at New York Credits an... See more...
@AnnetteB6 I can not find this section "Take a look at New York Credits and Taxes". Where should I look for this section? Nothing comes up when I try searching for "Take a look at New York Credits and Taxes" or "New York City and Metro Commuter Taxes" in the search bar.