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a month ago
I figured it out. When you fill out the info for the 1099-K, don’t say that you sold everything at a loss. Choose the option that says you sold some at a loss. Then you go to the 1099-B section and y...
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I figured it out. When you fill out the info for the 1099-K, don’t say that you sold everything at a loss. Choose the option that says you sold some at a loss. Then you go to the 1099-B section and you will see it prompt you to fill out the details of your 1099-K, at which point you can show you had a loss. Problem solved!!
a month ago
I want to list business use of a room in my home but I'm unsure how to enter that in Turbo Tax. Where do I do that?
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a month ago
Hi, Is there a way to share the tax returns b/w husband and wife accounts? I am my wife work on our taxes but we are in different time zones and need to verify the PIN on mobile while logging i...
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Hi, Is there a way to share the tax returns b/w husband and wife accounts? I am my wife work on our taxes but we are in different time zones and need to verify the PIN on mobile while logging in. It is much easier to have individual accounts and share the tax returns. Thanks!
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a month ago
Yep, I have the same problem. Please tell me exactly where the "TurboTax that distributed amount is the calculated required amount." button is found because I too was not asked that question. An...
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Yep, I have the same problem. Please tell me exactly where the "TurboTax that distributed amount is the calculated required amount." button is found because I too was not asked that question. Any mount added into the RMD minimum amount box is then being taxed. I assume the function should just add a penalty if the RMD amount was not fully withdrawn.
a month ago
Hello, I am unable to Efiel returns using CC. Under "Let's complete your purchase Online" and when I click "Continue" A pop up Box appears - It states the following: Hmm.... it looks like we've h...
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Hello, I am unable to Efiel returns using CC. Under "Let's complete your purchase Online" and when I click "Continue" A pop up Box appears - It states the following: Hmm.... it looks like we've hit a slight snag. Please try again or check in a bit - "Try Again" button in blue For answers to your question, visit us at TurboTax.com/support If you can't reach us online, give us a call at 1-800-4-INTUIT and select the option for Turbotax I was on support call with Turbo Tax for over 21/2 hours - and they are useless. The issue popped up after their updates with the desktop edition of Turbo Tax Premier. I tried at different times of the day for the last couple of days with no success. - Same pop up message. Can anyone help? Seen this error? - It's a Mac OS. - 15.X
a month ago
1 Cheer
Q. When applying for the Lifelong education credits, would subtract the total amount reimbursed by my employer for both 2024 and 2025?
A. Yes. Although mismatched years are a problem for some oth...
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Q. When applying for the Lifelong education credits, would subtract the total amount reimbursed by my employer for both 2024 and 2025?
A. Yes. Although mismatched years are a problem for some other education tax benefits, you are allowed to do it that way for employer reimbursement. Note: any additional employer reimbursement you get in 2025 will be taxable. That 2025 payment, although for 2024 tuition, counts as you 2025 tax free benefit.
Q. Or should I subtract the amount paid for fall classes and apply it to next year's taxes along with the 2025 reimbursement?
A. No. Your not allowed to claim 2024 tuition on your 2025 tax return. Furthermore, taxwise, your reimbursement must be matched to the tuition your employer tagged it for.
a month ago
@ThomasM125 Thanks a lot for your answer! This helps a lot! One additional clarification: I have not sold the shares that I acquired from the company (after a part of this was sold by the company to ...
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@ThomasM125 Thanks a lot for your answer! This helps a lot! One additional clarification: I have not sold the shares that I acquired from the company (after a part of this was sold by the company to cover for taxes). In this case do I still need to adjust the cost basis and include the income reported in my W-2 form? Or do I need to do it next year when I sell the shares?
a month ago
When setting up my refund, I had to enter my drivers license info. I didn't have my wife's info so I waited till the next day. Now I can't find the place to enter it.
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a month ago
Box 1 is $58,936 and Box 5 8s $72,640, so the difference is $13,704. Book and computer expenses (not paid to university) are around $380, so don't make much of a difference. I already deleted the 1...
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Box 1 is $58,936 and Box 5 8s $72,640, so the difference is $13,704. Book and computer expenses (not paid to university) are around $380, so don't make much of a difference. I already deleted the 1098-T once and reentered it. TT correctly shows in the tuition and fellowship in the education section of deductions and credits. The $13,704 shows up as income on Schedule 1, line 8r, which goes to line 8 on 1040. I had to trick TT to get it reported by saying it was used for room and board. Now I have one response saying that if it's reported as income, I can take the credit and yours that says I can't!
a month ago
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a month ago
There is no blue Requests link and I am not expecting a refund. I do see the balance that I owe and can make that payment through the Louisiana website. But, if I do that, I do not want the payment s...
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There is no blue Requests link and I am not expecting a refund. I do see the balance that I owe and can make that payment through the Louisiana website. But, if I do that, I do not want the payment setup through Turbo Tax to be made also.
a month ago
We are not able to respond to business and occupation tax (B&O) or sales tax questions. Contact your state offices or a local professional in regards to whether you have responsibility for these taxe...
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We are not able to respond to business and occupation tax (B&O) or sales tax questions. Contact your state offices or a local professional in regards to whether you have responsibility for these taxes as a LLC.
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a month ago
Material costs that you use in your business can be categorized as Supplies.
a month ago
I have an amount of taxes paid to KY on my behalf. This amount is reported on a KY PTE-CR, line 9. This amount should go on KY 740NP line 31g. How do I handle this?
a month ago
where do i deduct material costs
a month ago
If I owe taxes from 2023 and establish a monthly payment plan to pay them, but I'm continuing to pay from 2023, and I owe taxes from 2024, will the IRS add the amount owed from 2024 to the amount owe...
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If I owe taxes from 2023 and establish a monthly payment plan to pay them, but I'm continuing to pay from 2023, and I owe taxes from 2024, will the IRS add the amount owed from 2024 to the amount owed from 2023 until the full payment is made? What happens there?
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a month ago
When you add transactions that have a different Form 8949 category (e.g. Short Term A, B, or C) the program will add new page to the Form 8949 for those transactions. So if you have transactions wit...
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When you add transactions that have a different Form 8949 category (e.g. Short Term A, B, or C) the program will add new page to the Form 8949 for those transactions. So if you have transactions with all six categories, your 8949 will be six pages, with additional pages if needed due to the number of transactions. You don't need to do anything, other than enter the transactions. The program does the rest.
a month ago
The first-year choice doesn't apply to dependents, just to a spouse. !! Your sister and niece do not qualify to be your dependent in 2024 but will qualify in 2025 if they continue to live with you.
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The first-year choice doesn't apply to dependents, just to a spouse. !! Your sister and niece do not qualify to be your dependent in 2024 but will qualify in 2025 if they continue to live with you.
Be sure to get Social Security Numbers for your sister and niece so you can file electronically in 2025.
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