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April 7, 2025
4:06 PM
You would have go look on Form 8938, on line 15 of Part IV to see if you included the Form 3520 as one of the forms entered on the Form 8938. If so, then you would check the Box C on Form 3520.
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You would have go look on Form 8938, on line 15 of Part IV to see if you included the Form 3520 as one of the forms entered on the Form 8938. If so, then you would check the Box C on Form 3520.
From the instructions to Form 3520:
April 7, 2025
4:05 PM
You must have worked in the city of Cincinnati and your employer withheld tax for the city. That is not a school district tax. If you live in OH, there are a lot of towns and cities with their own...
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You must have worked in the city of Cincinnati and your employer withheld tax for the city. That is not a school district tax. If you live in OH, there are a lot of towns and cities with their own local taxes so you need to know if you live (or work) in one that has a tax.
In many instances, you will need to file a local tax return for the area you live in, but show the tax you already paid to the city you worked in.
TurboTax only prepares a few city or local tax returns as an extra step in your state return. For most local tax returns you are on your own. You may have to ask around amongst your neighbors, etc. to find out if you have a local tax and how to pay it. “Google “ local tax for your area. Call your city government, etc. Your only record of paying your local tax will be your own bank/credit card records
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/city-tax-returns-turbotax-state-program/L0fev7XS3_US_en_US?uid=m69jiu1e
April 7, 2025
4:05 PM
I filed my taxes. TT is showing I owe in. But it didn’t give me an option to pay online. How do I go about paying this?
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April 7, 2025
4:05 PM
They filled out Form 1099-NEC, so that's what you need to report.
Since you earned income, and you are not an employee of the school, you may need to report the income as Self-Employment income...
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They filled out Form 1099-NEC, so that's what you need to report.
Since you earned income, and you are not an employee of the school, you may need to report the income as Self-Employment income and pay Self-Employment tax. Self-Employment is the FICA an employer withholds and pays for an employee.
You could also choose "Hobby Income" for the 1099-NEC to bypass the self-employment tax but you would need to show how the task you performed would be considered as "fun" and therefore a hobby if the IRS challenged it. If this was something that is already your field of expertise, it could be viewed as "moon-lighting" and therefore self-employment.
The choice between issuing Form 1099-NEC (Non-Employee Compensation) or Form 1099-MISC (Miscellaneous Income) is determined by the person that issues the form.
You can either enter the 1099-NEC or ask the Payer to replace that form with a 1099-MISC.
April 7, 2025
4:05 PM
1 Cheer
This is still true. You will take the credit on your CA return insead of your OR return.
April 7, 2025
4:05 PM
You can try to delete the Schedule EIC form to get rid of the credit so it resets and you can re-enter everything.
Which version of TurboTax are you using, the online version or the download ...
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You can try to delete the Schedule EIC form to get rid of the credit so it resets and you can re-enter everything.
Which version of TurboTax are you using, the online version or the download version?
If you
From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.)
On the drop-down select Tools
On the Pop-Up menu titled “Tools Center,” select Delete a Form
This will show all of the forms in your return
Scroll down to the form you want to delete
Select the Form
Click on Delete.
Always use extreme caution when deleting information from your tax return. There could be unintended consequences.
April 7, 2025
4:04 PM
Rental activity is reported on Schedule E Supplemental Income and Loss.
Depreciation expense is computed by entering the individual rental property assets into the software. Depreciation expen...
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Rental activity is reported on Schedule E Supplemental Income and Loss.
Depreciation expense is computed by entering the individual rental property assets into the software. Depreciation expense is computed based upon the information entered about each rental property asset.
In TurboTax Premium Online, enter the rental property assets by following these steps:
Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & income.
Click to the right of Rentals, Royalties, and Farm.
Click to the right of Rental Properties and Royalties.
At the screen Your 2024 rentals and royalties summary, click the pencil icon to the right.
At the screen Here's rental property info, select Add expense or asset to report rental expense.
Select Add expense or asset to establish the rental property asset.
Answer the questions to establish the rental property asset and compute depreciation on the rental property asset.
April 7, 2025
4:03 PM
The combination of codes 2 and B in box 7 of your Form 1099-R is correct. TurboTax should accept it. If you haven't already, I suggest you go back through the entry of your Form 1099-R and make sur...
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The combination of codes 2 and B in box 7 of your Form 1099-R is correct. TurboTax should accept it. If you haven't already, I suggest you go back through the entry of your Form 1099-R and make sure that all entries are correct. If it still won't accept the 2B combination try deleting the form and re-entering. Finally, if it still won't accept it, circle back and post at what point you are seeing an error and what exactly are you seeing, and let us know if you're using TurboTax Desktop or Online.
April 7, 2025
4:03 PM
Cleared Cache and downloaded file and still will not update.
April 7, 2025
4:03 PM
GM45: Yes, thank you someone did help me. Somehow I was able to post my own "new" question for the 2024 tax year. This is what was written to me regarding the tax withheld. Hopefully it helps so...
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GM45: Yes, thank you someone did help me. Somehow I was able to post my own "new" question for the 2024 tax year. This is what was written to me regarding the tax withheld. Hopefully it helps someone else too: You don't need to enter the withheld taxes when you enter the 2025 Form 1099-R with code P and J on the 2024 return. The withheld taxes will be applied on your 2025 return since the withholdings are reported in the year that the tax was withheld. Therefore, you will add the 2025 Form 1099-R on the 2025 return too. The 2025 code P will not add anything to your income in the 2025 tax return but the withholdings will be applied to 2025.
April 7, 2025
4:02 PM
Hello: If I start the online download turbo tax as am a premier-and leave for the day. How do you save the portion that did already as couldn't finish the same day.
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April 7, 2025
4:01 PM
To find the Community Service Contribution Credit Certificate Number, follow these steps:
The certificate number is typically provided by the organization to which you made the contribution. Rea...
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To find the Community Service Contribution Credit Certificate Number, follow these steps:
The certificate number is typically provided by the organization to which you made the contribution. Reach out to them directly to request the certificate number if you haven't received it.
Review any documentation or receipts you received when you made the contribution. The certificate number should be listed there.
Note If you are claiming a new community service contribution credit for contributions made this tax year, you will receive an approval from the community organization eligible to offer this credit. This approval may be an approved tax credit application or a tax credit certificate. Be sure to keep a copy for your records as the Kansas Department of Revenue reserves the right to request any certifications or copies of written agreements as necessary.
For more detailed information, you can check out these resources:
Kansas.gov: K-60 Credit
Reach back out if you meant something else
April 7, 2025
4:01 PM
Yes, you may be able claim the interest paid on Parent PLUS loans on your taxes, even if your child files their own taxes. Here’s how it works: Eligibility: To claim the deduction, you must be lega...
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Yes, you may be able claim the interest paid on Parent PLUS loans on your taxes, even if your child files their own taxes. Here’s how it works: Eligibility: To claim the deduction, you must be legally obligated to repay the loan and must have made the payments yourself. Since Parent PLUS loans are taken out in your name, you meet the criteria. Deduction Limits: You can deduct up to $2,500 of interest paid on qualified student loans, including Parent PLUS loans, each year. This deduction is an adjustment to income, meaning you can claim it even if you don't itemize deductions Income Phaseouts: The deduction is subject to income phaseouts. For 2024, the phaseout begins at $75,000 for single filers and $150,000 for married couples filing jointly. If your modified adjusted gross income (MAGI) exceeds these limits, the deduction may be reduced or eliminated Your filing status affects eligibility. The deduction is unavailable if you file as “Married Filing Separately” or if you can be claimed as a dependent on someone else’s tax return. For more detailed information, you can check out: Accounting Insights: Can You Claim a Parent PLUS Loan Tax Deduction?
April 7, 2025
4:00 PM
On turbotax self employed version it says: Your capital losses so far $10,341 $3,000 of these losses are deductible this year. The rest will be carried forward to next year's taxes. repeat, it sa...
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On turbotax self employed version it says: Your capital losses so far $10,341 $3,000 of these losses are deductible this year. The rest will be carried forward to next year's taxes. repeat, it says "$3000 of these losses are deductible this year". So why didn't i get a reduction on my income? Is there a section on turbotax I need to enter to claim this $3000 loss on my income?
April 7, 2025
3:59 PM
I have a similar fact pattern, had trees that were uprooted by Hurricane Helene and also a damaged dirveway / cart path. I have paid invoices from the contractors from the tree removal and for the c...
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I have a similar fact pattern, had trees that were uprooted by Hurricane Helene and also a damaged dirveway / cart path. I have paid invoices from the contractors from the tree removal and for the cart path repair. Insurance payments were zero as it was deemed not covered. In this scenario, would I enter the amount of the contractor invoices as the cost basis, insurance reimbursement as 0? Also, on the next screen in Turbo Tax, what do I enter for the FMV Before Loss and for the FMV after loss? Assuming I enter the contractor's invoice value as the value for FMV Before Loss and enter 0 for FMV After Loss - is that correct?
April 7, 2025
3:59 PM
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April 7, 2025
3:59 PM
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April 7, 2025
3:58 PM
Hm, thanks for the reply. But I'm confused why this would be investment income. A family member got this item as a gift from work, and then I sold it on my eBay account. Does that change anything?
April 7, 2025
3:58 PM
Is it possible to make this election with TurboTax Online? There appears to be no way to add a blank form.
April 7, 2025
3:58 PM
I did and I got an automated message that wouldn't direct me to a live person.