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April 11, 2025
5:38 PM
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April 11, 2025
5:38 PM
April 11, 2025
5:37 PM
When I am asked to enter the information in the table for the 1095-A form there is a column 'C' Monthly Advance Payment of Premium Tax Credit. Would this be where I would enter the reimbursement tha...
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When I am asked to enter the information in the table for the 1095-A form there is a column 'C' Monthly Advance Payment of Premium Tax Credit. Would this be where I would enter the reimbursement that my former company provides me? It seems to correct it without adding to my AGI.
April 11, 2025
5:37 PM
Im confused on the costs basis portion as my insurance repaired it but i lost business revenue
April 11, 2025
5:37 PM
I converted from a sole proprietorship to a single member LLC in October. Can I report everything on the same LLC? Would I use the LLC name?
April 11, 2025
5:36 PM
Correct. You will not get the option for expenses if you choose other income.
April 11, 2025
5:36 PM
Why...? Have Child Tax Credit approved, with EI credit... GRRRR... thanks Lauren
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April 11, 2025
5:35 PM
The insurance does not have to be through the New Jersey Marketplace, but it must meet Minimum Essential Coverage as established by Obamacare. See How to Determine if You Have Minimum Essential Cove...
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The insurance does not have to be through the New Jersey Marketplace, but it must meet Minimum Essential Coverage as established by Obamacare. See How to Determine if You Have Minimum Essential Coverage. @gsaverio
April 11, 2025
5:35 PM
@PatriciaV wrote: You would then answer the prompt for sales price as being $0. Unless the vehicle was actually 'junked' for $0, no, no, no. And even if that was the case, if there was ...
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@PatriciaV wrote: You would then answer the prompt for sales price as being $0. Unless the vehicle was actually 'junked' for $0, no, no, no. And even if that was the case, if there was personal use, NO. @zerodive99 What happened to the vehicle, an EXACTLY when did that happen?
April 11, 2025
5:33 PM
RE: [ACTION REQUIRED] Check your 1099-INT info before filing your 2024 tax return Hello TurboTax Team, The Federal and State Returned have been submitted and accepted. There would be no fix now oth...
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RE: [ACTION REQUIRED] Check your 1099-INT info before filing your 2024 tax return Hello TurboTax Team, The Federal and State Returned have been submitted and accepted. There would be no fix now other than filing and Amended Return that I'm sure we would have to pay Intuit Turbo Tax to file again. There is no error. Only one account, Navy Federal Credit Union (NFCU) had reported interest income. The IRS is supposed to get the same date. The other accounts included on the return were erroneously and simply picked up by TurboTax software processing from pushed from past returns, NOT reported to IRS, and not entered by us because they did not apply to the 2024 return. That Glitch was caused by Turbo Tax Software and not us. Let’s hope the IRS reviewers are not the bonafide idiots they have proven to be in processing the 2023 Return. We are still waiting for them to get our 1099-X amended return processed and our bonafide $4,111 Over payment. Those idiots tried to return us a $34,000 plus refund for us to refuse and the real $4,111 Refund has been denied to us until now. By the way, your Turbo Tax software let that happen even though the actual supporting Documents clearly indicated the numbers were wrong. I will not be using Turbo Tax again. Harold From: TurboTax <[email address removed]> Sent: Friday, April 11, 2025 7:56 PM To: [email address removed] Subject: [ACTION REQUIRED] Check your 1099-INT info before filing your 2024 tax return Please double-check your 1099-INT information ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ Hi Felicia, We’re reaching out to you because we’ve identified an error that might impact your 1099-INT data in TurboTax. The error isn’t with your Form 1099-INT itself, just the data TurboTax received. Please follow these steps to make sure the information in TurboTax is correct: Sign in to TurboTax Open or continue your return Navigate to Income then Investments and Savings to find your 1099-INT(s) Select Edit next to your 1099-INT (if you have multiple, please check each) Compare a physical or electronic copy of your 1099-INT with what’s in TurboTax You might have multiple accounts on a single Form 1099-INT, so please make sure that the amounts reported in TurboTax are the total interest income amounts from all the accounts listed on that form If all of your information is correct, then you’re all set to continue filing. Otherwise, please make edits as needed and continue filing from there. We’re sorry for any inconvenience this might have caused, and we'd like to offer you 20% off any eligible TurboTax product for filing your federal return.* To claim your discount, use the TurboTax sign in link above and you’ll see eligible products at the discounted rate. Thanks for being part of the TurboTax family. Warm regards, The TurboTax Team
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April 11, 2025
5:33 PM
by default the vouchers for 2025 ES calculated by TT assume that you are opting to pay 100% of 2024 tax thru withholding/estimated taxes (110% if AGI > 150k), and take into account your withholding b...
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by default the vouchers for 2025 ES calculated by TT assume that you are opting to pay 100% of 2024 tax thru withholding/estimated taxes (110% if AGI > 150k), and take into account your withholding based on the same amount as 2024. the other option to avoid underpayment penalty is to pay 90% of your 2025 tax and provide estimates for withholding and other income etc for 2025; to figure this out you need to go thru the interview questions under Other Tax Situations / Form W4 and Estimated Taxes.
April 11, 2025
5:32 PM
maine
April 11, 2025
5:32 PM
You need to know WHY it is thinking you need a Schedule C. What EXACTLY does it say?
April 11, 2025
5:32 PM
Ok... So... Looks like I figured out the issue.. and things are all correct on the TT side... So.. 1040 Line 25c is from the "Tax Payments" worksheet... In my case, the 8959 line 21 was very clo...
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Ok... So... Looks like I figured out the issue.. and things are all correct on the TT side... So.. 1040 Line 25c is from the "Tax Payments" worksheet... In my case, the 8959 line 21 was very close to the "Tax Payments" worksheet amount and hence the confusion. it might help that TT can update the 1040/1040SR worksheet to direct to the "Tax Payments" worksheet when one double clicks on the form entry.. this will avoid the confusion that I had.
April 11, 2025
5:31 PM
@MattC747 , I think that this post will answer your question more accurately: Re: I was divorced in 2024 in a community prprty state I need to claim half my exs income and he ... In this case, th...
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@MattC747 , I think that this post will answer your question more accurately: Re: I was divorced in 2024 in a community prprty state I need to claim half my exs income and he ... In this case, the first answer was correct based on the original question. The OP then clarified that their divorce decree required income splitting for part of 2024, which means that the terms of the decree must be followed first. HOWEVER, it does NOT mean that the parties are Married Filing Separately! They (and you) will file according to their marital status on December 31. For you, that means Head of Household. This is true even if a divorce is legally final before midnight on December 31! If your divorce decree does not specifically call for splitting income, you will report only your separate wage income and withholding for all of 2024 unless there is some kind of law in Texas requiring an allocation when the decree is silent. So I guess I should ask how you came to the "understanding" that you each had to allocate 50% of your wages and withholding between yourselves? If you figured it was logical, that's understandable - but in this case, pure mathematical logic was not taken into account when this piece of tax code was written - I would say that it's based more on practicality - so that ex-spouses are not required to communicate about their taxes months after the divorce is final. JanA, CPA (retired)
April 11, 2025
5:30 PM
If you are itemizing your return and the organization became a qualified charitable organization, you can claim the money you spent as a donation going back to the date that the exempt form was filed...
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If you are itemizing your return and the organization became a qualified charitable organization, you can claim the money you spent as a donation going back to the date that the exempt form was filed. Any money spent prior to that is not deductible as an itemized expense. If you are not itemizing your return, then you would not be able to take any type of deduction for the money you spent.
Standard versus Itemized Deduction
April 11, 2025
5:29 PM
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April 11, 2025
5:29 PM
Hello everyone, Our Son received a full scholarship in 2024 which paid for everything including his room and board. Since his entire college bill was covered by his scholarships; our state 529 plan...
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Hello everyone, Our Son received a full scholarship in 2024 which paid for everything including his room and board. Since his entire college bill was covered by his scholarships; our state 529 plan would not make a payment to his school directly as they had done in the past. Instead, they sent the reimbursement check to me (the parent) and the Form 1099-Q was also issued to my social security number. Under my Son’s Turbo Tax (“TT”), I chose that he did NOT receive any Form 1099-Q (since 1099-Q was issued to me). Under the parents’ TT, I chose that I was the recipient of Form 1099-Q and the 529 plan distributions were used to pay for the education expenses of my student. Also, under our TT’s education expense input forms, I entered that $20k of the scholarship funds were used to pay for room and board. My questions are as follows: 1-Is it correct to answer in TT that the 529 plan distributions were used to pay for the education expenses of the student even though the distribution was sent to parents directly instead of the college? 2-Our 1040 does NOT show the earnings per Box 2 of Form 1099-Q, as “Other Income” on Sch 1, line 8z, even though we received the Form 1099-Q. Is that a correct treatment? Is it because the earnings from the 529 plan were applied towards the room and board expenses thus making the earnings tax-free and therefore, not required to be shown as “Other Income”? Thank you in advance for your time and expertise.
April 11, 2025
5:28 PM
Either one. If it is an ordinary and necessary expense for your business, you can expense it using either category.
Do I need to report inventory?