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April 8, 2025
2:08 PM
Hi @Opus 17 - I am seeing mixed answers regarding a similar situation for me (or maybe I just misunderstood). I interpreted that the earnings on 2023 excess contributions that were not removed by...
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Hi @Opus 17 - I am seeing mixed answers regarding a similar situation for me (or maybe I just misunderstood). I interpreted that the earnings on 2023 excess contributions that were not removed by April 2024, but instead December 2024, are not taxable in 2024 and essentially become tax-free. The logic being this: Form 5329, Line 42 - Excess from 2023: $3,850 I only need $3,850 on Line 44 (2024 distributions) to eliminate this prior year excess, which comes from Line 16 of Form 8889, Taxable HSA Distributions. But if my total distribution was $4,098 on Line 14a, I can state $248 of qualified medical expenses on Line 15 to not have to pay tax & penalty on the $248. I assumed this $248 would wind up somewhere else on the return to be taxed. Is this not the case?
April 8, 2025
2:08 PM
1 Cheer
You may want to go back and amend the returns that you had income for the state if required.
April 8, 2025
2:08 PM
Did you use the Windows Desktop Business program to do the Estate 1041 return? It will not do personal returns. You can use either the Online version or buy a personal Desktop program. The Des...
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Did you use the Windows Desktop Business program to do the Estate 1041 return? It will not do personal returns. You can use either the Online version or buy a personal Desktop program. The Desktop program can do unlimited returns and efile 5. You can buy the Desktop CD/Download program directly from Turbo Tax TurboTax® 2021-2022 CD/Download Tax Software, Compare Desktop Tax Preparation
April 8, 2025
2:08 PM
This is Champagne with TurboTax Support.
Thank you for contacting TurboTax Help and Support. You called requesting the following issue/s:
Refund
We would like to make sure this has been compl...
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This is Champagne with TurboTax Support.
Thank you for contacting TurboTax Help and Support. You called requesting the following issue/s:
Refund
We would like to make sure this has been completely resolved for you. Should you need to contact us again about this, you may use 1550264387 as the incident number.
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April 8, 2025
2:07 PM
I had no problem entering all information of the sale 1099-S info, value at date acquired, sale price, cost of the sale, etc. Later when I logged back in and returned to the Investment and Savin...
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I had no problem entering all information of the sale 1099-S info, value at date acquired, sale price, cost of the sale, etc. Later when I logged back in and returned to the Investment and Savings section it shows the Title company name and in the box it states "Stocks, bonds, etc. (1099-B)". Should I be concerned? BTW I tried deleting and reentering everything and got the same results. Thank you, Mark
April 8, 2025
2:07 PM
It depends. If you are asking how you would get an EIN for yourself as a child care provider you can uses the link below to obtain one online. This is required if you are going to have employees, oth...
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It depends. If you are asking how you would get an EIN for yourself as a child care provider you can uses the link below to obtain one online. This is required if you are going to have employees, otherwise you don't need one as a self employed child care provider.
IRS: How to apply for an EIN
If you are asking for the EIN of a child care provider, you must contact them for their number.
April 8, 2025
2:07 PM
You must have completed your tax return incorrectly. Go back through the Illinois section again for your entries. You should see screens that are pre-filled with amounts from the federal return- if...
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You must have completed your tax return incorrectly. Go back through the Illinois section again for your entries. You should see screens that are pre-filled with amounts from the federal return- if they are not, you should correct them, but do not change them if they show the correct amounts. If you do not see these questions, you may have to go back to the Personal Info section and check your date of births. Please let us know if you have any issues with this.
April 8, 2025
2:05 PM
1 Cheer
To accommodate TurboTax's limitations on handling a code-G Form 1099-R that reports rollovers to both traditional and Roth IRAs, you must split the Form 1099-R into two, one for the portion rolled ov...
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To accommodate TurboTax's limitations on handling a code-G Form 1099-R that reports rollovers to both traditional and Roth IRAs, you must split the Form 1099-R into two, one for the portion rolled over to the traditional IRA and the other for the portion rolled over to the Roth IRA. With no tax withholding, this splitting of the form will be transparent to the IRS.
April 8, 2025
2:04 PM
I am able to go through the program and enter items that are in the line 29 area and it carries through correctly on the 5695. I tried the heat pump first, no issues for any of them.
April 8, 2025
2:04 PM
Ok. To clairfy, I DO have a 1099-NEC, but turbo tax is asking me for an EIN number or a social security number and all I have is a TIN number. What should I do now?
April 8, 2025
2:03 PM
You can downgrade to a different product by using the information or you can clear and start over in the links below.
How do I downgrade to a different TurboTax Product Online?
How do I clear...
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You can downgrade to a different product by using the information or you can clear and start over in the links below.
How do I downgrade to a different TurboTax Product Online?
How do I clear and start over?
April 8, 2025
2:03 PM
1 Cheer
These are separate codes '1' and 'M.' Mark the box on TurboTax's 1099-R form that is used to indicate that there is more than one code in box 7, allowing you to enter the second code. Code M ind...
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These are separate codes '1' and 'M.' Mark the box on TurboTax's 1099-R form that is used to indicate that there is more than one code in box 7, allowing you to enter the second code. Code M indicate that this Form 1099-R reports a qualified plan-loan offset distribution. You have until the due date of your tax return, including extensions, to come up with the funds to complete a rollover of this distribution, allowing you to avoid the early-distribution penalty and to continue to defer the income.
April 8, 2025
2:03 PM
It appears I've made an oversight for the last few years. I had a rental property in different state than I live in. The property had little net income over the last few years (<$5k). Each year when ...
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It appears I've made an oversight for the last few years. I had a rental property in different state than I live in. The property had little net income over the last few years (<$5k). Each year when preparing my taxes in TurboTax, I think I would see a message saying something along the lines of: You may need to file a return in another state. And I expected that TurboTax would actually prompt me to add that state return along the way if necessary. I was never prompted, so I never added the state return for the state the property is in. I'm guessing this means that the income (and loss) from the out-of-state rental was just being applied to my home state each year. And I'm guessing now that maybe I needed to manually add the return for the state of the property? Well, now I've sold this property and made some money on the sale. And I guess it was more clear to me this year that I might be filing a return for that state, so I selected that state during the initial interview. This time around, TurboTax did prompt me to file a return for that state. So I think my question is: Is there anything I should consider doing in that state besides just filing my return this year? Thanks!
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April 8, 2025
2:02 PM
I have seen a few different posts on this topic that usually determine the poster has income that is too low or too high to qualify. I do not believe this applies to my situation. A few key piece...
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I have seen a few different posts on this topic that usually determine the poster has income that is too low or too high to qualify. I do not believe this applies to my situation. A few key pieces of information: I am filing Single. I am a graduate student enrolled at least half time My MAGI is $12,565 (well below the $80,000 phase-out start) after adjusting for small business ta. I have $24,607 in net qualified education expenses (significantly more than the $10,000 needed to calculate the maximum potential credit). I am not claiming the American Opportunity Tax Credit. I cannot be claimed as a dependent. I have a federal tax liability of $746 to offset. Based on all of this I believe I should be able to the LLC to offset my $746 federal tax liability.
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April 8, 2025
2:02 PM
April 8, 2025
2:02 PM
Unfortunately, IRS form 8990 is not supported by TurboTax for Form 1040 tax returns.
If you want to track your excess business interest, you will need to manually prepare that form, and includ...
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Unfortunately, IRS form 8990 is not supported by TurboTax for Form 1040 tax returns.
If you want to track your excess business interest, you will need to manually prepare that form, and include it with the return that you print and mail.
April 8, 2025
2:01 PM
Thank you so much! Just to clarify, I wouldn't have to calculate depreciation for the years we used it for personal use, correct? I only start calculating (ahem... let TurboTax calculate) depreciatio...
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Thank you so much! Just to clarify, I wouldn't have to calculate depreciation for the years we used it for personal use, correct? I only start calculating (ahem... let TurboTax calculate) depreciation starting in 2024, which is when we started to rent it out.
April 8, 2025
2:01 PM
Yes, Box 1 and 2a would both be $2110. @JSBruno4
April 8, 2025
2:01 PM
1 Cheer
To avoid mailing and mailing the wrong or superfuous documents enter the 6 transaction under boxE manually enter wash sale transaction manually Form 8949 is not required for BoxA and BoxD with...
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To avoid mailing and mailing the wrong or superfuous documents enter the 6 transaction under boxE manually enter wash sale transaction manually Form 8949 is not required for BoxA and BoxD without adjustments. There will be nothing to mail. ====== Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form (Line 2) to know how much to subtract which gives you the Schedule D line 1a totals. Be sure to NOT check the adjustments box in the summary window. The two Schedule D lines 1a and 1b proceeds should total to the proceeds for that category on your consolidated docment @gk5040
April 8, 2025
2:01 PM
I have entered 0 for all quantities and N/A for text boxes. The drop down menu has an option for "blank", but the system will not allow me to continue to file.
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