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April 7, 2025
11:44 AM
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April 7, 2025
11:44 AM
you need to provide more details for anyone to help... are you talking about 1099-INT Box 8 or 1099-DIV Box 12? What do you mean by "whole other number" - is it close but off by a small adjus...
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you need to provide more details for anyone to help... are you talking about 1099-INT Box 8 or 1099-DIV Box 12? What do you mean by "whole other number" - is it close but off by a small adjustment, or just totally missing the 1099 amount? If 1099-INT do you have any premium or accrued interest adjustments? If 1099-DIV double-check the state assignments in the interview screens following the screen with the box amounts, are split correctly, and the 1099-DIV is not flagged for "needs review" when you look at the list of your 1099s. If you are seeing strange numbers from a 1099 it's worth trying to re-input as a fresh 1099 especially if imported.
April 7, 2025
11:44 AM
Non resident of GA. Only income I had was sale of inherited house when parent passed away. Sold house 4 months after inherited for the "stepped up" basis - Sold for $240K, date of death value 240K....
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Non resident of GA. Only income I had was sale of inherited house when parent passed away. Sold house 4 months after inherited for the "stepped up" basis - Sold for $240K, date of death value 240K. Submitted Fed and GA taxes but noticed the data for the G2-RP is incorrect on the GA form. Shows income of $0 instead of 240K. I will amend my GA tax return. So my question is - how do you properly annotate the GA return to show zero gain on the sale. I can correct the G2-RP data (changing from $0 to $240k) but where do you annotate the deduction for the sale since there was no income. FYI - I had to pay the 3% tax when sold ($7200) and should get that back since there was no gain and I had no other GA income. Thank you!
April 7, 2025
11:43 AM
For a number of years, I havebe prepared my Grandson's tax return using TurboTax. The 2023 return was rejected due to a required 1095-A data input that had not been done. Return was mailed and rec...
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For a number of years, I havebe prepared my Grandson's tax return using TurboTax. The 2023 return was rejected due to a required 1095-A data input that had not been done. Return was mailed and received at the Austin officc. I checked for itg online and was given a status. I looked again mid-summer, It was missing.We did not receive a refund check in the amount expected. This year's (2024) return was rejected because they could not verify hlm due to the Last Year's AGI entry not being matched. Now with numerous attempts to get IRS help, it appears that He has been dropped from the IRS accounts data banks. HELP!!
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April 7, 2025
11:43 AM
1 Cheer
Follow these steps:
Return to the federal entry screen for deductions and credits.
Edit your real estate tax.
Enter the correct amount after credits.
April 7, 2025
11:43 AM
If you don't record losses and carry them forward each year, you are giving up a valuable deduction. If corrections are needed, the deadline for an amended 2021 tax return is April 15, 2025 If no...
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If you don't record losses and carry them forward each year, you are giving up a valuable deduction. If corrections are needed, the deadline for an amended 2021 tax return is April 15, 2025 If not carried onto 2022, the deadline is one year later. @wisdomseeker1992
April 7, 2025
11:42 AM
Are you checking the IRS Where's My Refund? site. If you requested a Refund Advance when you filed, you could get your refund before the IRS is done processing your return.
Here's more info on...
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Are you checking the IRS Where's My Refund? site. If you requested a Refund Advance when you filed, you could get your refund before the IRS is done processing your return.
Here's more info on the Refund Advance Program.
If you can give more details, we'll try to help.
@sierrajcurry
April 7, 2025
11:41 AM
As she is your dependent, you only can claim the AOTC for her. She cannot claim it.
To be eligible for AOTC, the student must:
Be pursuing a degree or other recognized education credential...
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As she is your dependent, you only can claim the AOTC for her. She cannot claim it.
To be eligible for AOTC, the student must:
Be pursuing a degree or other recognized education credential
Be enrolled at least half time for at least one academic period* beginning in the tax year
Not have completed the first four years of higher education at the beginning of the tax year
Not have claimed the AOTC or the former Hope credit for more than four tax years
Not have a felony drug conviction at the end of the tax year
What are the income limits for the AOTC?
To claim the full credit, your modified adjusted gross income (MAGI) must be $80,000 or less ($160,000 or less for married filing jointly).
You receive a reduced amount of the credit if your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married filing jointly).
You cannot claim the credit if your MAGI is over $90,000 ($180,000 for joint filers).
If you cannot claim the AOTC, then she cannot claim it either, but she will have less taxable scholarship.
April 7, 2025
11:40 AM
The diagnostic file was reviewed. You will need to delete and re-enter your entries. When you go in to delete the information, the Forms don't show as 1098, they show as Home Mortgage Interest Work...
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The diagnostic file was reviewed. You will need to delete and re-enter your entries. When you go in to delete the information, the Forms don't show as 1098, they show as Home Mortgage Interest Worksheet.
To delete the forms:
Continue your return
Select Tax Tools option on the left menu
Select Tools
Under Other Helpful Links, choose Delete a form
Find the home mortgage interest worksheets and delete them
Once you delete the forms, reenter them. Make sure that you don't enter any 0 for any boxes that are blank.
Where do I enter my 1098 mortgage interest statement?
@dzmz1217
April 7, 2025
11:40 AM
If you did the extension through TurboTax, you should have received an email confirmation. If you do not have the confirmation, check your return to make sure it was filed.
April 7, 2025
11:39 AM
1 Cheer
You can deduct expenses that are ordinary and necessary for your business. The business you were trying to start is a rental so it goes on Sch E. You would list appraisal fees and inspection fees as ...
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You can deduct expenses that are ordinary and necessary for your business. The business you were trying to start is a rental so it goes on Sch E. You would list appraisal fees and inspection fees as "other expenses".
Be sure you keep all documentation and that you qualify. If you really are in the business of rentals, great.
See Where do I enter income and expenses from a rental property?
April 7, 2025
11:39 AM
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April 7, 2025
11:39 AM
Topics:
April 7, 2025
11:39 AM
In general severance pay is taxable in the year that you receive it. Your employer will include this amount on your Form W-2 and will withhold appropriate federal and state taxes. See Publicati...
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In general severance pay is taxable in the year that you receive it. Your employer will include this amount on your Form W-2 and will withhold appropriate federal and state taxes. See Publication 525, Taxable and Nontaxable Income below, which states the following: Severance pay. You must include in your income amounts you receive as severance pay and any payment for the cancellation of your employment contract. Health insurance premiums are deductible on Schedule A, Did you have a severance agreement with your employer? I would not adjust your W-2 when inputting it into TurboTax as Form W-2 is transmitted to the IRS. I would contact your employer and discuss with them if you W-2 was issued correctly. If it was not, they should issue you a corrected Form W-2. Click here for Publication 525 (2024), Taxable and Nontaxable Income
April 7, 2025
11:39 AM
(I was able to transfer info from old computer to USB) When I go to file manager and click on .tax2024 it tries to run but says running on a different computer.
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April 7, 2025
11:38 AM
If you are the legal executor of his estate, you can use this IRS link to see if a refund was processed which would be evidence that a tax return had been filed. Otherwise, you can use this link to s...
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If you are the legal executor of his estate, you can use this IRS link to see if a refund was processed which would be evidence that a tax return had been filed. Otherwise, you can use this link to set up an IRS account or access one that your son had created which would allow you to see if a return was filed.
You can complete form 4868 online and mail it in to receive an extension of time to file a tax return.
I am sorry for your loss.
April 7, 2025
11:38 AM
The Cost Basis for your Rental Property comes from the original Cost Basis (what you paid for the property, or FMV, whichever was lower) that you entered when you set up your rental property initiall...
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The Cost Basis for your Rental Property comes from the original Cost Basis (what you paid for the property, or FMV, whichever was lower) that you entered when you set up your rental property initially.
The remaining Cost Basis is that amount, less Depreciation taken over the years.
If you have made improvements to the property while renting that you didn't deduct previously, you can add them to the Cost Basis amount, as well as any Sales Expenses you incurred when reporting the sale. Any Passive Loss Carryover you had will be added to the Cost Basis at time of sale also.
If you originally entered an incorrect Cost Basis, in the Rental section, you can indicate that you 'converted to personal use' and enter the sale as 'Sale of Business Property' where you can enter the correct Cost Basis. You've just missed out on depreciation deductions if that's higher than what you set up the property with originally.
If you lived in the property any time within the last five years, you may qualify to exclude a portion of your capital gain on the sale. Go through the interview under Less Common Income > Sale of Home to determine this.
Here's more detailed discussion on Changing Rental Property Cost Basis.
@jwnealeigh
April 7, 2025
11:37 AM
I filed my return on March 17th and I received my refund in my bank account, but it says on the IRS website that it has still yet to process. I’m getting confused and worried now. What could be going...
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I filed my return on March 17th and I received my refund in my bank account, but it says on the IRS website that it has still yet to process. I’m getting confused and worried now. What could be going on?
April 7, 2025
11:37 AM
If you edit the transaction you can change the assigned Box to E. If it is currently Box F, that's how you entered it. @fabianehoover
April 7, 2025
11:36 AM
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