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April 7, 2025
12:49 PM
1 Cheer
While I would never recommend sending a second return to the IRS when the first one is in the mail (confusing the IRS is never a good idea) if you're really stressed about this go ahead and send the ...
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While I would never recommend sending a second return to the IRS when the first one is in the mail (confusing the IRS is never a good idea) if you're really stressed about this go ahead and send the second.
In an attempt to alleviate some of your stress I will remind you that the IRS uses the postmark to go off of when determining when you filed your return. So even if it arrives after the 15th it isn't considered filed late.
@jackkgan
April 7, 2025
12:49 PM
You should receive a Form 1095-A if you purchased health insurance through Healthcare.gov or your state's health insurance marketplace. To report form 1095-A: Log in to your account. Go to Fe...
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You should receive a Form 1095-A if you purchased health insurance through Healthcare.gov or your state's health insurance marketplace. To report form 1095-A: Log in to your account. Go to Federal Taxes. Go to Deductions and Credit. Scroll down to Medical and click show more. Go to Affordable Care Act (Form 1095-A). TurboTax will show in Part II individuals who are listed on the return.
April 7, 2025
12:48 PM
LLC, a partnership, in home rental business, issues a K1, with net loss, to its partners that includes al rents received, expenses, and depriciation. Without the depriciation it is positive, so the L...
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LLC, a partnership, in home rental business, issues a K1, with net loss, to its partners that includes al rents received, expenses, and depriciation. Without the depriciation it is positive, so the LLC flows the cash to its partners. Now, should the LLC issue a 1099-Misc as well? If it does 1099-Misc, how should the partners handle it since all the income and expenses are already accounted for in their K1s?
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April 7, 2025
12:48 PM
Yes, most people pay tax all year round.
When you file your tax return, you are calculating if you paid enough.
Your tax return reports all the relevant tax, and all your tax payments, then subt...
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Yes, most people pay tax all year round.
When you file your tax return, you are calculating if you paid enough.
Your tax return reports all the relevant tax, and all your tax payments, then subtracts those two amounts to decide if you owe a payment with your return or if you get a refund.
April 7, 2025
12:46 PM
No, it's not sketchy, however it is important to indicate the following when entering it. The IRS is still working on the move from 1099-MISC to 1099-NEC. Make sure to follow the steps below when en...
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No, it's not sketchy, however it is important to indicate the following when entering it. The IRS is still working on the move from 1099-MISC to 1099-NEC. Make sure to follow the steps below when entering your Paid Family Leave.
This is not self employment income and should be reported by using the steps below. Once completed this will move the income to the Schedule 1, then the 1040. You may need to delete the Schedule C.
TurboTax Online/Mobile > Search 1099misc > click See more > click the highlighted 1099-MISC
TurboTax Desktop > Search > 1099misc > Click the Jump to.. link
Enter the 1099-MISC exactly as printed, and then Continue
Enter Paid Family Leave
Select None of these apply, then Continue
Select No, it didn’t involve work….. and Continue to 'How often did you get income for Paid Family Leave?'
Select ONLY the tax year for which this specific 1099-MISC was issued.
Do not select the year that you received the 1099. Select the year for which the 1099-MISC was issued. Select no other year.
Select No, it didn’t involve an intent to earn money, then Continue
Select NO, then Continue
Click the DONE button >
This will complete the entry and you can continue to work on your tax return.
@jhm300
April 7, 2025
12:46 PM
If you're listed as a dependent on your parents’ tax return, you won't have any health insurance questions to answer on your own return. TurboTax will tell you Since someone is claiming you on their ...
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If you're listed as a dependent on your parents’ tax return, you won't have any health insurance questions to answer on your own return. TurboTax will tell you Since someone is claiming you on their 2024 taxes, you don't have to complete Health Insurance.
Make sure to check the box in the personal info section: Another Taxpayer will claim you in 2024
April 7, 2025
12:46 PM
No, if Social Security is your only source of income you do not need to file a tax return this year.
April 7, 2025
12:45 PM
Using the turbo tax app and it won't let me edit stock sale info...; any ideas?
April 7, 2025
12:45 PM
My total income earned last year was around $7800. I was living in Illinois but was working in Indiana. I actually worked for (meaning actually at my place of employment) less than 30 days. I fil...
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My total income earned last year was around $7800. I was living in Illinois but was working in Indiana. I actually worked for (meaning actually at my place of employment) less than 30 days. I filed my Indiana state tax return and they said they were unable to verify this and only sent me a portion of my expected refund. A representative from the DOR in Indiana said that this was because I wasn't working for a company in Illinois who sent me to Indiana to work. I researched Indiana DOR Bulletin #28 and could not see how I didn't meet their eligibility requirements.
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April 7, 2025
12:45 PM
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April 7, 2025
12:44 PM
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April 7, 2025
12:44 PM
There is not a tax credit for the installation of an induction cooktop. See the list of items you can deduct for an energy credit below.
The Home Improvement Energy Efficient Credit is a non-r...
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There is not a tax credit for the installation of an induction cooktop. See the list of items you can deduct for an energy credit below.
The Home Improvement Energy Efficient Credit is a non-refundable credit
Worth up to 30% of costs with a maximum credit $2,000 for
Air source heat pumps
Heat Pump Water Heaters
Biomass Stoves or Boilers
Worth up to 30% of qualifying costs for a maximum combined total of $1,200 for the following:
Doors, Windows and Skylights
Insulation
Natural Gas, Oil Propane Water Heaters
Furnaces
Boilers
Central Air Conditioners ($600 maximum Credit)
Electrical Panel Upgrades
Home Energy Audit (up to $150)
You can combine the $2,000 credit with the $1,200 credit for a total of $3,200
This credit is a use it or lose it credit. If you do have enough tax liability in the year you buy and install the item, you will not be able to carry the credit forward.
NOT available for new construction.
The Residential Energy Credit is also a non-refundable credit, however this one can be carried forward to future tax years until this credit goes away which is currently set to happen in 2034
This credit is worth up to 30% of the cost of the equipment, with no maximum limit. The items that fall into this category are as follows:
Geothermal Heat Pumps
Small Wind Turbines
Solar Energy Systems
Fuel Cells
Battery Storage Technology
This credit can be taken for new construction
April 7, 2025
12:44 PM
where do I create a will?
April 7, 2025
12:44 PM
I have a similar situation;, an estate closed and I received a K1 (Form 1041) and Box 11 is populated with a D. Does anyone know where and how I enter this info into Turbotax? Thanks!
April 7, 2025
12:44 PM
Okay thank you, I think it’s starting to make more sense, I appreaciate your help!
April 7, 2025
12:43 PM
Shouldn't maryland income earned when I was a Texas resident also be taxable in Maryland since the employer was in Maryland? Normally if someone did that for a full year that would be "non-resident" ...
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Shouldn't maryland income earned when I was a Texas resident also be taxable in Maryland since the employer was in Maryland? Normally if someone did that for a full year that would be "non-resident" state tax. But in this situation does this mean i need to file both part-year resident tax for the maryland income earned as a resident (last few months) and maryland non-resident income tax for the maryland income earned rest of the year as a texas resident? Seems like there should be a single filing where i can pay state taxes on both portions?
April 7, 2025
12:43 PM
The foreign tax credit would be reported on Form 1116 if it was over the $300 (single filer) or $600 (married filing joint) threshold for requiring that form to receive the foreign tax credit. You c...
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The foreign tax credit would be reported on Form 1116 if it was over the $300 (single filer) or $600 (married filing joint) threshold for requiring that form to receive the foreign tax credit. You can try deleting that form as follows if you don't qualify for the credit:
Follow these instructions:
1. Choose the Tax Tools option on your left menu bar while working on your return
2. Choose Tools
3. Choose the Delete a form option under Other Helpful links
4. Find the Form 1116 in the list of forms and delete it
April 7, 2025
12:43 PM
My return generates a form 1116, the Foreign Tax Credit form. In past years I have had to print out a copy of this form and mail it to the IRS via the "print required forms" option, after I efile. ...
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My return generates a form 1116, the Foreign Tax Credit form. In past years I have had to print out a copy of this form and mail it to the IRS via the "print required forms" option, after I efile. This year, though, TurboTax is not telling me I need to do that. Has something changed for 2025? Is this an oversight? PS: For the record, I am not eligible for the Form 1116 exemption.
April 7, 2025
12:42 PM
Thank you!