All Posts

If you are receiving an EIN issue, it could be caused by a couple of things. Here are some things to know: An EIN and TIN are the same thing. The number belongs to the issuer of the form. An EIN/ TIN and SSN are the same number of digits  Your SSN is there as the recipient. If you have no tax withheld, the box should be blank, not zero.   @KCliff What is your error message? Can you verify the items above are correctly entered?

 Since you are a  dependent, you don't need to enter the 1095-A on your tax return. Your won't have any health insurance questions to answer on return.  TurboTax will tell you "Since someone is claiming you on their 2024 taxes, you don't have to complete Health Insurance".

I think The 5 digit pin is a number you can make up each year.  It doesn’t have to be the same number each year.  Just write down the number in your tax file in case anyone needs it. Write it in a post it and stick it on your tax return copy.   My pin transferred over from last year so I just used the same number.   I have no idea what it’s used for.  

I short, it sounds like what you are saying is that Turbo tax does not work for this scenario, correct? If my plan was to take 100% of the allocation and not give any to my daughter and in turbo tax, just ignore the allocation stuff and link it to my business, will the tax computations be correct as iff I had allocated 0% and turbo tax worked? So that in the end, the IRS can complain about not allocating, but my response is that it doesnt change my taxable liablitiy - is that all correct?

There are cases when the issuer of the IRS form 1099-B does not have the information or is not required to report the information that they have.     You may enter an IRS form 1099-B into TurboTax Premium Online on a One by one basis by following these steps.   Down the left side of the screen, click Federal. Down the left side of the screen, click Wages & Income. Click the down arrow to the right of Investments and Savings. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B). Click Add investments. On the Let's import your tax info screen, select Enter a different way. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue. At the screen Which bank or brokerage, enter the information.  Click Continue. Do these sales include any employee stock, enter No. Do you have more than three sales, enter No. Do these sales include any other types of investments, enter No. Did you buy every investment listed, enter Yes.  Continue. On the screen Now, choose how to enter your sales, select One by One.  Select Continue. At the screen Look for your sales on your 1099-B, select Continue. Enter the information.  Continue.

It is telling you to leave the whole state taxes section blank, boxes 15, 16, and 17, if they are empty on your form. If box 17 on your 1099-INT is zero or blank, leave boxes 15, 16, and 17 blank in TurboTax. Do not enter anything. Do not enter zero in box 17. Leave it empty. If you have state tax withheld in box 17, then you must select the state in box 15. Box 15 should not be blank on the form if there is an amount (other than zero) in box 17.  

Since my 2024 W-2 has it listed, I would prefer to create the 1099-R.  However, when entering data into Box 7 code P seems incorrect as it states - "P-Return of contribution taxable in 2023"  shouldn't it be 2024?   Also - since I'm over 59 1/2 can I consider it an distribution where I'm not taxed so much?  If so, I can I do that?

It looks like you’ll still receive K-1 and K-3 tax documents for Energy Transfer LP in 2025, even though you sold your units. These documents are expected to be available online and mailed out between March 18, 2025, and March 25, 2025.   Regarding Form 8990, while partners in a partnership are generally required to file it, there are exemptions based on factors like gross receipts and business interest expense limitations. If your accountant didn’t complete Form 8990 but did file Schedule D, E, and Form 8582, it’s possible that your situation met one of the exemptions. Given the small amounts involved, it may not significantly impact your tax return.   As for TurboTax Home & Business, it’s designed for self-employed individuals and those with business income, including Schedule C filers. If you’re mainly dealing with investment-related tax documents like K-1s, TurboTax Premier might be a better fit.    If you’re worried about not knowing the answers to some interview questions, TurboTax does provide step-by-step guidance and will lead you through your return from start to finish.

I added the 1099-K for the NFL season ticket reseller but never found where I was supposed to enter what was originally paid for the tickets...The help says this:  For 2024 the IRS does not require you to report these payments separately. TurboTax will not give you a separate field for the amounts reported on your 1099-K(s), so be sure that you visit the other income topics to report any income that you received via credit cards, debit cards, or electronic payments in 2024.   Where are the "other income topics"?   I'm using 2024 home and business. 

Dear Mertz and Diane,  Thankyou for this crucial clarification on form SE line 4c is the valve that go to SSA, I also checked on my previous years earning for SSA from the form SE  it matched with SE line 4c also some thing I learned that they use multiple of 10 to record your earning so they up or lower your earning to nearest multiple of 10. that  means for $ 1526 it will reduced to 1525 and for $ 1529 will go up 1530. strange?  One more question still bugging me that when IRS do withhold tax from W2 with every pay check for current year 2025 then is there still need to pay estimated tax for 2025 in addition to W2.  Its look like once I earned my quarter with SSA I will not do any side work., so this will get rid of SE form fro me (one less headach) So do I still make estimated tax payment for 2025. I am an individule with just one full time job and my job doed not contribute to SSA  for this reason I did side job. Please help. Some good folks help me bhut this is still an issue with me.  Thank you,  Cassy007

@ramNAM wrote: @Opus 17 I asked HSA custodian to have the excess removed and in my account activities transaction is marked as an excess removal with Earnings on Excess Contributions as $0.0 For 2024 How is the excess reconciled on form 5329. On Line 42 I will have $1035 On Line 43 is 0 as i maxed HSA  On Line 44 is 0 as (In 8889 14a 1350 and 14b 1350 result in 0 for line 16) No.   Line 42 is $1035.   If you remove $1035 as an excess contribution for 2024 before the deadline of April 15, 2025, then per the instructions, you will enter $1035 on line 43.  (Your max $4150 minus your net contributions of $3115.  Excess contributions removed before the deadline are considered never to have been made.)   Line 44 is taxable distributions, that's distributions not used for medical care, that should be zero, because you don't want to be paying tax and a 20% penalty.   Line 45 is $1035, line 46 is zero.  Line 47 and 48 are zero.  That's how the 2023 excess gets removed by applying it toward the 2024 limit, as long as you remove some 2024 contributions to "make room" under the limit. 

If the pin isn't accepted by the IRS, you'll receive a rejection notice and TurboTax will assist you with entering a new pin.  If you receive an acceptance for your returns, there is no need to worry that it will cause problems later - allowing electronic filing is the sole purpose of the pin. 

If that was the only income she had, you wouldn't need to include your daughter's interest on your return because it's under $1,300 and therefore not taxed. If you do decide to enter it into TurboTax, make sure you enter it on Form 8814, Parent's Election to Report Child's Interest and Dividends and not in the same place that you would report your own interest. You'll find this in the Less Common Income section under Wages and Income.   California has the same treatment, but their form number is Form 3803.    For more information, review this IRS article on Kiddie Tax.