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3 weeks ago
Do you also have Form 1099-Q reporting a distribution?
Normally the option to enter Room and Board only appears if there is also a 1099-Q.
Room and board will offset income on a 1099-Q, but ...
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Do you also have Form 1099-Q reporting a distribution?
Normally the option to enter Room and Board only appears if there is also a 1099-Q.
Room and board will offset income on a 1099-Q, but not scholarships or fellowships.
@aries0494
3 weeks ago
I filled out the information for a clerical taxpayer his pension was an after-tax contribution; Form 1099R said in 2b "taxable amount not determined", what that means ? and why is calculating addit...
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I filled out the information for a clerical taxpayer his pension was an after-tax contribution; Form 1099R said in 2b "taxable amount not determined", what that means ? and why is calculating additional income tax ???
3 weeks ago
1 Cheer
In the Ohio return, you will see the section where you indicate the Ohio amount (see below). @jctx
3 weeks ago
It's not clear what you're saying. Was the rent included in the box 5 amount on the 1098-T? If yes, then it is additional income and TurboTax (TT) will treat it like ordinary scholarship (apply to t...
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It's not clear what you're saying. Was the rent included in the box 5 amount on the 1098-T? If yes, then it is additional income and TurboTax (TT) will treat it like ordinary scholarship (apply to the box 1 tuition first, then treat any excess as taxable). If you want to designate it as taxable (for example to free up tuition for you, or your parents to claim the tuition credit), answer yes when TT asks if any of the grant was used for room & board.
3 weeks ago
You can use the instructions below to enter your Form 1099-MISC that you received. Make sure to answer "No" to the questions "Did this income involve work that's like your main job" and "Did this inc...
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You can use the instructions below to enter your Form 1099-MISC that you received. Make sure to answer "No" to the questions "Did this income involve work that's like your main job" and "Did this income involve the intent to earn money?"
Form 1099-MISC is used to report miscellaneous income for individuals and companies who have been paid $600 or more in non-employee service payments during a calendar year.
To enter a Form 1099-MISC into TurboTax you can:
Click on the "Search" icon
Enter "1099-MISC" in the search box
Select "Jump to form 1099-misc"
It will take you to a screen that says, "Did you get a 1099-MISC?
Select "Yes"
Enter your Form 1099-MISC information. If your 1099-MISC has entries in boxes 4-18, make sure to check the box that says "My form has other info in boxes 1-18"
Select "Continue"
Enter a description for your income
The next screen will say, "Does One of These Uncommon Situations Apply"? If none apply, select "None of these apply" and "Continue"
Your screen will say, "Did the (name of income) involve work that's like (Your Name) main job?" Answer "No"
Your next screen says, "How often did (Your Name) get income for (name of income)?"
Select (Your Name) got in 2024.
Select "Continue"
"Did the (name of income) involve an intent to earn money?"
Answer "No" and "Continue,"
Click here for Publication 525 (2024), Taxable and Nontaxable Income
Click here for additional information on entering your Form 1099-MISC.
Click here for additional information on Form 1099-MISC.
Click here for additional information on Schedule 1.
3 weeks ago
You can contact the TurboTax Support Phone Number.
@JIm Scully
3 weeks ago
The user interface is somewhat different in the Online and Desktop versions, but both offer the user a way to edit a specific transaction. Click on the pencil, rather than the check box.
In the...
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The user interface is somewhat different in the Online and Desktop versions, but both offer the user a way to edit a specific transaction. Click on the pencil, rather than the check box.
In the Desktop versions, from the Income Summary, you can open the investments, Stock transactions category, click edit, and then click on the pencil icon next to the specific transaction you would like to edit.
In TurboTax Online, open Wages & Income, scroll down to Investments and click Add/Edit. Once you have entered all of the transactions, you can click the pencil icon next to the specific transaction you would like to edit.
See screenshot below (the "pencil" is highlighted):
3 weeks ago
I too am getting this error. It wont let me start a new return. It shuts down and restarts and then gives me this error. Did anyone find a solution?
3 weeks ago
Why does TurboTax show an excess contribution penalty to a Health Savings Account when the amount contributed was $9,300, the maximum allowed for families in 2024 with catch up for over 55? I have no...
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Why does TurboTax show an excess contribution penalty to a Health Savings Account when the amount contributed was $9,300, the maximum allowed for families in 2024 with catch up for over 55? I have not entered anything as it was pulled in from my W2. I have indicated Yes to a family high deductible health plan for the entire year
3 weeks ago
Topics:
3 weeks ago
I understand why I owe taxes, but I don't understand why the safe harbor provision doesn't apply for the underpayment penalty. From the IRS website:
"You may avoid the Underpayment of Estimated Tax by...
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I understand why I owe taxes, but I don't understand why the safe harbor provision doesn't apply for the underpayment penalty. From the IRS website:
"You may avoid the Underpayment of Estimated Tax by Individuals Penalty if:
Your filed tax return shows you owe less than $1,000 or
You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less. If your adjusted gross income (AGI) for 2023 was more than $150,000 ($75,000 if your filing status for 2024 is married filing separately), substitute 110% for 100%."
I've already paid >110% of the tax shown on my 2023 return, so I thought that would avoid the penalty. What am I missing?
3 weeks ago
I finished my Federal part of my tax returns and am currently working on the State part. I'm a non-resident of Arizona and have filed my taxes with them for 10 years as a NR. This year and for the ...
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I finished my Federal part of my tax returns and am currently working on the State part. I'm a non-resident of Arizona and have filed my taxes with them for 10 years as a NR. This year and for the past two years, in the "Any Arizona Depreciation" section, Turbo Tax does not see a deduction for depreciation on my Federal Return for my rental property. Why? It's clearly noted on my Federal return, but my Arizona "State" part isn't seeing it.
3 weeks ago
That works too! Thanks!
3 weeks ago
From Why don’t I see a refund tracker or my taxes owed?, "you’ll see your refund or taxes due in the Federal Review section of TurboTax Online. For accuracy and simplicity, we show these totals after...
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From Why don’t I see a refund tracker or my taxes owed?, "you’ll see your refund or taxes due in the Federal Review section of TurboTax Online. For accuracy and simplicity, we show these totals after you enter your income, deductions, and credits instead of a running refund tracker at each step of the filing process."
3 weeks ago
HERE are the steps to preview using TurboTax Online
Desktop just switch to FORMS
3 weeks ago
Thank you, I now have the form 568. How can I e-file Form 568 through TurboTax? Since this is my first year filing, I am unable to register for an FTB account. Does TurboTax support e-filing for ...
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Thank you, I now have the form 568. How can I e-file Form 568 through TurboTax? Since this is my first year filing, I am unable to register for an FTB account. Does TurboTax support e-filing for first-year LLCs, and if so, what steps should I follow to submit Form 568 electronically?
3 weeks ago
OK, got it this time. Not sure why didn't see "Amend a return ..." before. Thanks!
3 weeks ago
A partnership has to file it's own Form 1065 partnership tax return, separate from your personal Form 1040 tax return. The partnership return will include a Schedule K-1 for each partner. Each partne...
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A partnership has to file it's own Form 1065 partnership tax return, separate from your personal Form 1040 tax return. The partnership return will include a Schedule K-1 for each partner. Each partner has to enter the information from the Schedule K-1 in his or her personal tax return.
You cannot use TurboTax Business to prepare the Form 1065 partnership return. You have to use TurboTax Business (which is not the same as Home & Business). You still need one of the personal editions, such as Home & Business, to prepare your personal Form 1040 tax return.
The filing deadline for partnership returns was March 15, not April 15. Late-filing penalties are high. The sooner you file, the less the penalty will be.