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April 17, 2025
9:42 PM
Did you wait to amend until the first return has fully processed and you get the first refund or your tax due payment has cleared? Then the amended 1040X return is only for the difference you get b...
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Did you wait to amend until the first return has fully processed and you get the first refund or your tax due payment has cleared? Then the amended 1040X return is only for the difference you get back or owe. I think the cover sheet shows what the original return WOULD have been if you did it right the first time. Ignore the new 1040 that might print out. Did you delete the first wrong W2?
April 17, 2025
9:39 PM
Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. No attachment is necessary. As an acti...
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Detail Reporting Exception: if you summarize Category A or Category D, Form 8949 is not needed for transactions without adjustments. No mailing is necessary. No attachment is necessary. As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions. Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a. No mailing is necessary. If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly. @Uncle_Solo
April 17, 2025
9:25 PM
IRS Pub 559 -- "If the decedent accounted for income under the cash method, only those items actually or constructively received before death are included on the final return. Income in Respect of ...
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IRS Pub 559 -- "If the decedent accounted for income under the cash method, only those items actually or constructively received before death are included on the final return. Income in Respect of a Decedent All income the decedent would have received had death not occurred that was not properly includible on the final return, discussed earlier, is income in respect of a decedent. How To Report Income in respect of a decedent must be included in the income of one of the following. The decedent's estate, if the estate receives it. The beneficiary, if the right to income is passed directly to the beneficiary and the beneficiary receives it. Any person to whom the estate properly distributes the right to receive it." @CW62
April 17, 2025
9:20 PM
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April 17, 2025
9:17 PM
when your spouse dies with solely owned carryover losses on their final tax return, those amounts are lost, like tears in rain. @CW62
April 17, 2025
9:08 PM
I prepared and filed my 2024 income taxes using Turbo Tax. It appears that Turbo tax made an error in calculating the deduction for my home office on my schedule C. On schedule C, I reported 6,536 as...
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I prepared and filed my 2024 income taxes using Turbo Tax. It appears that Turbo tax made an error in calculating the deduction for my home office on my schedule C. On schedule C, I reported 6,536 as gross income on line 7 and total expenses of 3,710 as total expenses on line 28. This gave me a tentative profit of 2,826 reported on line 29 of Schedule C. On Form 8829 line 8, Turbo tax carried over a value of -3,710. But it should have carried over the value of 2,826 from line 29 Schedule C. (Other items such as gain derived from business use of my home minus any loss from trade or business not derived from the business use of my home are not applicable.) Line 8 of schedule 8829 clearly says to input the amount from Line 29 of schedule C. This amount should be 2,826, not the -3,710 (Sch C line 28) reported by TurboTax, As a result of this error, the allowable operating expenses on line 27 of Form 8829 are reported by Turbo Tax as zero, It should be 948. How do I fix this and file an amend ed return?
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April 17, 2025
9:01 PM
@ndimitru
April 17, 2025
8:44 PM
If you don't want to be late go to IRS.gov Direct Pay page and pay the amount you owe. If you can't pay it all, pay as much as you can. IRS will bill you with interest for the rest. @Mark4468
April 17, 2025
8:43 PM
I'm a little confused by your reply, @DianeW777 . You did not specifically address the Special $25K Allowance (Pub 925, page 5) that I mentioned. I assume that you are saying that this Allowance is a...
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I'm a little confused by your reply, @DianeW777 . You did not specifically address the Special $25K Allowance (Pub 925, page 5) that I mentioned. I assume that you are saying that this Allowance is applicable only while I have an active rental property, and not after the rental property has been converted to personal use, right? But in the second part of your reply you advise that I "continue to add this to your tax return" until I sell the property. If I add it to the tax return (by having a Schedule E for my property that has been converted to personal use but not sold), then TurboTax will generate a Form 8582, and then the PAL will be applied via the Special $25K Allowance if my income is low enough. So was the second part of your reply applicable only if I have another rental property? BTW, I use TurboTax Desktop, and it had been carrying forward the PAL from year to year automatically, until I deleted the Schedule E when I converted the property to personal use in 2020.
April 17, 2025
8:40 PM
IRS has not entered your filed return yet. That means it is on hold for some reason. Look under Notices to see if IRS is waiting for a response to a letter they sent you. @sbsvwa
April 17, 2025
8:30 PM
That seems to be for the IP Pin. You can add it and refile. See this thread https://ttlc.intuit.com/community/taxes/discussion/ind-181-01-the-identity-protection-pin-ip-pin-for-the-first-taxpayer...
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That seems to be for the IP Pin. You can add it and refile. See this thread https://ttlc.intuit.com/community/taxes/discussion/ind-181-01-the-identity-protection-pin-ip-pin-for-the-first-taxpayer-on-your-return-is-missing/00/3632271
April 17, 2025
8:17 PM
For the federal amended return, include only Form 1040-X and any forms or schedules that have changed or are added. Do not include a copy of the original return. For more details see the IRS Instruct...
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For the federal amended return, include only Form 1040-X and any forms or schedules that have changed or are added. Do not include a copy of the original return. For more details see the IRS Instructions for Form 1040-X, especially "Assembling Your Return" on page 11.
For New Jersey see "Enclosures with Form NJ-1040X" on page 1 of the Instructions for Form NJ-1040X. Do not use staples, paper clips, or anything else to fasten the pages. Just put all of the pages loose in the envelope.
April 17, 2025
7:57 PM
April 17, 2025
7:55 PM
Pending means the IRS has them but has not processed them yet. It normally takes about 21 days. If they are still pending after 21 days, then contact the IRS to see what is holding them up.
April 17, 2025
7:47 PM
Since you say that you "live in New Jersey," New Jersey is most likely your "domicile." If New Jersey is your domicile, and you have a permanent home in New Jersey, you are a full-year resident of Ne...
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Since you say that you "live in New Jersey," New Jersey is most likely your "domicile." If New Jersey is your domicile, and you have a permanent home in New Jersey, you are a full-year resident of New Jersey for income tax purposes, even if you don't spend much time in the state. For more details see pages 2 and 3 of Publication GIT-6.
April 17, 2025
7:45 PM