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But if box 4 (federal tax withheld) is also empty, and I don’t report the income by putting zero in box 7, aren’t I at risk of being penalized for not reporting income that was already shared with the IRS?

As a cash basis taxpayer with a business that isn't required to report inventory, you can "sell" all your remaining inventory in one tax year. From that point on, you would have no inventory to track or report. Simply expense your purchases as merchandise or supplies.   This would not be a change in accounting method requiring Form 3115, since you are not changing how you value your inventory. You basically have no more inventory.   @ritanbobk 

You would enter the interest for your second home in the mortgage interest section as if you received a Form 1098.     See the following TurboTax help article to learn more:   Is mortgage interest on an RV or mobile home tax deductible?   @macfam 

Thank you for the response. I live in CA. I tried entering my W2 home office expense and noticed it changed my state refund, and the federal due amount remained the same. Does that sound about right? 

If you decide to remove your son as a dependent then you will not have the issue of duplicate use of his SSN, so you can e-file --- if that is what you want to do.  If you do not claim him, you lose the $500 credit for other dependents, and possibly Head of Household filing status if you are a single parent, and earned income credit.

The question does make sense, but the circumstance does not.   This may be an issue with the classification of the states. Back in My Info for your daughter did you enter her home state for the whole year, or only for a part year. It should be the whole year.  Time at school is temporary. Did you then say that State 2 was a part year resident.  That is wrong. She should show as a non resident.  

Brittany My product is simply Business but, it covers what I need and, specifically says for trusts.  Now, I am doing a Trust and my top banner does not have a Personal tab. Reads: General info - Federal Taxes - Federal Review - State taxes - File Under Federal Taxes - Income - Deductions - Distributions - Other   under Other there is estimated taxes but only a table to enter amounts and dates There is nothing about penalty Thanks  Tp            

It's possible to owe an underpayment penalty if you don't withhold or pay enough tax on income received during each quarter. The $1,000 threshold refers to tax owed after subtracting withholding and refundable credits, not just the liability on the tax return.   If you'd like to reduce the penalty, you can visit the penalty section of TurboTax and enter the information in the interview to figure if an underpayment exception applies. To do this, navigate to Federal > Other Tax Situations > Additional Tax Payments > Underpayment Penalties > Start or Revisit   See also: Why am I getting an underpayment penalty if I'm getting a refund?

The self employed claim their business deductions directly on Schedule C. Business deductions are not claimed as itemized deductions. That is, the self employed get their business deductions in addition to their standard deduction.    

No one in the user forum can resolve a billing issue.  If you have a question about your TurboTax fees or billing, make sure you use the word “billing” in your request for help.  Do not use the word “refund.”   https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/contact-turbotax/L2y9ZKpQB_US_en_US?uid=m5s9l2vh

Yes, a formal document would allow you to allocate income and expenses as you wish. Plus, you can decide if the HELOC interest should be split using the same percentages. A legal agreement might prove to be important if you decide to sell the property or if another family member wishes to join the investment.

Do you have a VPN or virus protection that could have interfered with the import?   Have you considered accessing TurboTax Online through a different browser?   If the .CSV contains nine transactions, would you be able to construct an IRS form 1099-B and report the transactions manually?  The transactions could be reported one by one or reported in summary fashion, grouped by sales category, for example, Box A short-term covered or Box D long-term covered.    @filing_tax125 

Thanks for the quick reply.  Quick follow up question now...   Lets say I claim him as a dependent, attempt the e-File and it gets rejected as you stated because it turns out he did not check that box.  If that's the case then its no big deal and I will give up claiming him as a dependent, just to make things easier.  If I were to then just modify my forms, removing him as a dependent, would I still be able to e-File, the modified returns?   Basically in other words, if it gets rejected once, does TT/the IRS allow a second attempt of e-File after the corrections/modifications are made or am I forced to still paper file after removing him as a dependent?