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April 7, 2025
8:54 PM
If your spouse was covered under your family plan, your answer to the question What type of High Deductible Health Plan did [spouse] have on December 1, 2024? should be None. The question is referrin...
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If your spouse was covered under your family plan, your answer to the question What type of High Deductible Health Plan did [spouse] have on December 1, 2024? should be None. The question is referring to the HDHP that your spouse had in their name .me. If you need to correct, return to the section, and answer the questions again. Follow the instructions below: Sign into TurboTax and open or continue your return Type hsa in the search box Select the Jump to link in the search results Edit your answers in the HSA interview and make sure that you answer None for your spouse. Enter your HSA contributions in the Deduction & Credits section under HSA, MSA Contributions.
April 7, 2025
8:53 PM
You allocate the income you earned to the state you earned it while working in that state or as a resident of that state.
Did you live in or work in New Jersey?
April 7, 2025
8:51 PM
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April 7, 2025
8:50 PM
In 2024, my father in law received a lump sum RMD after 14 years (from 4/1/2010), he was not aware of the retirement pension. The plan administrator included interest income in the lump sum amount. ...
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In 2024, my father in law received a lump sum RMD after 14 years (from 4/1/2010), he was not aware of the retirement pension. The plan administrator included interest income in the lump sum amount. As an example, the amount received was $50,000 (including estimated $5,000 interest income). Assuming the RMD per year is $300, what line numbers do these amounts go? Also, requesting additional taxes to be waived. Some explanation would be greatly appreciated. Thank you.
April 7, 2025
8:50 PM
You can likely deduct the cost of gift cards and merchandise given away at your travel promotion seminars as business expenses. Here’s how to handle it:
Deducting Promotional Expenses
Gift Ca...
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You can likely deduct the cost of gift cards and merchandise given away at your travel promotion seminars as business expenses. Here’s how to handle it:
Deducting Promotional Expenses
Gift Cards and Merchandise: These can be categorized as advertising or promotional expenses. On Schedule C, you would typically enter these amounts under "Advertising" (Line 😎 or "Other Expenses" (Line 27a) with a detailed description.
Helpful Links
IRS Schedule C Instructions
Tax Write-Offs for Event Planners
Original Post
April 7, 2025
8:49 PM
@KeshaH Token #: 170576808-44678568
W-2 from North Carolina
W-2 from California (IHSS)
Can you email me directly or advise me to call a certain reference/ticket/token #? I don't feel comfor...
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@KeshaH Token #: 170576808-44678568
W-2 from North Carolina
W-2 from California (IHSS)
Can you email me directly or advise me to call a certain reference/ticket/token #? I don't feel comfortable replying here despite personal identifiers redacted.
April 7, 2025
8:49 PM
You can just not report the 1099-MISC or enter it and back-out the income.
This is the same as an insurance payment for repairs, it is not taxable income.
a) Enter Form 1099-MISC so the IRS ...
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You can just not report the 1099-MISC or enter it and back-out the income.
This is the same as an insurance payment for repairs, it is not taxable income.
a) Enter Form 1099-MISC so the IRS can match it
b) Back out the income so you are not double-taxed
To do that-
Enter the 1099-MISC Under
Wages & Income
Other Common Income
Income from Form 1099-MISC START
Enter the 1099-MISC as it was reported, Type "property damage reimbursement " or something similar for the description,
Select "None of these apply" for uncommon situations,
"NO" not like main job,
Only got it in 2024,
"NO" no intent to earn money,
DONE
THIS GETS THE FORM ON YOUR RETURN, now back out the double income-
Wages & Income
LESS COMMON INCOME
Miscellaneous Income, 1099-A, 1099-C START
Scroll all the way down to the LAST option- Other reportable income START
Type "property damage reimbursement" on 1099-MISC" or some other description the IRS will understand and enter the amount AS A NEGATIVE AMOUNT (put a minus sign (-) in front of the number
Done
The 1099-MISC as well as the negating entry will both be on Schedule 1 line 8z
This results in zero income
April 7, 2025
8:48 PM
I'm using Turbotax premier 2024 and this import bug still exists. I imported from Fidelity - a connector TurboTax offers...but it only imported 100 stock sale transactions. Please fix this...again!
April 7, 2025
8:47 PM
1 Cheer
If you were renting out the entire house, you would not enter days of personal use. If your house was a rental for the first half of 2024, the you would "dispose of" the rental property by indicatin...
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If you were renting out the entire house, you would not enter days of personal use. If your house was a rental for the first half of 2024, the you would "dispose of" the rental property by indicating it was converted to personal use. You will enter 100% of the expenses for the period it was a rental (e.g. insurance, maintenance). Something that is paid annually, like property tax would be allocated. You would report half as a rental expense and half as an itemized deduction. For the interest, make two separate entries - one for the rental and one for the personal residence period.
April 7, 2025
8:45 PM
Yes, you can. You are considered self-employed and will complete Schedule C which is how you report your self-employment income. The good news is that you can deduct ordinary expenses that you incur...
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Yes, you can. You are considered self-employed and will complete Schedule C which is how you report your self-employment income. The good news is that you can deduct ordinary expenses that you incurred making this income. Follow the steps below to enter your income.
Open TurboTax
Select Wages & Income
Select Self-Employment Income and Expenses
TurboTax will guide you through the interview screens to help you enter your income and expenses.
For additional information, review the TurboTax help articles: What self-employed expenses can I deduct? and How do I report income from self-employment?
You will also be subject to self-employment taxes. Self-employment taxes and deduction are calculated on Schedule SE. For additional information, please see the TurboTax article Self-Employed Federal Income Taxes.
April 7, 2025
8:44 PM
@rdowns96 The download is exactly the same as the CD but better. It will have all the updates. You can still install it on 5 computers and even on the other operating system Windows or Mac. H...
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@rdowns96 The download is exactly the same as the CD but better. It will have all the updates. You can still install it on 5 computers and even on the other operating system Windows or Mac. How to install and Activate the Desktop program with a License Code How to install TurboTax CD/Download software with license code If you want a CD you can now buy an install CD for $10 AFTER you buy the download and License Code for the version you want. That’s if you don’t want to use the download method or want to reinstall or install it another computer. TurboTax® Desktop 2024-2025 | Tax Software Download
April 7, 2025
8:41 PM
I agree. I have been a customer for many years. Now I can't get the disk so Turbo Tax is losing another long time customer!
April 7, 2025
8:41 PM
Once your tax return has been processed you can prepare your amendment. If you used TurboTax Online, simply log in to your account and select “Amend a return that was filed and accepted.” If you use...
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Once your tax return has been processed you can prepare your amendment. If you used TurboTax Online, simply log in to your account and select “Amend a return that was filed and accepted.” If you used our CD/download product, sign back into your return and select “Amend a filed return.” TurboTax will guide you through preparing your amended tax return.
For more information and instructions, review the TurboTax articles How to Correct Federal Tax Returns, How to File an Amended Tax Return with the IRS and Video: How to Amend Your Tax Return.
April 7, 2025
8:41 PM
For example, I bought the business for $300K and the majority of it was for the equipment required to run the business so I want to deduct the purchases of those
April 7, 2025
8:41 PM
You really need to post this on your other post. You should add on to the first post and keep all the posts together or we don’t know what you are answering.
April 7, 2025
8:40 PM
Self Employed Travel and Event Planner booked travel, led tours, hosted events, catered events. Formed LLC January 2025. Can I file a Schedule C for all the qualifying business deductions on my 202...
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Self Employed Travel and Event Planner booked travel, led tours, hosted events, catered events. Formed LLC January 2025. Can I file a Schedule C for all the qualifying business deductions on my 2024 taxes?
April 7, 2025
8:38 PM
I had a few years of renting a room in my home and failed to include a deduction for depreciation for those tax years since I incorrectly assumed depreciation should only be used when renting the ent...
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I had a few years of renting a room in my home and failed to include a deduction for depreciation for those tax years since I incorrectly assumed depreciation should only be used when renting the entire house. I was wrong. Now I am renting the entire house and realize I should have been including a depreciation component for the fraction of my home the room rental represented. So this year I plan to file Form 3115 together with my FED taxes to include the additional "catch up" depreciation deduction. I believe I understand the process and how to fill out Form 3115 but have a couple of questions regarding how to answer TurboTax interview questions. Even though I failed to include depreciation for those prior years (too many to just file amended returns) I should still let TurboTax assume I had been claiming depreciation for those prior years so that it will compute the correct depreciation deduction for this year. Then I will compute the catch up amount separately and include this as an "other expense" on line 19 with description "Catch up depreciation from Form 3115". So the question I've got here is what value should appear in the "Total Depreciation Claimed in Previous Years" interview box. I've assume I should not put 0 in this box so that TurboTax computes the correct amount for this year. Also, the catch up depreciation for the earlier years (2019-2023) must use just the starting basis value for the fraction of the home the room represents. Will this fly? I understand that to include Form 3115 with my return I won't be able to eFile. Lastly, the rental property is in Vermont. Any idea whether I need to file something analogous with my Vermont state return?
Topics:
April 7, 2025
8:37 PM
So did you get 2 W2 forms from the new and old employer? If you are married and filing a Joint return be sure each W2 is assigned to you. You get excess SS back if you had more than 1 employer a...
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So did you get 2 W2 forms from the new and old employer? If you are married and filing a Joint return be sure each W2 is assigned to you. You get excess SS back if you had more than 1 employer and those employers took out more than the max for Social Security tax in W2 box 4. For 2024 the max for Social Security is $10,453.20 on $168,600 of wages (168,600 x 6.2%). And it is for each spouse separately if married. Be sure each W2 is assigned to the right person. The excess is on 1040 Schedule 3 line 11 which goes to 1040 line 31. Did you only have 1 employer? If only 1 employer took out too much you need to get it back from the employer. Check W2 boxes 3 & 4. How much is in each box? Box 4 should be Box 3 x .062 up to a max of $10,453.20. If box 4 is more than that you need to get a corrected W2 from your employer. Try leaving the cents off box 4. But also go back and double check your W2 entries, you may have entered box 3 & 4 wrong. A lot of people who have asked this found they did enter an amount wrong.
April 7, 2025
8:36 PM
This is in response to someone who asked what version I am using. . My question is about how a 1099-R is entered in the 2024 version of TT Business vs how a 1099-R is entered in the 2024 version of T...
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This is in response to someone who asked what version I am using. . My question is about how a 1099-R is entered in the 2024 version of TT Business vs how a 1099-R is entered in the 2024 version of TT Premier. The only thing I can enter for a 1099-R in TT 2024 Business is the Ox 1 amount of the 1099-R. But in Premier, I can enter all the boxes present on the 1099-R. I cannot accurately file taxes without being able to enter all the boxes.
Topics:
April 7, 2025
8:35 PM
1 Cheer
I think you have it figured out; however, you won't be able to e-file the state tax returns. You will have to print and mail those. A state e-file requires it be accompanied by a federal e-file. F...
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I think you have it figured out; however, you won't be able to e-file the state tax returns. You will have to print and mail those. A state e-file requires it be accompanied by a federal e-file. For your additional forms, if you any joint accounts, you can split those however you want. For those that are titled in only one name file it with the person it belongs to.
For your joint federal return in TurboTax, I would also see what the results are if you file both states jointly.