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May 20, 2025
1:04 PM
Assuming you own the rental property and are trying to report your activity, please follow the instructions in this link for guidance.
You can also refer to what kinds of rental property expe...
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Assuming you own the rental property and are trying to report your activity, please follow the instructions in this link for guidance.
You can also refer to what kinds of rental property expenses can I deduct for more details on the types of expenses you can offset your rental income with.
May 20, 2025
1:02 PM
1 Cheer
Unfortunately, there is nothing that can be done from a tax perspective. The interest paid is not deductible because it was not used to buy, improve, etc. of her home. Repayment of COVID forbe...
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Unfortunately, there is nothing that can be done from a tax perspective. The interest paid is not deductible because it was not used to buy, improve, etc. of her home. Repayment of COVID forbearance is not deductible. However, if part of the forbearance repayment was deferred interest that occurred on a loan that was used for qualified reasons, then your daughter could deduct the interest portion if she itemizes. And if the terms of the loan specify that forbearance and First Time Homebuyer Credit must be repaid, then that's the terms. However, you might want to check with an attorney if the terms were upheld correctly.
May 20, 2025
12:57 PM
Thank you very much for your response and please forgive my lack of understanding. I have the same issue with Annualized Income for my amended return for 2024. The issue I have is confusion about 104...
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Thank you very much for your response and please forgive my lack of understanding. I have the same issue with Annualized Income for my amended return for 2024. The issue I have is confusion about 1040-X and the recommendation for the entry for line 16. Turbo Tax Smart Worksheet on Form 1040-X above line 16 states: B. Tax Paid on original return (not including penalties) The answer presented in the message seems to suggest otherwise. Please help an old dummy with what to do with the penalty on the original return in filing 1040-X. Thank you very much, in advance, for any information you can provide.
May 20, 2025
12:55 PM
2 Cheers
Well that sucks. Why doesn't Intuit come out and say the version is no longer supported on my subscription page instead of allowing me to waste my time downloading and trying to troubleshoot a produc...
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Well that sucks. Why doesn't Intuit come out and say the version is no longer supported on my subscription page instead of allowing me to waste my time downloading and trying to troubleshoot a product that is never going to work? Talk about a horrible customer experience!
May 20, 2025
12:55 PM
@Jonson702ER ,
(a) Was this your first entry in to the USA in 2024 ? How about prior two years ? Generally your residency start date is dictated by the passing of Substantial Presence Test an...
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@Jonson702ER ,
(a) Was this your first entry in to the USA in 2024 ? How about prior two years ? Generally your residency start date is dictated by the passing of Substantial Presence Test and/or Green Card test.
(b) What type of pension --- public sourced or private sourced. Most treaties limit whom ( which country ) can tax the pension.
I will circle back when I hear from you -- yes ?
May 20, 2025
12:49 PM
Unfortunately TurboTax no longer supports tax year 2019 so your license code will not activate the 2019 program, hence the error code.
May 20, 2025
12:48 PM
@classicore7 that is generally correct. Each year stands on its own i.e. each year you test the balance in the foreign accounts ( total of all accounts ) for requirement/ need to file FBAR and/o...
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@classicore7 that is generally correct. Each year stands on its own i.e. each year you test the balance in the foreign accounts ( total of all accounts ) for requirement/ need to file FBAR and/or FATCA ( form 8938 ) forms. Note that exchange rate fluctuations may affect your requirement to file. Hence my view is when in doubt, just file the forms -- they have no tax impact anyways.
Is there more I can do for you ?
May 20, 2025
12:40 PM
My suggestion would be for each SMLLC to collect rent and pay its own expenses. The reason is that this way it will not blur the entity separation. Better for asset and liability protection. The fact...
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My suggestion would be for each SMLLC to collect rent and pay its own expenses. The reason is that this way it will not blur the entity separation. Better for asset and liability protection. The fact that the properties are in different states also advocates for this method.
SMLLCs do not file their own tax return. The sole member reports the income and expenses on its own return. That is to say, the MMLLC will file Form 1065. You will report each property on a separate 8825. Then the net of the rental activity will flow to Schedule K-1. And each LLC member will, in turn, report that income/loss on their own tax return.
The MMLLC will probably be required to file a multi-state return to show the activity in each state.
May 20, 2025
12:36 PM
2 Cheers
I'm trying to access a previous year's return on my new Mac and the 2019 TurboTax desktop app that I downloaded from my Intuit account installed ok but the key I got from the download page on my acco...
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I'm trying to access a previous year's return on my new Mac and the 2019 TurboTax desktop app that I downloaded from my Intuit account installed ok but the key I got from the download page on my account doesn't work. I get a 630 error.
May 20, 2025
12:36 PM
Please read previous messages on this thread. A solution has already been posted.
May 20, 2025
12:30 PM
The simplest way to go about it is to take your 2024 state liability (line 11 on IN IT-40), multiply it by 110% (depending on your income, you could do 100% instead of 110%, but this way, you'd appro...
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The simplest way to go about it is to take your 2024 state liability (line 11 on IN IT-40), multiply it by 110% (depending on your income, you could do 100% instead of 110%, but this way, you'd approach it more conservatively). Once you arrive at a number, reduce it by the estimated amount of withholdings by your employer (if any). The remaining amount is divided by 4 and paid quarterly.
Indiana estimated tax due dates are the same as federal: April 15, June 15, September 15, and January 15 (next year).
Here is an example:
Let's say your IT-40, line 11 for 2024, shows $2,000. Multiplying it by 110% results in $2,200. Let's assume that your employer will withhold $1,500 in IN taxes. That leaves you with $700 of unpaid taxes. That's $175 each quarter.
This doesn't guarantee that you won't owe when you prepare your taxes. But it will cover the minimum under safe harbor, and you will not incur penalties for late payment. As long as you pay the rest by the due date of the return.
May 20, 2025
12:22 PM
Sing123 I looked on the Conroe ISD website conroeisd.net and found some information for you. If you go to the area that is titled Substitutes, scroll way down to Helpful Resources under Benefits Inf...
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Sing123 I looked on the Conroe ISD website conroeisd.net and found some information for you. If you go to the area that is titled Substitutes, scroll way down to Helpful Resources under Benefits Information there is a link for FICA Alternative Plan HUB TCG. click on that link, it discusses another plan other than SS and TRS that she might be contributing to. She should check with HR to confirm what retirement plans are offered for her. Each district is different in Texas!!
May 20, 2025
12:12 PM
If the bank account information you entered on the 2024 tax return for direct deposit to a bank account is incorrect, it cannot be changed after the tax return has been filed. When the IRS issues th...
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If the bank account information you entered on the 2024 tax return for direct deposit to a bank account is incorrect, it cannot be changed after the tax return has been filed. When the IRS issues the tax refund for direct deposit the receiving bank will reject the deposit with the incorrect information. The bank will then return the refund to the IRS. The IRS will then mail a refund check to the address entered on the tax return.
May 20, 2025
12:07 PM
I filled in 2024 but then I didn't get the carts so I need to go irs this year to get the refund. However I don't have that bank acc I put on file in 2024
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May 20, 2025
12:00 PM
@alexdn94 wrote:
So if they bill us and we pay, then are we getting the full refund or do you still intend to deduct a second charge from our refund? Can you clarify this, as, to me, if you are ...
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@alexdn94 wrote:
So if they bill us and we pay, then are we getting the full refund or do you still intend to deduct a second charge from our refund? Can you clarify this, as, to me, if you are going to take a cut at both times that is misleading and extortionary.
As stated in the TurboTax support FAQ - https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/bank-account-auto-debited-turbotax-fees/L3rDdVynu_US_en_US?uid=mawvkjq1
You can also be auto-debited if you signed up for Pay With My Refund and your refund is sufficient, but the IRS is still holding your refund 36 days after your original estimated refund date. In this case, you'll get the same email notifications from us, except we'll debit the Pay With My Refund fee (if any) in addition to your other TurboTax fees.
You will only be charged Once for the TurboTax account fees and the $40 third party Pay With My Refund fee.
May 20, 2025
11:56 AM
Did you check the date sent on them? Maybe they are old ones that somehow got sorted in your email list and showed up like recent. I would check with your email provider. They might have done so...
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Did you check the date sent on them? Maybe they are old ones that somehow got sorted in your email list and showed up like recent. I would check with your email provider. They might have done something that caused them to be sent to you. Like they restored or resent archived or deleted emails. They might have had a glitch. You might not be the only one.
May 20, 2025
11:54 AM
So if they bill us and we pay, then are we getting the full refund or do you still intend to deduct a second charge from our refund? Can you clarify this, as, to me, if you are going to take a cut at...
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So if they bill us and we pay, then are we getting the full refund or do you still intend to deduct a second charge from our refund? Can you clarify this, as, to me, if you are going to take a cut at both times that is misleading and extortionary.
May 20, 2025
11:51 AM
1 Cheer
If you are certain that the worksheet is not required or needed anymore, then you can delete it under the Forms menu.
May 20, 2025
11:50 AM
All entries within TurboTax come directly from manual entries or imports. Therefore, TurboTax would only include items on the tax returns as entered.
If the state taxing agency makes any chan...
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All entries within TurboTax come directly from manual entries or imports. Therefore, TurboTax would only include items on the tax returns as entered.
If the state taxing agency makes any changes to your return, they will mail you a letter letting you know of any adjustments and will give you an option to reply and provide proof of your entries on your tax return. Please see this link from the FTB for more information on what to expect.
If you feel the error was due to a calculation error, please see this link for guidance on submitting a claim.
May 20, 2025
11:49 AM
The T1-OVP is not available in TurboTax, so we can't advise on how that form works. You can contact the Canada Revenue Agency (CRA) and ask them.
If you are in Canada or the United States, you...
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The T1-OVP is not available in TurboTax, so we can't advise on how that form works. You can contact the Canada Revenue Agency (CRA) and ask them.
If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency