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April 12, 2025
7:23 PM
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April 12, 2025
7:21 PM
Got it! Thank you so much for the clear explanation and directions! It would be very helpful if TT would delete non-applicable forms when answers/data are changed to keep everything in check.
April 12, 2025
7:21 PM
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April 12, 2025
7:20 PM
Thank you! That makes sense. I’m assuming I’d deduct the parts as supplies under the business.
April 12, 2025
7:20 PM
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April 12, 2025
7:18 PM
Have the same issue twice, 2024 Premier version bought at Costco. "The License code you entered is not valid. Error: 606" Any fix? or just return to the Store?
April 12, 2025
7:18 PM
That will work. She will have taxable scholarship income for the amount that the scholarship exceeds her qualified education expenses.
Depending on the amounts on her 1098-T and your income lev...
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That will work. She will have taxable scholarship income for the amount that the scholarship exceeds her qualified education expenses.
Depending on the amounts on her 1098-T and your income level, it may be possible for you to take an education credit on your return. You can try having her enter less expenses on her return - which will increase her taxable income, but allows you to claim those expenses on your return. The education credit on your return may be higher than the additional tax your daughter will pay on her return.
The IRS recommends you handle the scholarship income and education expenses in the way that provides the best financial outcome for your family. This link is to a IRS slideshow presentation from 2014 - but the information is still valid.
April 12, 2025
7:18 PM
Hi Monika. My wife got an IHSS W2 for being our disabled daughter's caretaker at home (24/7 care essentially). Her box1 is over 30k. but she should be exempt because our daughter lives with us. h...
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Hi Monika. My wife got an IHSS W2 for being our disabled daughter's caretaker at home (24/7 care essentially). Her box1 is over 30k. but she should be exempt because our daughter lives with us. however when entering the w2 into turbotax it taxes us heavily and now i'm owing a lot of money. I believe she filled out the SOC 2298 form earlier in the year (2024) so this is strange. My daughter's address weirdly is showing the IHSS POBOX address here in California. Should it be showing our home address? I'm wondering if CA IHSS made a mistake on our W2.
April 12, 2025
7:17 PM
"Get ready to save and file your return...." is not working no email code is being sent to me
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April 12, 2025
7:17 PM
You don't need to file anything as the recipient.
Your parents as the donor may need to file a gift tax return, depending on the amount of the gift. The donor doesn't have to pay taxes if the...
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You don't need to file anything as the recipient.
Your parents as the donor may need to file a gift tax return, depending on the amount of the gift. The donor doesn't have to pay taxes if they haven't reached the lifetime exemption, but they may need to file a gift tax return. What you need to file is: Form 709: US Gift (and Generation-Skipping Transfer) Tax Return. Keep in mind, married couples can double the $18,000 and count the gift as a joint gift.
Here is an article you may find helpful: The Gift Tax Made Simple
April 12, 2025
7:17 PM
Thank you! I have not filed my state return yet. Should I include the missing 1099 information and then file or amend it later along with the federal and leave out the 1099 this time?
April 12, 2025
7:16 PM
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April 12, 2025
7:16 PM
Hi, there, I have two questions about my amended tax return. 1. I received the form 1099-R this year that is for excess contribution of Roth in 2023. I amended my 2023 federal tax return and submit...
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Hi, there, I have two questions about my amended tax return. 1. I received the form 1099-R this year that is for excess contribution of Roth in 2023. I amended my 2023 federal tax return and submitted it. However, it has been rejected because WithholdingTaxAmt must be equal to the sum of the forms 1099-R. I checked the form1099-R in Turbotax Desktop and the amount ($170.48) in field 4, Federal income tax withheld was there. However, in form1040-X, field 12, Federal income tax withheld, it is 0. What should I do to make the withheld amount displayed in form 1040-X? 2. In form 1040-X, field 10, Other taxes, the number 144 is there. This is the penalty of 6% on our (I and my wife) early distribution of $2400. However, I withdrawn the excess contribution and the earnings before the due day and we are 68 years old. We should not get the penalty. The form 1099-R has the distribution code of J and P. I checked the page Form 1099-R, Distribution from Pension, IRAs. etc in Turbotax Desktop. The box that is for If box 7 code is 2 or 5, check if the distribution is from a Roth IRA, is checked. Is something wrong here? The box 7 only has the code J and P. How should I do to take out the other taxes from form 1040-X? Thank you so much for your help.
April 12, 2025
7:16 PM
Yes, you can pay Louisiana state taxes in instalments.
Here’s how you can set up a payment plan:
Request an Installment Agreement:
Visit the Louisiana Department of Revenue's website an...
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Yes, you can pay Louisiana state taxes in instalments.
Here’s how you can set up a payment plan:
Request an Installment Agreement:
Visit the Louisiana Department of Revenue's website and log into/create your LaTAP account. You can request an installment agreement electronically by navigating to the Request a Payment Plan section
For more detailed information, you can refer to the Louisiana Department of Revenue's page on Installment Agreements and their FAQ on setting up a payment plan
April 12, 2025
7:16 PM
1 Cheer
Your employee stock discount counts as ordinary income in the year you exercise (purchase) your shares, on your W-2.
It counts as Capital Gain in the year you sell them, reported on a 1099-B. ...
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Your employee stock discount counts as ordinary income in the year you exercise (purchase) your shares, on your W-2.
It counts as Capital Gain in the year you sell them, reported on a 1099-B. But since the broker doesn't know what you paid for your shares when purchased, the Cost Basis is often incorrect on the 1099-B.
To find the correct cost basis, you need to know what your discount amount was (from W-2), and divide that by number of shares purchased. Add that amount to the Exercise Price per share, to arrive at Cost Basis per share for reporting the 1099-B sale. The Exercise Price is reported on Form 3922 or 3924.
For RSU's you may have paid nothing for your shares. Divide the amount on your W-2 by number of shares, and that's your Cost Basis. Yes, this is a bit different than calculating cost basis for ESPP shares.
Otherwise, you will be overstating your Capital Gains. Once you know your Cost Basis, enter in TurboTax as a regular stock sale (not employee stock).
Here's more info on Employee Stock Purchase Plans and RSU's and Taxes which will help clarify this for you.
@BenTen
April 12, 2025
7:14 PM
1 Cheer
Yes, that would make it easier for you to amend if both the state and federal taxes have the same information.
Once your tax return is fully processed and you receive your refund or your balanc...
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Yes, that would make it easier for you to amend if both the state and federal taxes have the same information.
Once your tax return is fully processed and you receive your refund or your balance due is deducted from your return, you can file an amendment. When you do your amendment to add your 1099 TurboTax will calculate your new tax refund or balance due based on your additional income.
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.
How do I amend my state tax return? Refer to the TurboTax Help article.
April 12, 2025
7:14 PM
It was on the link page you shared- so hopefully if anyone else needs it they will see this post. Thanks again!
April 12, 2025
7:13 PM
Thanks so much! Very helpful. I finally was able to find the link by going back to the search box on the returns page, so I think that fixed it. They should make it easier to find! Happy Tax filing e...
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Thanks so much! Very helpful. I finally was able to find the link by going back to the search box on the returns page, so I think that fixed it. They should make it easier to find! Happy Tax filing everyone!
April 12, 2025
7:13 PM
Along with the W-7 you have to submit multiple documents. Mail those along with your tax return.