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April 13, 2025
9:13 AM
Yes, you can deduct the Florida mortgage interest as long as you owned the home.
April 13, 2025
9:12 AM
In TurboTax Premium Online, enter Inventory values at the screen Let's get the value of inventory.
April 13, 2025
9:12 AM
Your W-2 may be able to be imported into your tax return, but you will need to have a copy of the form in hand in order to enter some information that is included on the form that was issued to you. ...
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Your W-2 may be able to be imported into your tax return, but you will need to have a copy of the form in hand in order to enter some information that is included on the form that was issued to you. There is not a way to search and find your W-2s without you having this specific information.
April 13, 2025
9:12 AM
Problem solved: Found a solution on Reddit. I had to go to the IRS website and enroll in a pin for both myself and my spouse and then amend the taxes in TurboTax again and use the 6 digit IRS identit...
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Problem solved: Found a solution on Reddit. I had to go to the IRS website and enroll in a pin for both myself and my spouse and then amend the taxes in TurboTax again and use the 6 digit IRS identity protection pin when submitting the amendment this time.
April 13, 2025
9:11 AM
If you want to file separately you do not need an ITIN for your spouse. You also don't need to come to the US to apply for an ITIN, if you want one. How do I get an Individual Tax Payer Identificati...
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If you want to file separately you do not need an ITIN for your spouse. You also don't need to come to the US to apply for an ITIN, if you want one. How do I get an Individual Tax Payer Identification Number. If you do want to apply for an ITIN for your spouse, you will need to mail your tax return in with the ITIN application. However, it's not required to be able to file your return using the MFS status. To file separately, just be sure that in the "My Info" section of the program that you have indicated that your spouse is a nonresident alien, but do not indicate that you want to treat her as an alien for tax purposes. Ignore the messages in TurboTax indicating that the ITIN is missing and proceed to electronically file the return.
April 13, 2025
9:11 AM
For tax purposes, a foreign trust is defined under Treasury Regulation §301.7701-7 as a trust where:
The term foreign trust means any trust other than a domestic trust.
A court outside the Un...
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For tax purposes, a foreign trust is defined under Treasury Regulation §301.7701-7 as a trust where:
The term foreign trust means any trust other than a domestic trust.
A court outside the United States has primary supervision over the administration of the trust.
One or more non-U.S. persons have the authority to control all substantial decisions of the trust
For more detailed guidance, you can refer to the following sources:
Guidelines on Foreign Trust Reporting Requirement
April 13, 2025
9:11 AM
Topics:
April 13, 2025
9:11 AM
If you are being taxed as a Single Member LLC, you can continue reporting on your Schedule E. If you are treating your LLC as a partnership or corporation, you will have to close out your Schedule E...
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If you are being taxed as a Single Member LLC, you can continue reporting on your Schedule E. If you are treating your LLC as a partnership or corporation, you will have to close out your Schedule E rentals and start reporting on a 1065 or appropriate 1120.
April 13, 2025
9:11 AM
For an online account you can only do one return. To do another online return you will need to create a separate account.
April 13, 2025
9:10 AM
I received an unexpected $23,000 of retro SSA payments in 2024. This was a one time payment. Why does Turbotax Deluxe include this money when estimating my 2025 taxes?
Topics:
April 13, 2025
9:10 AM
TurboTax does recommend that you keep the tax files on your main computer to open it and the steps are detailed in this link.
However, while this thread is a bit older, there are some suggestio...
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TurboTax does recommend that you keep the tax files on your main computer to open it and the steps are detailed in this link.
However, while this thread is a bit older, there are some suggestions that might help you troubleshoot and open the files on your external drive.
April 13, 2025
9:10 AM
do not know my total wages
Topics:
April 13, 2025
9:09 AM
We began renting our primary home in July 2024 and did not move the property into the LLC that receives the income and pays the expenses for managing the property. Do we need to file a return for our ...
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We began renting our primary home in July 2024 and did not move the property into the LLC that receives the income and pays the expenses for managing the property. Do we need to file a return for our LLC? Or does the income and expenses flow through to our Schedule E only?
April 13, 2025
9:09 AM
Most of the year, I work as an employee (seasonal but working all months besides June and July), and this summer I'm taking a job as an independent contractor (while retaining my employment at the pr...
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Most of the year, I work as an employee (seasonal but working all months besides June and July), and this summer I'm taking a job as an independent contractor (while retaining my employment at the previous company, as a seasonal employee). After reading through this discussion, my understanding is that my travel expenses (reimbursed by my client, same as the other post) are tax deductible as long as the place I'm traveling to isn't considered my tax home. How do I determine my tax home in this situation? Is it still in my home state, since I am working as an employee there for 10 out of 12 months of the year? Or do I have multiple tax homes depending on the income source?
Topics:
April 13, 2025
9:09 AM
You may be able to change the name of a Real Estate Enterprise in TurboTax Online by editing the QBI information for the main property.
Open your return and go to your Rental Property Summary p...
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You may be able to change the name of a Real Estate Enterprise in TurboTax Online by editing the QBI information for the main property.
Open your return and go to your Rental Property Summary page.
Edit (pencil icon) the main property for the enterprise (or the name you need to change).
On the Property Summary page, scroll down to QBI and click Edit.
Continue through the interview to the page "Name and employer ID..."
Change (or enter) the business name. The EIN can be left blank.
Continue through the interview to the page "Should [property] be treated as part of a combined business?"
Choose "independent" and continue.
Continue back to the income summary page.
April 13, 2025
9:08 AM
Sorry for the yo-yo. I just got his W2 and he did earn over $5050 in 2024. He earned $9400k. However, he told me that he did enroll for 12 hours one semester but dropped a class that he was failin...
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Sorry for the yo-yo. I just got his W2 and he did earn over $5050 in 2024. He earned $9400k. However, he told me that he did enroll for 12 hours one semester but dropped a class that he was failing late. For the Education Tax Credit, I am divorced and file as HOH so my MAGI is over the $90k limit to get either of the 2 education tax credits. It was decreed at the divorce that he would be my dependent to claim on the return as my ex-wife and I have 50-50 true joint custody. Back to my original question. Can I elect not to claim him as a dependent (since I'm not sure on how the full-time student works when you enroll for 12 hours one semester but then drop a class late) and file taxes for him (and mark the box that he can't be claimed as anyone's dependent) and claim the AOTC on his tax return since it is partially refundable? He has decided to enlist in the military in 2025 so this is really the only year he will be eligible for the AOTC based on what I read.
April 13, 2025
9:08 AM
You will have to report the excess:
1. Under Less Common Income and click "Miscellaneous Income, 1099-A, 1099-C" and click "Start" 2. Select "Other income not already reported on a Form W-2 or...
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You will have to report the excess:
1. Under Less Common Income and click "Miscellaneous Income, 1099-A, 1099-C" and click "Start" 2. Select "Other income not already reported on a Form W-2 or Form 1099" and click "Start" 3. On the "Did you receive any other wages?" screen answer "Yes" and click "Continue" 4. Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue" 5. On the "Enter Source of Other Earned income" screen select "Other" and click "Continue" 6. On the "Any Other Earned Income" screen enter "2024 Excess 401(k) Deferrals" for the description, enter the amount and click "Done".
Unfortunately, you will have to pay tax on the same amount when it is distributed.
Excess not distributed.
If you don't take out the excess amount, you can't include it in the cost of the contract even though you included it in your income. Therefore, you're taxed twice on the excess deferral left in the plan—once when you contribute it, and again when you receive it as a distribution (unless the excess deferral was a designated Roth contribution). Excess not distributed.
@salvadorvillalon54
April 13, 2025
9:08 AM
Yes. You can amend 2023 by using the 2023 Desktop version. Here is how, from: How do I amend my federal tax return for a prior year?: "Open the TurboTax Desktop software for the year you're...
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Yes. You can amend 2023 by using the 2023 Desktop version. Here is how, from: How do I amend my federal tax return for a prior year?: "Open the TurboTax Desktop software for the year you're amending. For example, you must amend your 2023 return in the 2023 version of TurboTax. Under Need to Amend a Filed Return?, select Amend a Filed Return. Select Amend for the return you need to amend. If the return you need doesn’t appear as an option, select Find a Tax File to find and load the return. On the Do you need to change anything else screen, select Update next to the info you need to change. Continue through the screens, make the changes you need to make, and carefully answer the remaining questions to finish amending your return. Don’t forget to select Save As (or Duplicate on Mac) from the File menu when you save a copy of your amended return. This will preserve the tax return you originally filed. Give the file a different name from the original, like [tax year]_amended_tax_return_Smith."
April 13, 2025
9:08 AM
Please see TurboTax Alumni Expert JulieS's answer to a similar question.
"It depends on whether you are using TurboTax Online, or TurboTax software installed on your computer.
If you are ...
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Please see TurboTax Alumni Expert JulieS's answer to a similar question.
"It depends on whether you are using TurboTax Online, or TurboTax software installed on your computer.
If you are using TurboTax Online, you are trying to import the form from your computer to the TurboTax Online website, so you would need to be connected to the internet.
If you are using TurboTax software, and you are starting by entering your EIN on the page that says, Let's start with a bit of info from your W-2, the program is trying to pull the information from your employer, not from the PDF on your computer.
Make sure that this is where you are trying to upload your PDF:
Sign in to your TurboTax account, or open your return in the software.
Select Wages & Income.
To the right of Job (W-2), select Edit/ Add.
Select Add new W-2.
Leave box b blank and select Continue.
Select Upload it from your computer, and follow the on-screen directions to complete the upload.
If this doesn't resolve the issue you are having, respond back and TurboTax can help you further. "
See TurboTax Alumni Expert JulieS's original post HERE.