All Posts

Certainly.  You can file a substitute 1099-R using the instructions in the link below. When you enter your 1099-R you will be asked if you need to crate a substitute form. Watch the screen and check the box. You may have to mail your tax return using this method. The image below is from TurboTax Desktop and TurboTax Online will be similar. Where do I enter Form 1099-R?     

You are only required to report the income, but the income does not have to be labeled as a 1099-nec or 1099-misc.   It doesn't matter what number is in the EIN field; it just needs to be nine digits in order to be e-filed.   In any case, you should keep detailed records of your income and expenses with your tax records.   As long as the income is reported as self-employment income (as opposed to ordinary/other income or not reported at all) - you have met your obligations as the income will be properly reported.   So, it is fine to enter the amount as general income (not on a tax form) on Schedule C.      Also, the 9 digit number that is in that field does not get reported entered on your actual tax return, only the amount of income gets entered on Schedule C.   The only difference is what line it gets entered on (1a or 1b).   See the image below of Schedule C - Part l.   You can file an extension if you want to wait and see if there is another update to the 1099 entry screen.   If you file the extension, remember it is not an extension to pay, so you should remit any tax due with your extension Form 4868.  @ElizabethAP   

If you entered the Cost of your Asset correctly, the depreciation on your return is correct.   If you change the asset cost, the depreciation will recalculate for this year, but you shouldn't do that for any assets you've been depreciating over the years, only for new assets.  You would need to file IRS Form 3115 to change your accounting method to recoup past depreciation not taken, and amend all affected year's returns.    If you can give more details on why you would need to override depreciation amounts, we'll try to help.  You can't Efile with overrides in your return.    Here's more info on Rental Property Depreciation.      @sviyer       

You can enter your shipping supplies for your Amazon Vine business as a miscellaneous expense with a description of "Shipping Supplies"   Here's how to do this in TurboTax Online: Navigate to Federal > Wages & Income > Self-employment income and expenses Select or create your Amazon Vine business Choose  "Add expenses for this work" Select  "Other miscellaneous expenses"  In the list of expenses, "Other miscellaneous expenses" will now appear. Choose the pencil icon to add your description and the amount Alternatively, you could also consider these "Office Expenses" and skip the step of entering a description.        

Log back into TurboTax and follow the steps in this link to get back to your investment sales section of the program.   Select edit using the little pencil icon to the right of the applicable investment sale to correct your entries as needed.  

My husband build rock crawlers (specialty off road vehicles). He is currently building on for his business and it will be featured on the cover of a magazine. Can he write off the expense of building the vehicle as advertising? It is not completed yet but will be only for work use. 

No, if she claims herself, you cannot also claim her as a dependent.     If you should be claiming her as a dependent, she'll need to amend her return.   You may be able to claim her as an "other dependent", assuming she has met all the tests, from:  Rules for Claiming Dependents on Taxes:   Do they live with you? Your relative must live with you all year as a member of your household or be on the list of “relatives who do not live with you” in Publication 501. About 30 types of relatives are on this list, including parent, so you have met this test. Do they make less than $5,050 in 2024 ($5,200 for 2025)? Your relative can't have a gross income of more than $5,050 in 2024 and be claimed by you as a dependent. This threshold increases to $5,200 for 2025. Certain income is excluded from this requirement such as all or part of Social Security benefits. Do you financially support them? You must provide more than half of your relative's total support for the year. Also, she will not qualify for the child tax credit, but she may qualify for the $500 credit for other dependents, if she is a dependent.