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April 7, 2025
4:54 AM
No, because you get the membership benefits in return for your fees.
Please read this IRS document for the type of organizations qualified to receive charitable contributions.
April 7, 2025
4:53 AM
So do I have to file a form to extend my deadline or do I just file my taxes by 1 May 2025?
April 7, 2025
4:51 AM
Topics:
April 7, 2025
4:51 AM
To view what you were charged for:
Gog into TurboTax
On the left sidebar toward the bottom
Click Intuit Account
A screen with boxes will show up
From the left sidebar
Select Pr...
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To view what you were charged for:
Gog into TurboTax
On the left sidebar toward the bottom
Click Intuit Account
A screen with boxes will show up
From the left sidebar
Select Products and Billing
For billing issues you can contact the TurboTax Support Phone Number
April 7, 2025
4:50 AM
1 Cheer
The percent of business use of the home office is missing from the calculation and therefore the result is that the calculation shows a loss for your business.
When you go through the Federal R...
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The percent of business use of the home office is missing from the calculation and therefore the result is that the calculation shows a loss for your business.
When you go through the Federal Review of your return, this error will be flagged and you can enter the amount on that review screen. The amount to enter is the percentage of time that you spend in your home office making money for your business. If all of your time is spent working in your home office for your business, then enter 100%.
You can also make the correction to the calculation using Forms Mode. Use these steps:
Click Forms on the top row of TurboTax.
Go to Form 8829.
Scroll to the section titled Line 8 Calculation Smart Worksheet and enter your percent of business use of the home office on line B.
Click Step-by-Step at the top of the screen to go back to the input screens.
April 7, 2025
4:49 AM
Right, during the initial entry that's what they asked, and I put in the SSN (###-##-####). But now they are doing their error check and telling me I need an EIN and won't let me e-file without one.
April 7, 2025
4:47 AM
This is listed under Other Common Business Expenses. These types of meals are subject to the 50% meal limit, so you will enter them in the 50% box.
To get there you will select the following:
...
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This is listed under Other Common Business Expenses. These types of meals are subject to the 50% meal limit, so you will enter them in the 50% box.
To get there you will select the following:
Business income and expenses
I'll choose what I work on
Start or update next to Business income and Expenses
Edit next to your business profile
Start next to Business Expenses
Other Common Business Expenses
Where do I enter my self-employment business expenses, like home office, vehicle mileage, and supplies?
April 7, 2025
4:46 AM
If the $280 excess for 2023 was never removed then you need to pay the 6% penalty on your 2023 and 2024 return. If you didn't have Form 5329 with part IV filled out then you will have to amend your r...
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If the $280 excess for 2023 was never removed then you need to pay the 6% penalty on your 2023 and 2024 return. If you didn't have Form 5329 with part IV filled out then you will have to amend your returns. Please see How do I amend my federal tax return for a prior year?
Since you removed the 2023 excess after the due date you should have requested a regular distribution without earnings. You will report the distribution next year on your 2025 return when you get the 2025 Form 1099-R with code J (if you are under 59 1/2).
To add the 6% penalty on your 2024 return:
Click on “Jump to IRA contributions"
Select “Roth IRA”
On the "Do you have any Excess Roth Contributions" answer "Yes"
On the "Enter Excess Contributions" screen enter the total excess contribution from 2023.
April 7, 2025
4:46 AM
I did not know to delete the 8995 tax form that populated on my return. I had a 1040. I had zero amount for qualified business income. Not using the business. Taxable income populated 61,807 on li...
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I did not know to delete the 8995 tax form that populated on my return. I had a 1040. I had zero amount for qualified business income. Not using the business. Taxable income populated 61,807 on line 11. Not sure where or how that amount was attained. Please advise
Topics:
April 7, 2025
4:45 AM
Topics:
April 7, 2025
4:45 AM
To elaborate on what @arrasre has correctly stated, there are two types of dependents, and the rules are different for each type. See this discussion from TurboTax.
Qualifying child
"To ...
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To elaborate on what @arrasre has correctly stated, there are two types of dependents, and the rules are different for each type. See this discussion from TurboTax.
Qualifying child
"To claim a qualifying child, you must be able to answer "yes" to all of the following questions.
Are they related to you? The child can be your son, daughter, stepchild, eligible foster child, brother, sister, half-brother, half-sister, stepbrother, stepsister, adopted child or an offspring of any of them.
Do they meet the age requirement? Your child must be under age 19 or, if a full-time student, under age 24. There's no age limit if your child is permanently and totally disabled.
Do they live with you? Your child must live with you for more than half the year, but several exceptions apply.
Do you financially support them? Your child may have a job, but they cannot provide more than half of their own support."
Qualifying relative
" Here's a checklist for determining whether your parent (or other relative) qualifies.
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.
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."
The message that you are receiving from TurboTax indicates that the entries that you have made for Sarah put her in the qualifying relative category.
April 7, 2025
4:44 AM
The 1040X is the Federal amended tax return.
There is no Schedule X for individuals for federal income tax purposes.
Schedule X is a state form.
April 7, 2025
4:43 AM
Yes.
Hernando county has an extension to file and to pay taxes for 2024 until May 1, 2025.
Please read this IRS document.
If you need more time to file after May 1, you'll need to f...
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Yes.
Hernando county has an extension to file and to pay taxes for 2024 until May 1, 2025.
Please read this IRS document.
If you need more time to file after May 1, you'll need to file an extension.
Please read this TurboTax Help topic for instructions on how to file an extension.
April 7, 2025
4:42 AM
Thanks, but I don't see the bank or account to have the payment debited from, that is what I need to know. Where on the form is that hidden?
April 7, 2025
4:41 AM
@afromca wrote:
Thanks, apologies for not being clear. My situation is entirely about 2024 only. Converted traditional IRA to Roth IRA as step 1 (so balance was 0 then), then as step 2 executed ...
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@afromca wrote:
Thanks, apologies for not being clear. My situation is entirely about 2024 only. Converted traditional IRA to Roth IRA as step 1 (so balance was 0 then), then as step 2 executed the backdoor Roth with non-deductible contribution to the traditional IRA. The traditional IRA has 0 balance now. I was wondering if I will be taxed only on step 1 deductible contribution (which was there since 2012-14 timeframe and has grown), or will pro rata apply to me because of step 2. Thanks for your guidance.
A "backdoor Roth" has two steps, first you make a non-deductible contribution to a traditional IRA, then you convert it (roll it over) to a Roth IRA. Are you saying you only performed the first step? Then yes, you must follow the pro-rata rule. The conversion will only be partly taxable (instead of fully taxable) and the remaining balance in your traditional IRA will be partly deductible and partly non-deductible. This will all be reported on form 8606. You will want to convert the remaining funds in 2025, after entering any non-deductible contribution for 2025, so you end 2025 with a zero balance in traditional IRAs.
April 7, 2025
4:38 AM
If you are a W-2 employee working from home, then qualified home office expenses would normally be claimed on Form 2106 on your Federal return. However, Form 2106 for Employee Business Expenses has ...
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If you are a W-2 employee working from home, then qualified home office expenses would normally be claimed on Form 2106 on your Federal return. However, Form 2106 for Employee Business Expenses has been suspended for tax years 2018 through 2025 and cannot be claimed on your Federal return. You can still enter them in case your state allows the expenses to be claimed.
If you are an independent contractor with your own Schedule C business, then your qualified home office expenses are claimed as part of your Schedule C. If you have a qualified home office, then a portion of your rent will be deductible based on the size of your office relative to the size of the whole home.
To learn more, take a look at the following TurboTax article:
The Home Office Deduction
Q. It puts their standard deduction as $12,285 - not the $14,600. Does that sound right?
A. Yes. Dependents don't get a straight $14,600 SD. Instead, their SD is their earned income plus $450, b...
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Q. It puts their standard deduction as $12,285 - not the $14,600. Does that sound right?
A. Yes. Dependents don't get a straight $14,600 SD. Instead, their SD is their earned income plus $450, but not more than $14,600. It still means their earned income does not get taxed, as you can see. $11835 + 450 = 12285.
Q. Can you please advise if this (form 8615) sounds right or if I have done something wrong and this form is not needed?
A. Yes, all is good. TurboTax (TT) always prepares form 8615, in this situation (dependent has taxable scholarship).
Q. So I am curious if its ok to submit it like this with just these 4 questions answered?
. A. Yes. That was enough to complete Part I of form 8615. At the end of Part I, TT concludes Part II is not required and doesn't need the other info. See the wording line 5 on form 8615.
April 7, 2025
4:37 AM
1 Cheer
To clarify, was the amount converted the same as you directly contributed to the Traditional IRA? You didn't have any gains? Please make sure you only enter the amount directly contributed to the Tra...
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To clarify, was the amount converted the same as you directly contributed to the Traditional IRA? You didn't have any gains? Please make sure you only enter the amount directly contributed to the Traditional IRA for "Tell us how much you contributed (Traditional IRA)" in the IRA contribution interview.
If you converted the full amount in 2023 then you basis from the prior year should be $0 and you correctly answered "No" to "Any nondeductible contributions to my (Traditional) IRA".
April 7, 2025
4:36 AM
Please clarify your question.
Do you have tax forms that were provided to you?
W-2
1099-INT
1099-R
These would come from employers or banks.
You would transfer t...
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Please clarify your question.
Do you have tax forms that were provided to you?
W-2
1099-INT
1099-R
These would come from employers or banks.
You would transfer the information on the forms into the TurboTax program.
Please contact us again to provide some additional details.
April 7, 2025
4:36 AM
1 Cheer
Is this truck solely used for the rental or is it a multi use truck? No, this is not deductible under casualty or loss. Those losses are only available under current tax law if it occurred due to...
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Is this truck solely used for the rental or is it a multi use truck? No, this is not deductible under casualty or loss. Those losses are only available under current tax law if it occurred due to a federally declared disaster area.
If it is a multi use truck, that you use mostly for personal purposes such as your W-2 work, or pleasure, then no, this is not at all deductible.
If this is a 100% rental truck that you claim on your taxes every year, then you would be able to include the amount AFTER you pay to get it fixed on that years tax return, as a vehicle expense in the rental section if you are taking the actual expenses and not mileage. Since you only have an estimate and have not actually made the repairs, it would not be deductible on your 2024 return.
If this is a mixed use truck, you would need to prorate it based on how much it is used as a truck for the rental property versus anything else.