All Posts

@Hal_Al It looks like there is a bug in the calculation of the joint filing credit in the Desktop version of TurbotTax. I created a test tax return with a dummy W-2 for me and a dummy 1099-NEC for my spouse, each with income higher than $500. In the tab State Taxes, state Ohio, under "Credits and taxes", clicking "Revisit" for "Joint filing credit" asks: Tell us more about your life with <spouse>. Ohio taxes. Business Income Deduction ($n,nnn). When checking "(x) Belongs to <spouse>", the next screen gives no joint filing credit. When checking "(x) Belongs to <me>" gives Joint filing credit. It should be the other way around!!!!

To access your tax returns (current or prior year) you will sign into the TurboTax website with the user ID you used to create the account - https://myturbotax.intuit.com/   Scroll down to the bottom of the screen and on the section Your tax returns & documents click on Show.  Click on the Year and Click on Download/print return (PDF)   As an alternative for current year return, when you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a State (You will not really be adding a state).    This will take you back in to the 2024 online tax return.   Click on Tax Tools on the left side of the online program screen.  Find the Print Center and choose the year you want to print.  If you want your full return including worksheets, choose the option Include government and TurboTax worksheets.

Medical expenses are an itemized deduction that go on Schedule A with other itemized deductions like mortgage interest or property tax, charity donations, etc.     MEDICAL EXPENSES     The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2024—do not include any amounts that were covered by insurance or that are still outstanding.  Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.   To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses     2024 STANDARD DEDUCTION AMOUNTS SINGLE $14,600    (65 or older/legally blind + $1950) MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550) MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550) HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)  

That's an excellent question and a very clear write up.  After going through this process this year, it appears that Turbo Tax reports both the cost basis, that shows the gain, as well as the adjusted basis, showing no gain, to the IRS.  However, it calculates the tax on the exercise and sale of your ISOs based on the adjusted basis, so there is no capital gain on the sale.    In my case I think Turbo Tax is including the cost basis because this is the amount my brokerage firm has already reported to the IRS, although Turbo Tax calculates the capital gain based on the adjusted basis once you enter it.  Unfortunately, with the desk top version of Turbo Tax Premier that I am using, there is no clear direction as to how and where to enter the adjusted basis.  Therefore, I had to search the Turbo Tax website to get an inkling of where to start, then figure it out on my own as I went along.  It took me several attempts to enter the adjusted basis in what I can only hope is the correct manner.   What really irks me about Turbo Tax Premier is that it doesn't just populate both the cost basis and the adjusted basis from the information contained in the Form 1099 Composite Statement already imported from my brokerage firm (in my case Schwab).  I was particularly upset about this lack of support this year as I had 26 separate ISO transactions for which the adjusted basis had to be input.  Because all I was doing was typing-in the adjusted basis as provided in the Schwab composite 1099 form, I do not understand why the TT Premier wasn't saving me the tedious task of entering this information by hand.  This is why I pay for the software!   I should add, that because the desktop software provides no direction as to entering the adjusted basis for ISOs, I nearly had a heart attack when I saw that the software had initially calculated gain on the exercise and sale of the ISOs using the cost basis, as I was aware that the same amount was also being reported as income on my W-2.  Needless to say, this was very upsetting!

The Social Security Number is associated with a person not a business, so the name of the business owner (who the SSN is associated with) will have to be entered in place of the business' name. Asked one of Turbo Tax's customers to enter the business owner's name (who the SSN was associated with) and the error went away.

It is not necessarily an error since the percent of business use for the home office is only 20%.     Here is how the calculation works:   If the number entered for business use of the home office is less than 100%, then the calculation could take your profit to a negative number when using the simplified home office calculation.  If this happens, then the deduction is disallowed.   Here are the details about how the Simplified Home Office deduction works, and what could be causing the situation in your return.   For any home office deduction (actual expenses or simplified), the home office deduction is not allowed to take a Schedule C bottom line from a positive profit to a loss.  Therefore, before the home office deduction is calculated, the tentative profit or loss of the business is considered.  If the number is a loss, then no simplified home office deduction is allowed.  However, even with a loss, an actual expense home office deduction can be calculated and carried over to the next year.  Carryover is only possible when using the actual expenses, not the simplified method.     The profit/loss number that is used to decide whether the home office expense is allowed comes from Schedule C line 7 minus Schedule C line 28.  If the result is positive, then that is the first step to get the simplified home office deduction.     If the Business Conducted in the Home Office percentage is any number less than 100%, then the amount on Schedule C line 7 is adjusted by that percentage before the expenses are subtracted.  So even with what you expect to be a positive profit situation, the percentage of business conducted in the home office can drop the income to a level where the profit is negative instead of positive.  This means that the simplified home office method is not allowed.  Again, using the actual expense method can work, but the home office expense is carried over to a future year.     @RichLeja1 

TurboTax doesn't know where to put it.  There are more than a few items that get reported on K-1s that don't flow to the appropriate form or schedule where they need to be reported.  Primarily because it could be different things.  You have to determine what is being reported in Box 11 with code ZZ and determine where to report it on your tax return.  There should be a "Statement" for Box 11 code ZZ that came with your K-1 explaining the nature of what's being reported.   According the IRS' Partner's Instructions for Schedule K-1 (Form 1065):  Code ZZ. Other. Any other information you may need to file your tax return. Report loss items that are passive activity amounts to you following the Instructions for Form 8582. However, if the box in item D is checked, report the loss following the rules for PTPs under Publicly traded partnerships, earlier.

You need to enter all of your 2024 W-2's on the same tax return.   Not sure what "deduction" you think not entering some of them would get you.        W-2’s come from employers.  There is not a federal or national website that provides W-2’s.   If your employer is partnered with TurboTax to allow the W-2 data to be imported into the software you can do that---but you need the actual W-2 so that you can enter the EIN and the amount from box 1 to import the other data from the W-2---which just saves you the little bit of keying in of the other information.   Every 2024 W-2 that you received must be reported on your 2024 tax return, even if they are for small amounts.  Remember that each one of those W-2’s has your Social Security number on it, and that income was reported to the IRS by the employer.  You do not want trouble with the IRS for under-reporting your income or have your refund delayed by having missing income.   ALL of your W-2’s must be entered on the SAME tax return.     Go to Federal>Wages & Income to enter a W-2. After you enter the first one, you click Add Another W-2.     W-2's come from your employer, and they have until January 31 to issue it.  Some employers allow you to import the W-2 through the software, but for security reasons you still need information from the actual W-2 to import it. Some employers have payroll sites that will have your W-2. You might need to phone, drop in, email and/or snail mail an old employer to make sure they know where to send your W-2.   https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-forms/get-copy-w-2/L8FTim9MO_US_en_US?uid=m68ee4os   https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/import-enter-w-2/L55HzdeDr_US_en_US?uid=m68efe36   You can get a wage and income transcript from the IRS:  It will not show the actual W-2, 1099’s, etc, but will show the income information the IRS received.  It will not, however, show your state information. It will only show the federal information. https://www.irs.gov/individuals/get-transcript    

When you have an excess contribution left in the Roth account at the end of 2024 then next year on your 2025 tax return, if you are able to make Roth IRA contributions, then you can apply them as a 2025 contribution. If you do not have any excess left because you removed it then you don't need to fill out anything on your 2025 tax return.    Usually financial institutions have forms to fill out for the return of excess contribution plus earnings. Your custodian used the code P on Form 1099-R for return of excess contributions which means "Excess contributions plus earnings", he should have know to remove the earnings along with the excess.   I would start with contacting UBS compliance department.    @susieq1013 

Yes, I would remove the sale portion from the K1 and enter the sale directly on your tax return. Keep other K1 items in that part of your tax return, if any. It can get somewhat confusing when the sale is entered through the K1.  Use the steps below to enter the sale portion.    To enter your sale in TurboTax, follow these steps.  Open or continue your return. Navigate to the investment sales section: TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open TurboTax Desktop: Search for investment sales and then select the Jump to link. Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other Answer Yes to the question Did you sell any of these investments in 2024?  If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments. Click this link for more information. Where do I enter Investment Sales?

It sounds like you may only need to file because of earnings from self-employment. Estimate your net earnings from self-employment, and your self-employment tax.    The option to prepare an extension appears in Other Tax Forms under Other Tax Situations in both TurboTax Online and TurboTax Desktop. In TurboTax Online, the program links to the easy-extension website, whereas in Desktop, it prepares the extension form for printing.   Anyone who files for an extension is required to pay any estimated taxes due by the due date of the return. The extension is only to allow you to file up to 6 months after the deadline and not be assessed a late filing penalty. It doesn't extend the time to pay your tax. By filing your return on time, including extensions, you can avoid the penalty for late filing. Filing timely does not stop interest from accruing on any unpaid balance.   See this TurboTax help article for more information about extensions.   @JaneinUSA