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Did you allocate a portion of your Federal refund to 2025 estimated taxes? What is the value on line 34 of your tax return?
Yes, you can claim the income from the 1099-R on your tax return. If you want the IRS to know where to look for this income you can also do a nominee procedure that will clarify it for them.   No... See more...
Yes, you can claim the income from the 1099-R on your tax return. If you want the IRS to know where to look for this income you can also do a nominee procedure that will clarify it for them.   Nominee Returns.  This is how the IRS knows what you are doing. Generally, if you receive a Form 1099 for amounts that actually belong to another person or entity, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received).  You must also furnish a Form 1099 to each of the other owners.    File the new Form 1099 with Form 1096 (this is a transmittal for the 1099) by mailing to the Internal Revenue Service Center for your area. (Provided on the Form 1096) On each new Form 1099, list the trust as the payer and the other owner, as the recipient. On Form 1096, list the trust as the nominee filer, not the original payer.  The nominee is responsible for filing the subsequent Forms 1099 to show the amount allocable to each owner. The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms here:  Form 1096 Form 1099-R
You need to go to the Estimates and Other Taxes paid section in the Deductions and Credits area of TurboTax, then choose Foreign Taxes to assign your foreign income to a country and enter the tax pai... See more...
You need to go to the Estimates and Other Taxes paid section in the Deductions and Credits area of TurboTax, then choose Foreign Taxes to assign your foreign income to a country and enter the tax paid. Indicate that you have already entered your 1099 forms with foreign taxes paid. Choose the foreign tax credit option in place of the deduction. Choose the passive income option. Assign a country for your income and report the foreign income amount.   On the screen that says Foreign Taxes Paid - (name of country), choose the No, I have foreign taxes paid on rental, or other income (including wages) option when asked if your taxes paid only include taxes reported on Form 1099-INT or 1099-DIV, then enter the foreign taxes paid:
I live in Maryland. I have a K-1 from a S Corp with income from Virginia. How much income does there need to be for me to need to file a Virgina tax return?
1.) You report it as if you had a Form 1099-B.  When asked if you received a Form 1099-B, answer No.   2.) No, your private company shares are NOT Restricted Stock Units (RSUs). 3.) Report it as ... See more...
1.) You report it as if you had a Form 1099-B.  When asked if you received a Form 1099-B, answer No.   2.) No, your private company shares are NOT Restricted Stock Units (RSUs). 3.) Report it as if you received a Form 1099-INT.
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What did you do regarding the 7203 for 2024?   It doesn't work to limit losses if you have insufficient basis Example: if you had a $50K loss but had zero tax basis as reported on the 7203, the for... See more...
What did you do regarding the 7203 for 2024?   It doesn't work to limit losses if you have insufficient basis Example: if you had a $50K loss but had zero tax basis as reported on the 7203, the form will show the loss as a carryover  (line 47 column e), but in reality schedule 1 will show the $50K loss.   I would correct the 2024 7203 to show your proper tax basis at the beginning of the year. The IRS may question this because of the 2023 Form 7203 being incorrect.     If there is a loss limitation due to insufficient basis, the form that needs to be used is Form 6198 - at-risk which should limt a loss deduction to your basis. 
If there's no state tax withheld, leave boxes 15,16 and 17 blank. If you have some state tax withheld in box 17, use the federal employer tax ID number for state purposes
I received notice yesterday about Wanda.  Who can I talk to to answer this & get it straightened out?  
I purchased TurboTax from Amazon, but the download page never loads. 
I bought the STR property in January 2024, which is in a different state than my residence state, and I have a property management company managing my rental property.   In 2024, I have STR loss, c... See more...
I bought the STR property in January 2024, which is in a different state than my residence state, and I have a property management company managing my rental property.   In 2024, I have STR loss, can I use that SRT loss to reduce my W-2 federal income tax? Thanks.
Arkansas AR1000NR line 13 is answered by TurboTax "Enter the portion of the following items that you earned from Arkansas sources or while you were a resident of Arkansas." For Business Income the Fe... See more...
Arkansas AR1000NR line 13 is answered by TurboTax "Enter the portion of the following items that you earned from Arkansas sources or while you were a resident of Arkansas." For Business Income the Federal Total is significantly less that the gross sales our small business acquired during a weekend Arkansas craft fair.  The difference is the federal number is after all the business expense deductions.  How do I calculate the Arkansas portion as there are many deductions that are not as easy to determine Arkansas portion as miles, meals, etc.?
She would treat it like the sale of a property in the US and report it as the sale of investment.  This will be subject to capital gains taxes which will generally result in lower taxes than if it wa... See more...
She would treat it like the sale of a property in the US and report it as the sale of investment.  This will be subject to capital gains taxes which will generally result in lower taxes than if it was taxed at your ordinary income tax rate.    If she pays taxes on the sale to China, she would also then be able to take a foreign tax credit to offset to the taxes paid to that country.    You would enter the sale of the land by clicking the following: Federal Income Show More next to Investment Income Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)  Select Other Continue through and select second home for the type of investment Answer how you obtained it You will need to enter the selling price, dates and the cost basis    Note, your navigation sequence may be slightly different.  You can also use the Jump to feature by entering investment sale in the search bar at the top of the screen. 
Oh that is so great to know thank you so much. So for the years that he has been claiming her on all the credits, because I didn’t know can I do something about that? 
Hi Hal_AI,   Thanks again for all your help. Yes I received the 2500 AOTC and the 5329 form was generated and there is 0 listed on line 8.
I mistakenly said I had a lump sum social security payment. Now it won't move to the the next screen. How do I move past lump sum payment screen?
Where do I find MY INFO?