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April 7, 2025
3:28 PM
You may have other taxes besides income taxes on your return. You can look at Schedule 2 "Additional Taxes" to see what they may be.
To view your form 1040 and schedule 1 to 3:
Choose ...
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You may have other taxes besides income taxes on your return. You can look at Schedule 2 "Additional Taxes" to see what they may be.
To view your form 1040 and schedule 1 to 3:
Choose Tax Tools from your left menu bar in TurboTax Online while working in your program
Choose Tools
Choose View Tax Summary
See the Preview my 1040 option in the left menu bar and click on it
Choose the Back option in the left menu bar when you are done
April 7, 2025
3:28 PM
I received disability payments through my employer's California Voluntary Disability Plan (VDP), which is a substitute for California State Disability (SDI) by EDD. MetLife which administered the Vol...
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I received disability payments through my employer's California Voluntary Disability Plan (VDP), which is a substitute for California State Disability (SDI) by EDD. MetLife which administered the Voluntary Disability Plan sent me a W-2 for the amounts I received. However, EDD told me that EDD's SDI does not need to be reported as income on tax return and thinks it should be the same for VDP payments. But my CPA is saying that it should be reported as income since MetLife issued the W-2 with the payment amount listed in Box 1. He's saying that the only way it would not need to be reported is to have zero amount in box 1 wages, and code J in box 12. Is that correct? I think MetLife issued the W-2 to show how much taxes were deducted from the disabiltiy payments.
April 7, 2025
3:27 PM
If you lived in an area that was designated a federal disaster area, and suffered a loss as a result of that loss, there was special treatment of distributions from retirement plans and IRAs. They w...
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If you lived in an area that was designated a federal disaster area, and suffered a loss as a result of that loss, there was special treatment of distributions from retirement plans and IRAs. They were exempt from the 10% penalty for early withdrawal, and they could be reported on your tax return over three years, instead of all in the year of distribution. But you still had to report it as income. If you want to take advantage of this, you can file an amended return for 2022 with a Form 8915 - Qualified Disaster Retirement Plan Distributions and Repayments. Generally, an amended return (Form 1040-X) must be filed for a credit or refund within 3 years after the date the original return was filed, or within 2 years after the date the tax was paid, whichever is later.
I recommend you contact the Social Security Administration. Benefits can be reduced if you are below the full retirement age and have earned income above a certain level; however, I have not heard of them reducing benefits due taking distributions from a retirement account.
April 7, 2025
3:27 PM
I read that about the brokers too. I also have a spreadsheet with the details. Sounds like this is an issue for more states than just Delaware. I just wish TurboTax would fix the software. Thanks fo...
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I read that about the brokers too. I also have a spreadsheet with the details. Sounds like this is an issue for more states than just Delaware. I just wish TurboTax would fix the software. Thanks for confirming!
April 7, 2025
3:27 PM
A vacation home rental is subject to restrictions, namely, that you can only deduct the portion of your expenses directly related to the rental, and some of your operating expenses and depreciation m...
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A vacation home rental is subject to restrictions, namely, that you can only deduct the portion of your expenses directly related to the rental, and some of your operating expenses and depreciation may be carried over to subsequent years rather than deducted in full.
You are not allowed to take losses on a rental property that has a mixture of personal and business use, as you mentioned, and the loss should be carried over.
However, this only applies if you use it for personal purposes more than the greater of:
14 days, or
10% of the total days it is rented to others at a fair rental price.
If your personal use did not exceed that amount, TurboTax was correct in not applying the limitation to the loss on your rental property.
You may need to step through the Rental section to make sure your rental is being designated as a passive activity to generate Form 8283.
Here's more discussion on Vacation Home Rental Loss.
@KJT17
April 7, 2025
3:27 PM
What type of income do you have? Do you work or are you retired? Pension? Social Security? Do you have any taxes withheld?
If it is just social security, you do not need to file a return i...
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What type of income do you have? Do you work or are you retired? Pension? Social Security? Do you have any taxes withheld?
If it is just social security, you do not need to file a return if you only have $29,000 in social security.
If you have other types of income, and you are single, your standard deduction (if you are under 65) is $14,600. This means you would have taxable income of $14,400 which puts you in the 12% income tax bracket. If you are not having taxes withheld, then you would owe taxes.
April 7, 2025
3:26 PM
I do my son's taxes for him. He filed his federal return for free, but chose to mail in his state returns because the electronic fee was more than his refund. He lives in a town with a two word nam...
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I do my son's taxes for him. He filed his federal return for free, but chose to mail in his state returns because the electronic fee was more than his refund. He lives in a town with a two word name. When I went to print off his return, the informational page displayed his complete address correctly. But at the top of his D-400 (NC tax return), it printed the first word of his town's name, and one letter. The state, zip code, and county were correct. I can't find a way to edit it. Is this a problem?
Topics:
April 7, 2025
3:25 PM
April 7, 2025
3:25 PM
Follow these steps as you go through the program:
Open to PA
Go through, you will probably come to You've Finished Your PA return.
Locate the Underpayment Penalty
Edit/ start/ update
...
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Follow these steps as you go through the program:
Open to PA
Go through, you will probably come to You've Finished Your PA return.
Locate the Underpayment Penalty
Edit/ start/ update
Let's have PA calculate the penalty, select NO
Date tax will be paid, continue
Enter PA income 2023 and 2023 tax liability
Select if part year or didn't file in 2023, continue
The program will determine if you paid in the required amount based on 2023 income and liability.
April 7, 2025
3:25 PM
I bought my first rental in May 1992 for $52,500. I sold it in Dec 2017 for $120,000. I did a 1031 exchange in Jan 2018 and bought a new rental for $120,000. I sold that rental in Apr 2024 for $20...
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I bought my first rental in May 1992 for $52,500. I sold it in Dec 2017 for $120,000. I did a 1031 exchange in Jan 2018 and bought a new rental for $120,000. I sold that rental in Apr 2024 for $205,000. For round numbers, lets says the first rental depreciated $50,000 on my taxes over 25 years. And for round numbers, lets say the second rental depreciated $25,000 on my taxes over 6 years. I can't find a way to plug both of these into Turbo tax. The trick is getting that first house depreciation incorporated because it is significant. I bought the 2024 Premier edition hoping it would help get me through this. I am only worried about Federal taxes. Thanks for any help, John
April 7, 2025
3:23 PM
2024 was the 1st year that I participated in the Amazon Vine program. I admittedly did not understand the tax implications and now owe federal tax for the first time in my life. I have done research ...
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2024 was the 1st year that I participated in the Amazon Vine program. I admittedly did not understand the tax implications and now owe federal tax for the first time in my life. I have done research and know that some people claim it as hobby income but I know my luck and have decided to suck it up and put it in as income and just pay the tax amount due. My problem is one where I cannot figure out how to enter it into Turbo Tax 2024. I put in the amount and see the amount I owe but then during review it keeps asking for a business code, business name and all sorts of other information which is not applicable. Can anyone please just tell me how and where exactly to enter the information so that I can file my taxes? Any help would be appreciated
April 7, 2025
3:23 PM
No. You can only claim the EV credit if you purchased the vehicle. It is not available for leased vehicles.
April 7, 2025
3:23 PM
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April 7, 2025
3:22 PM
If you are unable to get his SSN you will need to print and mail y our return and include a statement with his name and any info you have along with your situation (separated and no contact). In the...
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If you are unable to get his SSN you will need to print and mail y our return and include a statement with his name and any info you have along with your situation (separated and no contact). In the spot for the SSN, you can write in Unable to obtain.
April 7, 2025
3:22 PM
I momentarily had high enough income that I paid out of pocket for LA Care in 2022 and received a form for that year, but I literally couldn't even afford it for more than 2 months and had to cancel. ...
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I momentarily had high enough income that I paid out of pocket for LA Care in 2022 and received a form for that year, but I literally couldn't even afford it for more than 2 months and had to cancel. Two years ago now I applied for low income health insurance and since then I've been fully covered by LA Care Medi-Cal, and my Covered California web account reflects that I haven't received a new 1095-A since 2022. Am I reporting wrong if I say I don't have marketplace insurance, even though it asks specifically if I have a 1095-A form and I don't.
Topics:
April 7, 2025
3:22 PM
The income is not taxed on the Federal income tax return.
How the income is reported in TurboTax depends upon how (or whether) the income was reported to you on your W-2.
See specific ins...
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The income is not taxed on the Federal income tax return.
How the income is reported in TurboTax depends upon how (or whether) the income was reported to you on your W-2.
See specific instructions in this TurboTax Help.
If this does not completely answer your question, please contact us again and provide more information.
April 7, 2025
3:22 PM
Your basis for calculating your capital gain would be your original investment, plus income from the business you entered on your tax return over the years, less losses you deducted, plus additional ...
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Your basis for calculating your capital gain would be your original investment, plus income from the business you entered on your tax return over the years, less losses you deducted, plus additional amounts you invested, less amounts distributed to you before the final distribution. You would subtract that from the final distribution amount and that would be your capital gain or loss on the liquidation of your interest in the business.
April 7, 2025
3:21 PM
I considered that and may do that too. Thanks for your input.
April 7, 2025
3:20 PM
I need a new code for the 2023 desktop version I paid for. Been ill and just getting around to catching up on taxes.