All Posts
April 8, 2025
9:58 AM
why would you have code 1d in block seven if you are well over 59 1/2
April 8, 2025
9:58 AM
I don't have sales sections at all. Just one sum for a loss. I'm confused as to how to enter the information in the 1099-B section. Any help appreciated?
April 8, 2025
9:56 AM
There is no question for being deaf unless you are considered totally and permanently disabled. There is an additional deduction for being blind but not deaf.
April 8, 2025
9:55 AM
Even though the full amount shows up in the total income on the 1040 line 7, if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from...
See more...
Even though the full amount shows up in the total income on the 1040 line 7, if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from Schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return. In the online version you need to save your return as a pdf file and include all the worksheets to see it. For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet. IRS Qualified Dividends and Capital Gain Tax Worksheet—Line 16 on 1040 instructions page 36 https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
April 8, 2025
9:55 AM
Sounds good- thanks again for the support!
April 8, 2025
9:55 AM
1 Cheer
No. If you are not a business, you do not need to issue a 1099. A hobby is not a business. It is not treated as business income. It is treated as Ordinary income and not subject to self-employmen...
See more...
No. If you are not a business, you do not need to issue a 1099. A hobby is not a business. It is not treated as business income. It is treated as Ordinary income and not subject to self-employment taxes.
April 8, 2025
9:54 AM
April 8, 2025
9:54 AM
Purchased stock is based on comparable sales or FMV. Inherited securities have a step up basis usually. The average price method is to help simplify things.
We comply with IRS rules regarding h...
See more...
Purchased stock is based on comparable sales or FMV. Inherited securities have a step up basis usually. The average price method is to help simplify things.
We comply with IRS rules regarding how to determine the fair market value of donated securities based on their acquisition method (purchase vs. inheritance).
@mtfarley1
April 8, 2025
9:54 AM
If you do not have a form 1099-R for tax year 2024, you'll need to delete from your tax return.
To delete it, please follow these steps:
In TurboTax Online, open your return
In the ...
See more...
If you do not have a form 1099-R for tax year 2024, you'll need to delete from your tax return.
To delete it, please follow these steps:
In TurboTax Online, open your return
In the left-hand column, locate Tax Tools, click on the drop-down arrow then click on Tools
On the Tools Center page, click on Delete a form
A list of forms will appear. Locate form 1099-R and click Delete next to it.
On the next screen, click Delete Form
April 8, 2025
9:53 AM
TurboTax does not have your W-2. W-2’s come from employers.
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 nee...
See more...
TurboTax does not have your W-2. W-2’s come from employers.
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.
. 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
Pay Social Security $62 per tax year for your W-2’s.:
https://faq.ssa.gov/en-US/Topic/article/KA-02501
https://ttlc.intuit.com/community/income/help/what-if-it-s-february-but-i-still-don-t-have-my-w-2/00/25998
April 8, 2025
9:53 AM
Sounds like there may have been problems in the install. Here are some things to consider. Make sure your computer meets the minimum system requirements. Verify that you have administrator rig...
See more...
Sounds like there may have been problems in the install. Here are some things to consider. Make sure your computer meets the minimum system requirements. Verify that you have administrator rights. Turn off file sharing by going to the Apple Menu > System Preferences > Sharing. Then, uncheck all options under the Services tab. This will stop your computer from sharing any files. If needed, remove and reinstall TurboTax for Mac. Allow cookies and pop-up windows. If you’re asked to grant access to your confidential information, enter your Mac password and select Always Allow. From the Apple menu, choose System Preferences > Security & Privacy > General. Select the Lock to make changes. Then select the App store and identify developers under Allow applications downloaded from (if you're unable to choose it, select the lock icon and enter your admin password). Temporarily turn off your firewall and virus-detection software as well as any other program that connects to the Internet, such as email or web browsers. Remember to turn your security software back on after the download is complete. Try this steps for updating the program once the installation is complete. Make sure you're running the program from the Applications folder, not from a mounted virtual drive or CD (if installing tax year 2023 or a previous version). Wireless connections can be problematic. We recommend updating over a wired, broadband connection. If you don't have access to broadband, try restarting your wireless router. Empty the Trash. Force the update to download and install. If you're still having problems, turn off your computer, then your router, and lastly your modem, in that order. Wait a minute or two, then turn your modem back on. Wait another minute, then turn your router back on. Once your router is back up, turn your computer back on and try updating again.
April 8, 2025
9:52 AM
You will see the QBI carryforward entry option in the business section of TurboTax, along with the Net Operating Loss carryover:
When you choose the Net Operating Loss/QBI carryfo...
See more...
You will see the QBI carryforward entry option in the business section of TurboTax, along with the Net Operating Loss carryover:
When you choose the Net Operating Loss/QBI carryforward Loss option, you will have an option to enter your QBI loss carryover and/or your Net Operating loss carryover. The QBI loss carryover will be used to reduce your qualified business income in the current year to be used to determine your QBI deduction. The deduction could be as much as 20% of your business income in the current year, but no more. Any unused loss in the current year will be carried over in TurboTax to future years without further attention on the part of the taxpayer.
If you entered a Net Operating loss deduction, it could be used to reduce your total current year income in an amount equal to 100% of the Net Operating loss. So, you have be careful to enter the loss carryover in the correct entry screen.
@RusselN @simaB
April 8, 2025
9:52 AM
I am a self-published author, declaring hobby income because I have losses more than the 3-year out of 5 period. Thus, I am not filing as a business. I understand that if I pay via credit card or ...
See more...
I am a self-published author, declaring hobby income because I have losses more than the 3-year out of 5 period. Thus, I am not filing as a business. I understand that if I pay via credit card or an online payment service, they could be subject to a 1099-K and I would not have to concern myself with this, but if I pay more than $600 via check, must I issue a 1099-MISC given I am not considered a business for IRS purposes?
Topics:
April 8, 2025
9:52 AM
You'll need to amend your 2023 return to add the asset and depreciate it or elect to take a 179 deduction if eligible.
April 8, 2025
9:52 AM
Topics:
April 8, 2025
9:52 AM
I have entered the 1099-g form under state tax refund, but it doesn't show up on schedule 1, line 1. I have tried to go back and edit and it keeps taking me through this loop where it says i have alr...
See more...
I have entered the 1099-g form under state tax refund, but it doesn't show up on schedule 1, line 1. I have tried to go back and edit and it keeps taking me through this loop where it says i have already entered it for this state. I don't want to delete the schedule 1 worksheet because it has other incomes on there. what should i do?
Topics:
April 8, 2025
9:51 AM
We'd love to help you complete your tax return, but need more information. Can you please clarify your question?
April 8, 2025
9:51 AM
We'd love to help you complete your tax return, but need more information. Can you please clarify your question?