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April 6, 2025
5:14 PM
Well it's nice to know I'm not the only one. I don't like making everything "various". The IRS wants it listed by country, I assume that is required by the tax law. The purpose of 1116 is to limit ...
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Well it's nice to know I'm not the only one. I don't like making everything "various". The IRS wants it listed by country, I assume that is required by the tax law. The purpose of 1116 is to limit the deduction in proportion to the proportion of the country income compared to total income. So making everything "various" violates that, and I expect, the law. That's not something Intuit should be comfortable with. Like you I did get things entered using the forms mode. But I didn't have to make any fake 1099-Divs. I added additional Form 1116s. You do this by choosing "open form" in the menu (F6 is the shortcut). Then choose the form you want (I used the search box in the screenshot below since the list is long) and click "open form". In the box that comes up (shown below) you can choose an existing form to edit or add a new one. When you add a new one you then have to use the "quickzoom" to the worksheet located near the top. The worksheet is where you can input data that will carry into the form. As you can see I have 3 forms in my return. It should be easier. In retrospect I'm not even sure how I found this. (I should have bought a lottery ticket that day.) But the whole Foreign tax credit could be easier: the data it really needs input are the country, amount of income, and amount of tax paid. Then the program could add the amounts when the country is the same and do all the calculations and add the necessary forms. Before last year I used a competing program and while I could get the data in using the forms mode (though it wasn't easy) it refused to e-file if there was more than one Form 1116. So it was a relief when I tried TurboTax and it e-filed. They could make it a lot better if they wanted to, but we are too small a constituency. Of course the best solution would be for Congress to raise the amount that requires Form 1116. It's been $300 for as long as I can remember and $300 just isn't what it used to be.
April 6, 2025
5:12 PM
You do not receive a W-2 for Social Security benefits. They mail you a SSA1099 in January every year.
Go to Federal> Wages & Income>>Retirement Plans and Social Security (SSA1099 and 1099RRB...
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You do not receive a W-2 for Social Security benefits. They mail you a SSA1099 in January every year.
Go to Federal> Wages & Income>>Retirement Plans and Social Security (SSA1099 and 1099RRB) to enter your SSA1099.
If you cannot find your SSA1099:
GET SSA1099
https://www.ssa.gov/faqs/en/questions/KA-01723.html
If Social Security was your ONLY income you are not required to file a tax return. If you have other income besides the Social Security you might need to file.
Who has to file?
http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F
April 6, 2025
5:12 PM
You can find all the information to make payments and establish a payment plan directly with the IRS at Payments.
April 6, 2025
5:12 PM
My wife was informed that an excess contribution of $280 was never removed from her Roth IRA as she instructed her brokerage account holder to do in 2024. She told them to immediately removed the ex...
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My wife was informed that an excess contribution of $280 was never removed from her Roth IRA as she instructed her brokerage account holder to do in 2024. She told them to immediately removed the excess last week (they told her the penalty will be $17). My question is do I need to amend our 2024 Tax Return or out 2023 Tax Return. I have already amended our 2024 tax return once as we found a 1099-INT for our daughter that was not previously reported. Is there another way to pay the penalty other than an amendment? Can I just wait and see if the brokerage house will be issuing a 1099-R for the excess withdrawal? Thank you!
April 6, 2025
5:11 PM
Here’s what you can do to add your Social Security benefits after completing your taxes and making the payments:
Amend Your Return: You can file an amended return using TurboTax. Here’s how:
...
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Here’s what you can do to add your Social Security benefits after completing your taxes and making the payments:
Amend Your Return: You can file an amended return using TurboTax. Here’s how:
After y our return has been accepted by the IRS
Open your return in TurboTax.
Go to the Federal Taxes section.
Select Amend (change) a return.
Enter SSA-1099: To enter your Social Security benefits:
Open your return in TurboTax.
In the search bar, type "Social Security benefits" and select the Jump to link.
On the screen, check the box beside Social Security benefits (Form SSA-1099) and enter the amounts from your form
Continue through the questions to refile your federal and state taxes.
April 6, 2025
5:11 PM
Can you help to explain the following? the IRS instruction from the website (12/2024) said "The written acknowledgment required to substantiate a charitable contribution of $250 or more". If a contr...
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Can you help to explain the following? the IRS instruction from the website (12/2024) said "The written acknowledgment required to substantiate a charitable contribution of $250 or more". If a contribution (one item) is not more than $250, it doesn't say anywhere that Donee's signature is required. According to IRS website 8283 form part V specific instruction, not anyone at the charity organization can sign the 8283 form. "The person acknowledging the gift must be an official authorized to sign the tax returns of the organization, or a person specifically designated to sign Form 8283." Also, the donee org is not required to complete the form. IRS website "The donee organization is not required to complete Part V for each member's Form 8283." It seem not allowing e-file and requires a signature by the donee, but the donee is not required to sign is not reasonable. What can I do now since it's so close to tax filing? Do you (or Turbo Tax) have a suggestion? I donated to Goodwill and no item is more than $250, folks at the donation site had no idea who should sign the form. I seriously doubt Goodwill will sign the tax form, as thousands, if not tens of thousands of people donated there, especially that they are not required to sign the tax forms.
April 6, 2025
5:11 PM
Seeking advice on what to prioritize with the IRS: I paid quarterly taxes for 2024, but ended up owing because I made a lot more than I did the previous year. I'm unable to pay it all at once,...
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Seeking advice on what to prioritize with the IRS: I paid quarterly taxes for 2024, but ended up owing because I made a lot more than I did the previous year. I'm unable to pay it all at once, so I set up a payment plan and it was approved. With tax day approaching: my question is, am I supposed to prioritize paying back what I owe for 2024 BEFORE I make quarterly payments for 2025 or do I make quarterly payments for 2025 while continuing to make payments for 2024 at the same time? Not sure if the quarterly payments would just automatically go to my IRS balance?
Topics:
April 6, 2025
5:09 PM
@ marhill wrote: Okay. But the IRS won't accept the return without my six-digit IP PIN That's correct. The IP PIN is completely different and entered in a different interview topic. Are yo...
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@ marhill wrote: Okay. But the IRS won't accept the return without my six-digit IP PIN That's correct. The IP PIN is completely different and entered in a different interview topic. Are you still unable to find the IP PIN entry site in the interview using the steps provided higher up in this thread? I can't tell. If so, I can go over the steps again. Or if you are using desktop software and want to enter it in Forms Mode, see the image I provided in another reply to you.
April 6, 2025
5:08 PM
1 Cheer
Whether and how much of the amount of a legal settlement is taxable depends on the type of settlement proceeds you received and what they represented.
Check the terms of the legal settlement. ...
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Whether and how much of the amount of a legal settlement is taxable depends on the type of settlement proceeds you received and what they represented.
Check the terms of the legal settlement. If you received any punitive damages, this would be taxable income.
If you receive a settlement for personal physical injuries or physical sickness and did not take an itemized deduction for medical expenses related to the injury or sickness in prior years, the full amount is non-taxable. Do not include the settlement proceeds in your income.
Property settlements that compensate for a loss in value of your property that are less than the adjusted basis of your property are not taxable and generally do not need to be reported on your tax return. However, you must reduce your basis in the property by the amount of the settlement. If the property settlement exceeds your adjusted basis in the property, the excess is income.
See this help article for instructions for entering a legal settlement in TurboTax.
See IRS Publication 4345 for more information about legal settlements.
The full amount of any taxable settlement would be reported as taxable income Legal fees related to personal issues typically can't be included in your itemized deductions under current law or deducted from taxable settlements. See this tax tips article for more information.
April 6, 2025
5:08 PM
I think this a failure in the Turbo Tax program. It automatically defaults the 1099-Misc income into business income. Using workarounds on taxes is sketchy to say the least.
April 6, 2025
5:08 PM
I read the forums from prior years on how to calculate cost (tax) basis from Final K1 in Section L. It looks like the cost basis is ALWAYS zero if the ending capital balance is zero. I have a problem...
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I read the forums from prior years on how to calculate cost (tax) basis from Final K1 in Section L. It looks like the cost basis is ALWAYS zero if the ending capital balance is zero. I have a problem with this. I have invested in a real estate LLC (limited partnership) for years ago. I have never received any distributions until the sale. The amount of distribution was less than my initial capital contribution. Although I lost money in this partnership, my cost basis is zero makes it look like I have capital gains. How is this possible? Here is the Section L from my final K1: Beginning Capital Account: 23654 Capital Contributed During Year: 0 Current Year Net Income (Loss): -2748 Other Increase (Decrease): -618 Withdrawals &Distributions: 20288 Ending Capital Account: 0 I believe my cost basis should be $23654 - $618 =$23036 and my sale price should be $20288. Hence, I should incur a capital loss.
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April 6, 2025
5:07 PM
Let's say I have three brokerage accounts at Schwab with three different account numbers. How in TT do I tell them apart? Under Interest and Dividends, for example, they all show the same on the scre...
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Let's say I have three brokerage accounts at Schwab with three different account numbers. How in TT do I tell them apart? Under Interest and Dividends, for example, they all show the same on the screen. I started manually, but then switched to importing. When I entered various kinds of dividends, for example, I kept importing for what I assumed was one account, seemingly getting it settled, then I did another that showed Needs Review and afterwards the one just done would show it Needs Review again. Seven times I imported. Since all three look the same on screen, I'm just playing whack-a-mole. And with another brokerage, I have two accounts but couldn't figure out how to add the second. Things went great last year, but with more accounts per brokerage this year it's been totaling frustrating and brought things to a halt.
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April 6, 2025
5:06 PM
I've only filed 2 e-filed 2 returns, but I'm getting the error that I exceeded 5. The returns had errors so I had to refile multiple times. How do I correct this?
April 6, 2025
5:06 PM
I purchased my primary residence from 2016 and used for personal until 2024/01/01, then I rented for 4 months (33.33%) and afterwards I used as primary residence again in 2024. I input the correspond...
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I purchased my primary residence from 2016 and used for personal until 2024/01/01, then I rented for 4 months (33.33%) and afterwards I used as primary residence again in 2024. I input the corresponding rental/personal days (120/366) and selected NO when asked if I had prior business. Here's some questions: 1. For the rental assets depreciation, I'm confused with these questions and not sure if percentage of time refers to 2024 year or piror, please see the screenshot 2. When asked for prior passive loss carryover, I do have 8582 Form but the carryover loss was from a different activity, so I assume I should input 0 here? 3. When asked for qualified business income, does this partial rental of primary residence activity qualify for QBI? the definition was pretty board: if rental or royalty activity is based in the U.S. and carried on with regularity, continuity, and a profit motive Please advise thanks!
Topics:
April 6, 2025
5:06 PM
Look at Line 38 of your 1040. You can view your entire return or just your 1040 form before you e-file: Sign in to TurboTax. Open or continue your return by selecting Start or Continue. Sel...
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Look at Line 38 of your 1040. You can view your entire return or just your 1040 form before you e-file: Sign in to TurboTax. Open or continue your return by selecting Start or Continue. Select Tax Tools from the menu. With the Tax Tools menu open, you can then: Preview your entire return: Select Print Center and then Print, save or preview this year's return (you may be asked to register or pay first). View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.
April 6, 2025
5:05 PM
Can you clarify what is happening? Are you clicking on the error message and that is taking you to an expired page? Or are you going to the link above and getting the expired message? If it is the...
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Can you clarify what is happening? Are you clicking on the error message and that is taking you to an expired page? Or are you going to the link above and getting the expired message? If it is the link above, it is from 2023 and is probably an old link that may not be active anymore.
I recommend following the steps in this link to troubleshoot your TurboTax Desktop program for Windows or this link if you are on a Mac.
If you are preparing your tax return using TurboTax Online, please clear your cache and try logging in again.
@boonshopping
April 6, 2025
5:04 PM
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April 6, 2025
5:04 PM
The option on the rental income foreign outside of 1099-Misc isn't there anymore. So its flagging error without an EIN for a foreign national.
April 6, 2025
5:03 PM
Didn't work for me.