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April 8, 2025
6:29 AM
Yes. You can and the nominee actions could provide a better avenue if you see the wrong amounts. Enter only the amounts that belong on the estate by editing the actual amounts, and on your mother's f...
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Yes. You can and the nominee actions could provide a better avenue if you see the wrong amounts. Enter only the amounts that belong on the estate by editing the actual amounts, and on your mother's final return. Next, view the forms to see your changes.
Then use the information below to actually nominee the amounts so that the IRS has the data.
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 your mother as the payer and the other owner, as the recipient. On Form 1096, list your mother 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 to complete and print the forms here: Use only the ones you need.
Form 1096
Form 1099-INT
Form 1099-DIV
Form 1099-S
Form 1099-B
We are sorry for your loss.
April 8, 2025
6:29 AM
From the TurboTax home screen go under Deductions and credits. Scroll down to +Add tax breaks. A menu will open. Locate Charitable Donations and select “Import from ItsDeductible Online”. See image b...
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From the TurboTax home screen go under Deductions and credits. Scroll down to +Add tax breaks. A menu will open. Locate Charitable Donations and select “Import from ItsDeductible Online”. See image below for reference
ItsDeductible Online Tool
April 8, 2025
6:28 AM
If you haven't taken the RMD then take it as soon as possible.
You can request a waiver of the penalty if you have reasonable cause. Please see Relief for Reasonable Cause for additional inform...
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If you haven't taken the RMD then take it as soon as possible.
You can request a waiver of the penalty if you have reasonable cause. Please see Relief for Reasonable Cause for additional information.
If you do not have a Form 1099-R from an inherited IRA or are 73 to trigger the RMD questions then you will have to use "forms" mode to file Form 5329 which is only available with the TurboTax Desktop software:
Enter the forms mode and click on "Open Form" and type "5329".
Scroll down to Part IX line 52a and enter the RMD amount that should have been taken. On line 53a enter the amount of the RMD that was actually taken (probably zero if it was missed).
Then in the box right under line 53 "Waiver of Tax Smart Worksheet" enter the same amount as line 52 (the RMD amount) under A.
Click the "Explanation" button and enter the reason for missing the RMD and your statement requesting a waiver.
April 8, 2025
6:28 AM
To report your 1099-Misc form:
Go to Income and Expenses.
Scroll down to Other Common Income
Select Start next to Form 1099-MISC
Enter info from 1099-MISC,
Describe the reason for t...
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To report your 1099-Misc form:
Go to Income and Expenses.
Scroll down to Other Common Income
Select Start next to Form 1099-MISC
Enter info from 1099-MISC,
Describe the reason for this 1099-MISC, and Continue
On the screen Does one of these uncommon situations apply?, Choose None of these apply
Select, No, it didn't involve work like my main job
Select I got it in 2024.
Select, No, it didn't involve an intent to earn money.
April 8, 2025
6:27 AM
No, you should get an email saying the extension was approved.
April 8, 2025
6:26 AM
We are permanent Florida residents and also own a home in Rhode Island that we live in for about 4 months a year. We receive a small RI pension with no state taxes withheld. During 2024 we withdrew...
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We are permanent Florida residents and also own a home in Rhode Island that we live in for about 4 months a year. We receive a small RI pension with no state taxes withheld. During 2024 we withdrew funds from our 401k to cover expenses. We are both 70 and on social security. Our Federal tax form includes all our income. Do we need to file a Rhode Island non-resident tax return?
April 8, 2025
6:25 AM
1 Cheer
From TurboTax help content, the 'other income' category includes:
- Interest income
- Dividend income
- Retirement income
- Taxable Social Security benefits
- Income from S corporations...
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From TurboTax help content, the 'other income' category includes:
- Interest income
- Dividend income
- Retirement income
- Taxable Social Security benefits
- Income from S corporations, estates and trusts, and partnerships (but not partnership self-employment income)
- Rental properties (or your allowable losses from rentals)
- Any other miscellaneous taxable income or loss you expect to have next year
The best thing you can do is to go through the estimated payments section and adjust the expectations for your 2025 income so that you can see and understand what is going into the calculation. Use the steps in the following TurboTax help article to do this:
Can TurboTax calculate next year's federal estimated taxes?
@fredmbogard
April 8, 2025
6:25 AM
Part time resident income in nc is less than $25,500 requirement, do I have to file at all? Most of income was in PA
April 8, 2025
6:25 AM
1 Cheer
@GAB-NM It's usually best to create the extended PDF from the Print Center before you e-file If you have already filed, you can still get the huge PDF...but you have to get back into your ta...
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@GAB-NM It's usually best to create the extended PDF from the Print Center before you e-file If you have already filed, you can still get the huge PDF...but you have to get back into your tax file first. To do that, look down below the boxes showing you have filed...there is some text there to "Add a State". Click on that. (No, you won't be required to add a state). That gets you back into your tax file...then the Tools/Tax Tools/Print Center should be available in the left-side menu, and you can go there to create the huge PDF with everything.....but DO NOT make any changes in your tax file itself.
April 8, 2025
6:24 AM
No. You cannot claim the expenses until you open the business. When you do open the business, you can claim these as start up expenses. This means you will still be able to claim the expenses, jus...
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No. You cannot claim the expenses until you open the business. When you do open the business, you can claim these as start up expenses. This means you will still be able to claim the expenses, just not in the year you put the money out.
Start-up Business Tax Tips
April 8, 2025
6:24 AM
You are entering an IRS form 1099-K income which reports rental property income into your rental activity on IRS Schedule E Supplemental Income and Loss.
Is the income posted outside of the ren...
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You are entering an IRS form 1099-K income which reports rental property income into your rental activity on IRS Schedule E Supplemental Income and Loss.
Is the income posted outside of the rental property activity and directed towards the rental property activity? I would enter the form from within the rental property activity.
In TurboTax Premium Online, follow these steps:
Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & income.
Click to the right of Rentals, Royalties, and Farm.
Click to the right of Rental Properties and Royalties.
At the screen Your 2024 rentals and royalties summary, click the pencil icon.
At the screen Here's rental property info, select Add income to report rental income.
If you select Form 1099-K and have the same issues, remove this entry and report the same income using the selection Cash, check, and electronic payments.
April 8, 2025
6:22 AM
1 Cheer
There is no way to import just the cost basis for stock transactions reported on Form 1099-B. You may choose to enter the sales totals by group rather than importing the detail transactions. See this...
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There is no way to import just the cost basis for stock transactions reported on Form 1099-B. You may choose to enter the sales totals by group rather than importing the detail transactions. See this article for more info: How do I enter a large number of stock transactions in TurboTax?
April 8, 2025
6:22 AM
A direct rollover is not included in your AGI.
The distribution is reported on line 5a but not on line 5b of your form 1040 and is not included in your AGI on line 11 of form 1040.
April 8, 2025
6:22 AM
1. If you want to avoid amending your return then you need to know the earnings withdrawn to enter a 2025 Form 1099-R. In this case you might want to wait to file your 2024 return. Please see How do ...
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1. If you want to avoid amending your return then you need to know the earnings withdrawn to enter a 2025 Form 1099-R. In this case you might want to wait to file your 2024 return. Please see How do I file an IRS tax extension?
If you made an excess contribution in 2024 and withdrew the 2024 excess Roth IRA contribution plus earnings in 2025 before the due date, then you will get a 2025 Form 1099-R in 2026 with codes P and J. This 1099-R will have to be included on your 2024 tax return and you have two options:
You can wait until you receive the 2025 Form 1099-R in 2026 and amend your 2024 return or
You can report it now in your 2024 return and ignore the 1099-R when it comes unless there is Box 4 Federal Tax withholding and/or Box 14 State withholding. Then you must enter the 2025 Form 1099-R into the 2025 tax return since the withholdings are reported in the year that the tax was withheld. The 2025 code P will not add anything to your income in the 2025 tax return but the withholdings will be applied to 2025.
2. To enter a 2025 Form 1099-R in your 2024 return please follow the steps below:
Login to your TurboTax Account
Click on the "Search" on the top right and type “1099-R”
Click on “Jump to 1099-R”
Answer "Yes" to "Did you get a 1099-R in 2024?"
Select "I'll type it in myself"
Box 1 enter total distribution (contribution plus earning)
Box 2a enter the earnings
Box 7 enter J and P
Click "Continue"
On "Is the IRA/SEP/SIMPLE box on this 1099-R checked?" screen answer "No, the box is blank"?
On the "Which year on Form 1099-R" screen say that this is a 2025 Form 1099-R.
Click "Continue" after all 1099-R are entered and answer all the questions.
Continue until "Did you use your IRA to pay for any of these expenses?" screen and enter the amount of earnings under "Corrective distributions made before the due date of the return".
Please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2023" but you can ignore that since the follow-up question will tell TurboTax that it will be taxable in 2024.
3. Make sure you indicate in the IRA contribution interview that you withdrew the excess contribution by the due date:
Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Select “Roth IRA”
Enter the Roth IRA contribution
Continue until the penalty screen and enter the excess contribution amount withdrawn.
April 8, 2025
6:22 AM
I filed my own return but turbotax wanted $79 to end it. WHY?
Topics:
April 8, 2025
6:21 AM
i purchased a place for business in February 2024, however it needed a lot of work and so i could not open in 2024. can i claim any expenses related to this?
Topics:
April 8, 2025
6:20 AM
yes, thank you.
April 8, 2025
6:18 AM
I suggest you look at your tax return
Did you file the 1099-NEC as a Schedule C business?
Did you make a profit?
Did you have any other income?
The standard deduction for Head of Househol...
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I suggest you look at your tax return
Did you file the 1099-NEC as a Schedule C business?
Did you make a profit?
Did you have any other income?
The standard deduction for Head of Household is:
$21,900 – Head of Household
You can preview your tax return by going to:
On the menu bar on the left that shows.
Select Tax Tools
On the drop-down select Tools
Tip: If you don't see the dropdown for Tools,
Minimize the federal and state options using the down arrow.
On the popup menu
Select View Tax Summary
On the left sidebar
Select Preview my 1040.
Schedules 1,2 & 3 are included if you scroll down past your 1040.
To return to the entry screens press Back on the sidebar.
Some key numbers on your 1040 tax return are:
Line 9 - Total Income
Line 11 - AGI
Line 15 - Taxable Income
Line 19 - Child Tax Credit
Line 24 - Total Tax.
Line 25 d - Withholdings.
Line 26 - Estimated tax payments
Line 27 - Earned Income Credit
Line 28 - Additional Child Credit
Line 33 - Payments including Credits.
Line 34 - Overpayments.
Line 37 - Tax owed.
April 8, 2025
6:17 AM
1 Cheer
You will lose and you will be the one that needs to pay the credit back.
The IRS did open it for a short time for dealers to report, however, if they did not choose to report, the IRS has not i...
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You will lose and you will be the one that needs to pay the credit back.
The IRS did open it for a short time for dealers to report, however, if they did not choose to report, the IRS has not issued additional guidance on what taxpayers can do to resolve this.
For now, what you can try is to print and mail your return along with form 8936, 8936 Schedule A, and proof of purchase that includes the date, price, VIN and dealer information. This will allow your return to be received by the IRS and let them look at it to determine how to handle your EV credit.
April 8, 2025
6:16 AM
When I get to the Virginia state section, it sends me back to the federal portion of the return. And it doesn’t calculate anything beyond the $300 federal deduction .