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April 8, 2025
8:43 AM
I'm over 55 yrs of age, I contributed $27250 into my solo 401K, I am a sole proprietor LLC. I placed $23,000 on line 6a of the contribution worksheet and on line 6c the excess contribution of $4250. ...
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I'm over 55 yrs of age, I contributed $27250 into my solo 401K, I am a sole proprietor LLC. I placed $23,000 on line 6a of the contribution worksheet and on line 6c the excess contribution of $4250. My profit is way more than the $23K. I am getting an error due to the $23000 contribution, it says must be less than that, I enter a lessor amount just to try and remove the error, it does not remedy the problem. Am I entering this contribution info in the wrong section? IS there a solo 401K entry and this is not it. The error casued an issue trying to electronically submit it.
April 8, 2025
8:43 AM
If you received both a 1099 and a W-2, then yes, you will need to include them both. If you are mailing your return, you should include all documents that you entered on your return.
April 8, 2025
8:43 AM
I started an event planning business in 2024. As I'm just getting started, I purchased items to make decorations and items to give away at the events instead of purchasing ones already made. I als...
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I started an event planning business in 2024. As I'm just getting started, I purchased items to make decorations and items to give away at the events instead of purchasing ones already made. I also raffle off some of these items at the event as a promotional, some are just giveaways for attending. Some I keep for the next event. I have received several new bookings as the client said every time they looked at the item they "won" they thought about the event they had attended and wanted to book another event with me. SO. everything I'm purchasing, which category If I keep the item vs giving it away? ie: table cloths, centerpieces, decor I create for a client's event, but I retain as they don't want them, bags of goodies, etc. I'm just confused as to what constitute supplies vs misc. expenses promotional/advertising. Thank You
April 8, 2025
8:43 AM
You can see the distribution of taxes paid on your 1040.
Lines 26 a, b, c, d and 26 show the taxes paid
You can preview your tax return by going to:
On the menu bar on the left that show...
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You can see the distribution of taxes paid on your 1040.
Lines 26 a, b, c, d and 26 show the taxes paid
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
8:43 AM
To access your tax returns (current or prior year) you will sign into the TurboTax website with the user ID you used to create the account - https://myturbotax.intuit.com/
Scroll down to the bo...
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To access your tax returns (current or prior year) you will sign into the TurboTax website with the user ID you used to create the account - https://myturbotax.intuit.com/
Scroll down to the bottom of the screen and on the section Your tax returns & documents click on Show. Click on the Year and Click on Download/print return (PDF)
As an alternative for current year return, when you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a State (You will not really be adding a state).
This will take you back in to the 2024 online tax return.
Click on Tax Tools on the left side of the online program screen. Find the Print Center and choose the year you want to print. If you want your full return including worksheets, choose the option Include government and TurboTax worksheets.
April 8, 2025
8:42 AM
Hi Dana! Thank you so much! This is very helpful. Just to prepare myself for the next year, how does the $502 that I’ll carry on to next year affect my completion of form 8606 for my 2025 taxes?
April 8, 2025
8:42 AM
But the problem is that I marked it as if I received that refund, even though I actually never did. Do I need to file an amendment for the 2024 tax year, or should I just leave it as it is? Because t...
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But the problem is that I marked it as if I received that refund, even though I actually never did. Do I need to file an amendment for the 2024 tax year, or should I just leave it as it is? Because they might also be able to check and see that I truly never received that refund.
April 8, 2025
8:42 AM
1 Cheer
Your federal tax return goes to a different location depending on the state that you live in. See this list to determine the location for you. Where to File Paper Tax Returns (irs.gov)
You c...
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Your federal tax return goes to a different location depending on the state that you live in. See this list to determine the location for you. Where to File Paper Tax Returns (irs.gov)
You can find the State address here: List of Department of Revenue by state List of state DOR's
April 8, 2025
8:42 AM
1 Cheer
You have a carryover of 22,678 from 2023 to 2024 and a capital loss for 2024 of 2,064 so a total of 24,742 loss.
You must have had a 2024 gain of 1,124 so 1,124 of the loss can be applied that and ...
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You have a carryover of 22,678 from 2023 to 2024 and a capital loss for 2024 of 2,064 so a total of 24,742 loss.
You must have had a 2024 gain of 1,124 so 1,124 of the loss can be applied that and 3,000 can be applied against your ordinary income. So 4,124 to 2024, that leaves 20,618 to be carried forward to 2025.
(24,742 - 1,124 - 3,000 = 20,618)
Please look at your Schedule D for the 1,124 loss taken.
April 8, 2025
8:41 AM
i don't it's possible to have the excess of your "balance due" payment applied to your 2025 estimate.
normally the BD is paid
1)by mail with 1040-V which doesn't allow allocated
2) there's ...
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i don't it's possible to have the excess of your "balance due" payment applied to your 2025 estimate.
normally the BD is paid
1)by mail with 1040-V which doesn't allow allocated
2) there's direct debit
3) you can pay online but there's no way to split the payment
finally it's safer to separate the payments if not and the IRS finds a mistake that increase your taxes. as one payment it would take it out of the estimate portion, leaving you potentially underpaid for the first quarter
there is a way to do what you want. make an extension payment by filing an extension either online or by mail. then in Turbotax list the estimated tax payment and in the estimate section have the overpayment applied to your 2025 estimate. NOT good practice since to do this you would have to overstate your 2024 tax liability on the extension. There is a question as to the validiatity of the extension if the tax liability is wildly off. Also, while not required, I would file the 1040 not sooner than 4/16
you could make separate payment online for your balance due and 2025 estimate.
April 8, 2025
8:40 AM
DMERTZ : That was not my contribution nor income but the previous persons info. I was simply acknowledging the exact same experience. Noted as to the Solo 401k contributions not being a business ex...
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DMERTZ : That was not my contribution nor income but the previous persons info. I was simply acknowledging the exact same experience. Noted as to the Solo 401k contributions not being a business expense. However can you explain why when walking through step by step in Turbo Tax and entering Solo 401k plan contributions, exactly as you have indicated; the QBI deduction goes down and there is NO reduction in tax liability in the TT counter at the top of the program?
April 8, 2025
8:40 AM
If you are using the online version, then you will just need to log back into your account.
If you are using the desktop version, you will need to launch TurboTax again and then open the file t...
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If you are using the online version, then you will just need to log back into your account.
If you are using the desktop version, you will need to launch TurboTax again and then open the file that you were working on.
April 8, 2025
8:40 AM
Found the fix to remove the 0 in the box for Form 7205 in Home and Business Desktop. Form 7205 is under "Any Energy Efficient Commercial Buildings?" within Vehicle Summary. Ensure you DO NOT choose S...
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Found the fix to remove the 0 in the box for Form 7205 in Home and Business Desktop. Form 7205 is under "Any Energy Efficient Commercial Buildings?" within Vehicle Summary. Ensure you DO NOT choose Standard Deduction but Do it myself within Business and Income.
April 8, 2025
8:39 AM
First, the only thing that matters is the coverage you had on the first day of the month, no matter what you did later in the month.
So, when you made contributions to your HSA in 2023, you wer...
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First, the only thing that matters is the coverage you had on the first day of the month, no matter what you did later in the month.
So, when you made contributions to your HSA in 2023, you were entitled to use the full annual HSA contribution limit, even if a few days later, you changed coverage.
Since I don't know how much you contributed in 2023 nor what your HDHP coverage was in 2023, I can't tell you why you have a 5329. The 5329 reports penalties on a variety of things, not just on HSAs.
You used the "last-month" rule in 2023. This rules stipulates that whatever coverage you have on December 1, 202x, if the coverage for the whole year, without regard to how many months you actually had coverage.
If you don't recall choosing to use the "last-month" rule, it's because TurboTax does it for everyone automatically. The catch is that when you use the "last-month" rule, you have to maintain HDHP coverage for the next year. You obviously did not.
So TurboTax is going to ask a series of questions that most taxpayers never see, because it needs to calculate what your allowed contribution limit would have been if you had not used the "last-month" rule. For many taxpayers (and I suspect for you), the result will be no extra tax.
It is true that you should not be receiving credit for the contributions in 2024, but I don't know enough about your situation to know why you think you are getting credit in 2024.
To know better, tell me:
1. How much did you contribute (you and your employer anyone else) in 2024?
2. What type of HDHP coverage did you have on December 1, 2023?
3. Why do you think you are getting "credit" for your 2023 contributions in 2024?
4. Please do not remove any HSA stuff from your 2024 return until we understand your situation better.
April 8, 2025
8:39 AM
The post above suggest that you post it in the city field. Will this all fit in that field? "If you reside in a foreign country at the time of filing, enter the city, province or state, and country...
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The post above suggest that you post it in the city field. Will this all fit in that field? "If you reside in a foreign country at the time of filing, enter the city, province or state, and country in the city field."
April 8, 2025
8:39 AM
As you walk through the vehicle expense section, you will be asked if you own the car, lease the car or if the vehicle is not yours. Select the vehicle is not yours. This will allow you to claim ex...
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As you walk through the vehicle expense section, you will be asked if you own the car, lease the car or if the vehicle is not yours. Select the vehicle is not yours. This will allow you to claim expenses you actually incurred for the vehicle. Then if you are paying rental costs for the vehicle, you can select Rental Expenses under Other Common Business Expenses to enter the amount you are paying to rent the vehicle.
April 8, 2025
8:38 AM
April 8, 2025
8:38 AM
You may have inadvertently indicated that you have a foreign account while proceeding through the program. Add/Delete Foreign Income: Open your return (if not already open). Enter "foreign inc...
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You may have inadvertently indicated that you have a foreign account while proceeding through the program. Add/Delete Foreign Income: Open your return (if not already open). Enter "foreign income" in the Search box. Click on "jump to foreign income" link. On the "Did You Make Any Money Outside the United States?" landing page, Answer "Yes" if you did or "No" if you did not. Here's the general procedure for viewing a list of all the forms in your return and deleting unwanted forms, schedules, and worksheets in TurboTax Online: Open or continue your return. On Tax Home, select Start, Continue, or Pick up where you left off to enter your return. In the left menu, select Tax Tools and then Tools. In the pop-up window Tool Center, choose Delete a form. Select Delete next to the form, schedule, and worksheet in the list and follow the instructions TurboTax FAQ: How do I view and delete forms in TurboTax Online? TurboTax FAQ: How do I delete a tax form in TurboTax Desktop?
April 8, 2025
8:38 AM
Turbo shows taxes paid as $19,906 and actual taxes paid is $26,202
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April 8, 2025
8:36 AM
computer power went off now is back on..
need to continue my turbotax 2024
how to get back to the session?
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