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April 8, 2025
8:51 AM
1 Cheer
You will not be able to find it by using the search function. As I was taking a look in the program to see if the instructions shared previously had changed, I noticed that for some reason, the opti...
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You will not be able to find it by using the search function. As I was taking a look in the program to see if the instructions shared previously had changed, I noticed that for some reason, the option to enter information for Metro Commuter Transportation District Self-Employment Income does not show up as an option if you are using TurboTax Online. It can be found if you are using one of the desktop versions of TurboTax.
This situation is being reported to the development team for correction, but it will not be corrected in time to meet the filing deadline.
You may want to consider using a desktop version of TurboTax to file your returns if you are currently using TurboTax Online and you need to include the MCTMT as part of your return.
Take a look at the following TurboTax help article to learn how to change to a desktop version:
How do I switch from TurboTax Online to TurboTax Desktop?
@Grandm826
April 8, 2025
8:51 AM
It depends. If you believe Schedule K-3 will report sufficient income to affect your taxable income for the year, you may choose to request an extension of time to file. But if you believe the inform...
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It depends. If you believe Schedule K-3 will report sufficient income to affect your taxable income for the year, you may choose to request an extension of time to file. But if you believe the information from Schedule 3 won't apply to you or won't significantly change your taxable income, you may choose to file your return now and amend your return if necessary when the forms arrive.
In most cases, the foreign income reported on Schedule K-3 is either already reported on Schedule K-1 or only applies to partners with other foreign income and/or assets.
If you chose to file now, uncheck Box 14/16 from Schedule K-1 to clear any federal review issues in TurboTax.
The instructions in TurboTax for a Form 1065 Schedule K-1 box 13 code K:
"This income, deduction, credit, or other item occurs infrequently and is not supported by the program. You must enter this income, deduction, credit, or other item directly on the applicable form or schedule based on the information that was supplied with the Schedule K-1."
Per the IRS Instructions for Form 1065 Schedule K-2, Box 20 Code V, the information reported here applies to a partner that is a tax-exempt organization. In most cases, this does not apply to an individual taxpayer. You may omit Code V from your K-1 entries for Box 20.
Form 8990 is not supported by TurboTax for Form 1040 tax returns. If you want to track your excess business interest, you will need to manually prepare that form, and include it with the return that you print and mail. Click here for IRS form and instructions for Form 8990. For most individual taxpayers, this form is optional.
April 8, 2025
8:50 AM
Hello how do I answer this question "What kind of retirement income do you have from Pennsylvania?" I converted $ from my rollover IRA to a Roth IRA. on the 1099-R, the distribution code in box 7 is...
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Hello how do I answer this question "What kind of retirement income do you have from Pennsylvania?" I converted $ from my rollover IRA to a Roth IRA. on the 1099-R, the distribution code in box 7 is 2 . There is a dropdown menu and not sure which answer to select.
April 8, 2025
8:50 AM
California has a "Where's my refund?" tracker but not a "Did you approve my return?" tracker. If you mailed them a check with your return then you'll know that it is being processed as soon as the c...
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California has a "Where's my refund?" tracker but not a "Did you approve my return?" tracker. If you mailed them a check with your return then you'll know that it is being processed as soon as the check clears. After that if there is a problem with the return they will contact you.
@lucy34
April 8, 2025
8:49 AM
You should get a W2 for any amount no matter how small. Sounds like they both paid you as an Independent Contractor? Then they don't have to send a 1099NEC for less than $600. But you still need ...
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You should get a W2 for any amount no matter how small. Sounds like they both paid you as an Independent Contractor? Then they don't have to send a 1099NEC for less than $600. But you still need to report it and pay self employment tax on it. You can enter Schedule C for Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or use any of the Desktop Download programs. You can buy the Desktop Download program here, https://turbotax.intuit.com/personal-taxes/cd-download How to enter income from Self Employment https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653
April 8, 2025
8:49 AM
TurboTax is not creating a payment voucher for Wisconsin tax due on 2024 Form 2. It prints the vouchers for estimated taxes (Form ES-1) just fine, but is not creating a voucher for the 2024 tax due. ...
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TurboTax is not creating a payment voucher for Wisconsin tax due on 2024 Form 2. It prints the vouchers for estimated taxes (Form ES-1) just fine, but is not creating a voucher for the 2024 tax due. It looks like Wisconsin may have changed the form name from EPV to PV... might that be the issue? I went out to the WI Dept. or Revenue website to print one, but it says "We are currently experiencing technical difficulties with our Form PV interactive voucher. Please pay online at the above link." If I wanted to pay online, I would have chosen that option. Is this form going to be available in time to pay my taxes?
Topics:
April 8, 2025
8:49 AM
I'm using TurboTax 2024 Desktop (PC) and can't e-file because of depreciation-related errors, even though I already paid the state e-filing fee. Last year, I ended one business activity and began a ...
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I'm using TurboTax 2024 Desktop (PC) and can't e-file because of depreciation-related errors, even though I already paid the state e-filing fee. Last year, I ended one business activity and began a new one. Some assets (e.g., laptop) were legitimately transferred to the new business and should continue to be depreciated. TurboTax handles prior depreciation correctly for shared home office assets but seems to fail when entering business assets with prior depreciation. Even when using the same name, date placed in service, and original cost, the software either miscalculates the depreciation (if prior depreciation is left blank) or throws an error when the correct prior depreciation is entered. There is no option to override or resolve the error, and the e-file is blocked because of it. I need help clearing this error or a way to file without triggering it, since the TurboTax calculated depreciation amount is clearly wrong and claiming it would be inaccurate. Here are some screenshots to illustrate the problem. 126 is the correct amount (first image) and entering 0 as instructed provides an incorrect depreciation deduction. There is not 436 (second image) left on this asset to depreciate.
Topics:
April 8, 2025
8:49 AM
WHY DO I OWE STATE TAX?
We cannot see your tax return. The most common reason for owing state tax is that you did not have enough state tax withheld from your paychecks during the year. Double c...
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WHY DO I OWE STATE TAX?
We cannot see your tax return. The most common reason for owing state tax is that you did not have enough state tax withheld from your paychecks during the year. Double check all of the amounts you entered from tax documents such as your W-2's---look carefully at boxes 16 and 17. Look for misplaced decimals and extra zeros. Print a copy of 2023 and 2024 state returns and compare them side by side, line by line to spot the difference(s).
April 8, 2025
8:49 AM
1 Cheer
If you are using this distribution to cut off the carryover of excess contributions, you must take a distribution of the entire excess amount and pay tax on it and the 20% penalty. If you try to say ...
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If you are using this distribution to cut off the carryover of excess contributions, you must take a distribution of the entire excess amount and pay tax on it and the 20% penalty. If you try to say that you use some of it for medical expenses, then the carryover will not be cut off.
However, since you still have an HSA (I don't now how much cash is in it), you can still take distributions to pay for qualified medical expenses tax-free, even after you no longer have HDHP coverage. You just can't do it to cut off the carryover of excess contributions.
April 8, 2025
8:46 AM
Topics:
April 8, 2025
8:46 AM
The mock returns should be filed.
April 8, 2025
8:45 AM
I have plenty of other income. I have only $450 from one employer who therefore didn't send a W2. Where do I enter that $450 in TurboTax and still file electronically?
April 8, 2025
8:45 AM
Shortly after I posted this I tried using Various and it worked. Made a note on my tax return to do this next year. Will certainly save a lot of time and effort. Thanks for your response.
April 8, 2025
8:45 AM
April 8, 2025
8:45 AM
Found the new link...... See IRS Pub 590b page 22 https://www.irs.gov/pub/irs-pdf/p590b.pdf Reporting taxable distributions on your return. Report fully taxable distributions, including early di...
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Found the new link...... See IRS Pub 590b page 22 https://www.irs.gov/pub/irs-pdf/p590b.pdf Reporting taxable distributions on your return. Report fully taxable distributions, including early distributions, on Form 1040, 1040-SR, or 1040-NR, line 4b (no entry is required on line 4a). If only part of the distribution is taxable, enter the total amount on Form 1040, 1040-SR, or 1040-NR, line 4a, and enter the taxable part on Form 1040, 1040-SR, or 1040-NR, line 4b.
April 8, 2025
8:44 AM
Do you believe that box 12 of the W-2 is incorrect? If so, contact your employer for a corrected W-2.
IRS General Instructions for Form W-2, page 21, states:
Code AA
Designated Rot...
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Do you believe that box 12 of the W-2 is incorrect? If so, contact your employer for a corrected W-2.
IRS General Instructions for Form W-2, page 21, states:
Code AA
Designated Roth contributions under a section 401(k) plan. Use this code to report designated Roth contributions under a section 401(k) plan. Do not use this code to report elective deferrals under code D. S
April 8, 2025
8:44 AM
Since you're using TurboTax Home & Business, make sure you're working under the Business tab to revise your Schedule C information. Do not override any numbers on Form 1040X or you won't be able to f...
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Since you're using TurboTax Home & Business, make sure you're working under the Business tab to revise your Schedule C information. Do not override any numbers on Form 1040X or you won't be able to file the amended return.
Be sure you are starting with the return that was actually filed (no changes whatsoever) before you agree to amending your return. Also, review the instructions here: How do I amend my federal tax return for a prior year?
April 8, 2025
8:43 AM
Thanks for the updates @DogWoodBlossom and @Cshawnyurt. Mine was just accepted too. Finally!
April 8, 2025
8:43 AM
Volvo girl, Thank you very much. I never even noticed the 4b line, but yes, the proper total amount is listed there. You gave a perfectly clear answer. Much appreciated!
April 8, 2025
8:43 AM
1 Cheer
It appears that @DianeW777 corrected her reply to show that line 4c of Schedule SE is the relevant line. As I mentioned, Schedule C line 31 would need to be at least $1,873 to result in $1,730 of cr...
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It appears that @DianeW777 corrected her reply to show that line 4c of Schedule SE is the relevant line. As I mentioned, Schedule C line 31 would need to be at least $1,873 to result in $1,730 of credited compensation.