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April 8, 2025
2:02 PM
I have seen a few different posts on this topic that usually determine the poster has income that is too low or too high to qualify. I do not believe this applies to my situation. A few key piece...
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I have seen a few different posts on this topic that usually determine the poster has income that is too low or too high to qualify. I do not believe this applies to my situation. A few key pieces of information: I am filing Single. I am a graduate student enrolled at least half time My MAGI is $12,565 (well below the $80,000 phase-out start) after adjusting for small business ta. I have $24,607 in net qualified education expenses (significantly more than the $10,000 needed to calculate the maximum potential credit). I am not claiming the American Opportunity Tax Credit. I cannot be claimed as a dependent. I have a federal tax liability of $746 to offset. Based on all of this I believe I should be able to the LLC to offset my $746 federal tax liability.
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April 8, 2025
2:02 PM
April 8, 2025
2:02 PM
Unfortunately, IRS 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 includ...
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Unfortunately, IRS 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.
April 8, 2025
2:01 PM
Thank you so much! Just to clarify, I wouldn't have to calculate depreciation for the years we used it for personal use, correct? I only start calculating (ahem... let TurboTax calculate) depreciatio...
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Thank you so much! Just to clarify, I wouldn't have to calculate depreciation for the years we used it for personal use, correct? I only start calculating (ahem... let TurboTax calculate) depreciation starting in 2024, which is when we started to rent it out.
April 8, 2025
2:01 PM
Yes, Box 1 and 2a would both be $2110. @JSBruno4
April 8, 2025
2:01 PM
1 Cheer
To avoid mailing and mailing the wrong or superfuous documents enter the 6 transaction under boxE manually enter wash sale transaction manually Form 8949 is not required for BoxA and BoxD with...
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To avoid mailing and mailing the wrong or superfuous documents enter the 6 transaction under boxE manually enter wash sale transaction manually Form 8949 is not required for BoxA and BoxD without adjustments. There will be nothing to mail. ====== Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form (Line 2) to know how much to subtract which gives you the Schedule D line 1a totals. Be sure to NOT check the adjustments box in the summary window. The two Schedule D lines 1a and 1b proceeds should total to the proceeds for that category on your consolidated docment @gk5040
April 8, 2025
2:01 PM
I have entered 0 for all quantities and N/A for text boxes. The drop down menu has an option for "blank", but the system will not allow me to continue to file.
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April 8, 2025
2:01 PM
Yes, you entered your corrected Cost Basis correctly.
Sometimes the 'Needs Review' is just a display error, or could mean that you didn't go all the way to the end of the section in the inter...
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Yes, you entered your corrected Cost Basis correctly.
Sometimes the 'Needs Review' is just a display error, or could mean that you didn't go all the way to the end of the section in the interview. It doesn't affect your return.
If you're using TurboTax Online, clear your Cache and Cookies, and go back to that section to see if it's gone. Sometimes clicking into another section (Deductions) and back will remove it.
@rona11
April 8, 2025
2:01 PM
It doesn't appear that I can open a new return for myself after using TT to prep my Dad's last tax return. Any ideas or directions?
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April 8, 2025
2:00 PM
Typically, the sum of the individual items listed in Investments & Savings should match the total amount reported. If they don’t, here are a few things to check:
Missing or Duplicate Entries...
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Typically, the sum of the individual items listed in Investments & Savings should match the total amount reported. If they don’t, here are a few things to check:
Missing or Duplicate Entries – Ensure each item has been recorded correctly.
Rounding Differences – Sometimes, small rounding discrepancies can cause minor mismatches.
Categorization Issues – Double-check whether any items were accidentally left out or categorized elsewhere.
April 8, 2025
2:00 PM
You can create 1099 Forms using Quick Employer Forms if using TurboTax Online or using TurboTax Desktop.
Review the TurboTax article How do I create W-2 and 1099 forms for my employees or contr...
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You can create 1099 Forms using Quick Employer Forms if using TurboTax Online or using TurboTax Desktop.
Review the TurboTax article How do I create W-2 and 1099 forms for my employees or contractors? for instructions.
April 8, 2025
2:00 PM
So, I usually get hundreds back (at most) from Indiana. When I put the box 2a amount into box 16, I'm getting back close to $18,000. The Edward Jones account was inherited last year, but only has $15...
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So, I usually get hundreds back (at most) from Indiana. When I put the box 2a amount into box 16, I'm getting back close to $18,000. The Edward Jones account was inherited last year, but only has $15,000. Something doesn't seem right. As much as I would love that much back, I'm not meant for jail.
April 8, 2025
1:59 PM
Yes, this is a federal specific form. You can check with your state to see if they do follow the federal process to release a refund to the injured spouse.
How do I contact the State Department ...
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Yes, this is a federal specific form. You can check with your state to see if they do follow the federal process to release a refund to the injured spouse.
How do I contact the State Department of Revenue?
Per Georgia (GA) Injured Spouse Relief: Georgia law does not contain a provision for injured spouse relief. If you were granted injured spouse relief by the IRS, please contact the department at 877-423-6711 for assistance.
April 8, 2025
1:59 PM
Thank you for a quick response! I overlooked it because I was expecting the form to look like it does when I am in the TT program. I had saved the Return as a pdf, but I was scanning the top left c...
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Thank you for a quick response! I overlooked it because I was expecting the form to look like it does when I am in the TT program. I had saved the Return as a pdf, but I was scanning the top left corners of every page looking for "Form 8949 Sales and Other Dispositions of Capital Assets" all in bold letter across the top of the form, instead "Form 8949" is not bold, it's printed in tiny letters and on the far right in tiny letters it says "Attachment Sequence No. 12A", only 12A is bold. It does not mention "Other Dispositions of Capital Assets". Thank you for helping me open my eyes:) I wrote this comment to help others in the same situation, it's easy to overlook that its actually there.
April 8, 2025
1:58 PM
Refund was submitted on 3/9. IRS still has not approved the refund. Only IRS contact I can make is via automated hotline / refund tracker. I am worried there is a problem with my return, and that it ...
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Refund was submitted on 3/9. IRS still has not approved the refund. Only IRS contact I can make is via automated hotline / refund tracker. I am worried there is a problem with my return, and that it will be months before I receive the refund.
April 8, 2025
1:58 PM
Your suggestion is a completely different path than that suggested by DianeW777. If I enter the transaction under Sale of Business Property (as Diane suggested) it asks for the original basis, impro...
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Your suggestion is a completely different path than that suggested by DianeW777. If I enter the transaction under Sale of Business Property (as Diane suggested) it asks for the original basis, improvements, and depreciation taken. The results land on Form 4797 as a Sale or Exchange of Property Used in a Trade or Business. If I go the other route as an Investment Sale, it doesn't ask for improvements or depreciation. I should probably clarify, I have been retired for several years and spend most of my time maintaining numerous rental properties, all of which I classify as QBI. I'm thinking this may allow me to report the transaction on Form 4797 since my main business is rental properties?
April 8, 2025
1:58 PM
You won't get any sort of form for your estimated tax payments. You enter these from your own records. You can amend your return to add them, but the IRS is also pretty good about automatically a...
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You won't get any sort of form for your estimated tax payments. You enter these from your own records. You can amend your return to add them, but the IRS is also pretty good about automatically adding them to a refund if you forget, or generating a refund if you make an additional payment that isn't warranted. For this reason, I'd wait about 3 weeks after your return was accepted to see if you get any letters from the IRS (or better yet a surprise check!)
If you do not, the amend the return to include the payments made for the 2024 tax year. After you start the amended return process See: How to File an Amended Tax Return in TurboTax these payments go in the section for "Estimates and Other Taxes Paid", then "Estimates".
April 8, 2025
1:58 PM
1 Cheer
The purchase of stock in a corporation would be an investment. Interest expense associated with that would be investment interest. You enter that in the Deductions and Credits section, then Retiremen...
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The purchase of stock in a corporation would be an investment. Interest expense associated with that would be investment interest. You enter that in the Deductions and Credits section, then Retirement and Investments, then Investment Interest Expenses.
April 8, 2025
1:55 PM
Yes. If the total is reported correctly then this is the right way to report it.