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April 13, 2025
10:05 AM
My wife has a prudential annuity and she took a distribution from it this year for the first time. It had to be indirect, they sent her a check. She immediately deposited it to her Fidelity IRA. We'r...
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My wife has a prudential annuity and she took a distribution from it this year for the first time. It had to be indirect, they sent her a check. She immediately deposited it to her Fidelity IRA. We're doing our taxes in TurboTax. The Prudential 1099-R shows code 7, normal distribution, as expected. The tax bill immediately jacked at the top of TurboTax! Fidelity hasn't given us a form to "prove" we deposited it. What do we file? They said it's not a 1099-R on their side for this. They said 5498 but that's not a form you usually support with your taxes, per TurboTax. Fidelity's 5498 forms aren't coming out until May 15! How do we fix this? Thanks in advance for any help.
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April 13, 2025
10:05 AM
Hi, using Turbo Tax Premier, and I own a rental property. When doing the Pennsylvania taxes, Turbo Tax asks if this is a for-profit property, and Turbo Tax help offers the text below, but it's not c...
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Hi, using Turbo Tax Premier, and I own a rental property. When doing the Pennsylvania taxes, Turbo Tax asks if this is a for-profit property, and Turbo Tax help offers the text below, but it's not clear if the listed three conditions ALL have to be true (meaning, 1 AND 2 AND 3), or if ANY of them are true (meaning, 1 OR 2 OR 3). Numbers 1 AND 2 apply to me. 3 doesn't. For-Profit Rental Property Your rental is considered a for-profit (business activity) rental when: 1) You offer the use of your property with the intention of making a profit. 2) You lease your property continually, not for limited periods of time during the year. 3) You offer your property on a commercial basis to others and at least one of the following applies: - The average period of customer use is 30 days or less - The property is made available for use only during defined business hours - You provide significant services (i.e. housekeeping, room service, valet parking, transportation services) to your tenants - You incur significant operating expense in making the property available for lease - The leasing activity is incidental to a real estate sales business Thanks!
April 13, 2025
10:05 AM
1 Cheer
You have special circumstances. DC is the source of the wages and gets to tax them. MD taxes bank interest and other stuff and will give a credit for the income earned in DC. North Eastern States...
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You have special circumstances. DC is the source of the wages and gets to tax them. MD taxes bank interest and other stuff and will give a credit for the income earned in DC. North Eastern States Tax Officials Association Cooperative Agreement (NESTOA Agreement) includes several states where taxpayers can be residents of multiple states, including the District of Columbia Maryland. This agreement overrides the reciprocal agreement which is for living one place and working in the other. Your daughter has a house, votes, etc in MD, that is her domicile. She is a statutory resident of DC. The NESTOA Agreement provides that in a dual residency situation, the state to which earned income is sourced gets to tax the income. For non-sourced income, such as income from intangible assets, the state of domicile gets to tax the income. For purposes of applying the resident credit in dual residency situations, the state of domicile must give a resident credit for earned income sourced to the state of statutory residence. For non-sourced income, the state of statutory residence must give the resident credit.
April 13, 2025
10:05 AM
Yes, even if you don’t receive the appropriate forms, you’re still responsible for paying taxes on all of your taxable income. If you didn't make more than $600, the business doesn't have to file For...
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Yes, even if you don’t receive the appropriate forms, you’re still responsible for paying taxes on all of your taxable income. If you didn't make more than $600, the business doesn't have to file Forms 1099-MISC or 1099-NEC.. If you didn’t receive a 1099 form, you still need to report the amount of income on your tax return.
You are considered self-employed and will complete a Schedule C which is how you report your self-employment income. The good news is that you can deduct ordinary expenses that you incurred making this income. Follow the steps below to enter your income.
Launch TurboTax
In the search bar at the top, enter in Schedule C
Select Jump to Schedule C
Answer Yes on the next screen - Did you have any self-employment income or expenses?
Answer the questions on each screen, when you get to the screen - Let's enter the income for your work, select Other self-employed income and Continue
Enter the amount under cash or check
Continue going through the screens to enter your expenses.
For additional information, review the TurboTax help article How do I report income from self-employment?
April 13, 2025
10:04 AM
It depends on if you are a W-2 employee, or if you are self-employed and were using your personal vehicle for both personal reasons and work.
If you are a W-2 employee, no, there's no deduction...
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It depends on if you are a W-2 employee, or if you are self-employed and were using your personal vehicle for both personal reasons and work.
If you are a W-2 employee, no, there's no deduction available.
If you're self employed, you'll need to ad the vehicle and related expenses and answer the questions about how much you used it for work and personal time to figure the business use percentage. You can indicate you stopped using it in 2024 to figure the loss.
Here are the steps in TurboTax Online:
Navigate to Federal > Wages & Income > Self-employment income and expenses
Edit your business
Choose add expenses for this work
Choose Vehicle and Continue
Vehicle now appears in the list of expenses, choose the pencil icon to the right of vehicle expenses
Answer the interview questions about the vehicle, and enter the related expenses.
April 13, 2025
10:04 AM
Federal taxes owed and paid for any prior tax year are not entered on a 2024 federal tax return.
State taxes owed and paid in 2023 are not reported on a 2024 federal tax return.
April 13, 2025
10:04 AM
For some reason, a lot of people aren't aware they have this insurance. A common reason is, you might have had the standard basic state insurance, and based on income or eligibility, they would have...
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For some reason, a lot of people aren't aware they have this insurance. A common reason is, you might have had the standard basic state insurance, and based on income or eligibility, they would have switch you to the State Marketplace Insurance. The IRS will reject your return if the Market Place insurance reported coverage to them and issued Form 1095-A.
You will need to contact the Marketplace Health Insurance for additional support, if you think this information is incorrect and/or for a copy of that form.
The link below will redirect you to the IRS website, scroll down until you see Marketplace Contact Information. Locate your state for the contact phone number
The Health Insurance Market Place
April 13, 2025
10:02 AM
Federal and state paid on your 2023 returns are not entered on your 2024 returns.
April 13, 2025
10:01 AM
Hi From 2024 tax return, I am aware of state taxes exempting tax for US government interests that can be derived from money market mutual fund. I went to redo 2023. I noticed its different. I...
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Hi From 2024 tax return, I am aware of state taxes exempting tax for US government interests that can be derived from money market mutual fund. I went to redo 2023. I noticed its different. In 2024, it would prompt me to allocate the US government interests to either NY or NJ. In 2023, there is a manual entry for New York under Investment adjustments > Exempt income from US government or exempt by NY law. I filled up the US government Interest and New York Source Portion. Is it correct or is there double count or something I need to do to rellocate? Thank you
April 13, 2025
10:01 AM
Yes, TurboTax will tell you if you have an Excess Roth Contribution, as long as all your income info has already been entered. You're correct that people often change/add their Roth contribution bas...
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Yes, TurboTax will tell you if you have an Excess Roth Contribution, as long as all your income info has already been entered. You're correct that people often change/add their Roth contribution based on this notification. A screen comes up towards the end of the IRA Contribution section, notifying you of the excess contribution and amount. You may not have continued through all the screens in that interview section.
@jp333
April 13, 2025
10:01 AM
You may be able to both claim Head of Household- you are considered unmarried if you did not live in the same household for any time in the last six months in the year BUT if it is for a TEMPORARY AB...
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You may be able to both claim Head of Household- you are considered unmarried if you did not live in the same household for any time in the last six months in the year BUT if it is for a TEMPORARY ABSENCE (he intends to return to your household) neither can use Head of Household. (The considered unmarried is for situation where the marriage is over or ending except for the legal technicality of the divorce or separation.) See Considered Unmarried. @taxquestion2024
April 13, 2025
10:00 AM
Hey @ZorbaWL any chance you figured this out? I'm in the same boat - no 1098, just the letter from the accountant with the mortgage interest and real estate tax per share.
April 13, 2025
10:00 AM
No one knows?
April 13, 2025
10:00 AM
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April 13, 2025
10:00 AM
Depreciation of 6000 in personal/work vehicle in accident while working
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April 13, 2025
10:00 AM
The IRS probably has your Social Security number associated with a Form 1095-A by mistake. Contact the IRS to get this resolved.
Call the IRS: 1-800-829-1040 hours 7 AM - 7 PM local time Monda...
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The IRS probably has your Social Security number associated with a Form 1095-A by mistake. Contact the IRS to get this resolved.
Call the IRS: 1-800-829-1040 hours 7 AM - 7 PM local time Monday-Friday When calling the IRS do NOT choose the first option re: "Refund", or it will send you to an automated phone line. So after first choosing your language, then do NOT choose Option 1 (refund info). Choose option 2 for "personal income tax" instead. Then press 1 for "form, tax history, or payment". Then press 3 "for all other questions." Then press 2 "for all other questions." - When it asks you to enter your SSN or EIN to access your account information, don't enter anything. - After it asks twice, you will get another menu.
Press 2 for personal or individual tax questions. Then press 3 for all other inquiries It should then transfer you to an agent.
April 13, 2025
9:59 AM
Yes, a Form 1099-R is for a distribution from a retirement plan. Please see Where do I enter my 1099-R?
April 13, 2025
9:59 AM
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