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We are using Turbotax deluxe and have a 1099k which shows the gross amount of concert ticket sales. Where do we enter our cost basis, so we are taxed on the net gain? when we follow the instructions, we get an error - maybe because the 'not reported to IRS' box is checked. Although we did not check that box. Thank you

I just asked for extension for 2024 taxes and have not yet filed my amended 2023 taxes.   I am confused on your instructions on what to do. For the straight distribution of $68, what do you mean?    Sorry, I am trying my best to understand.

We are using Turbotax deluxe and have a 1099k which shows the gross amount of concert ticket sales. Where do we enter our cost basis, so we are taxed on the net gain? when we follow the instructions, we get an error - maybe because the 'not reported to IRS' box is checked. Although we did not check that box. Thank you

@ jlebpad23 wrote: Great suggestion, thank you. I went into IRS.gov/account, signed in, and the PIN number had been changed!! I had to go under Profile and scroll down to find this update. Why don't they use an alert pop up on their site saying something like "Get your UPDATED six digit pin number to file 2024 taxes"?  Why such mystery? I now need to wait the 24-28 hours while my erroneous PIN causes me to be rejected again to submit this updated pin. No button to cancel submission. I think TT could go A LONG WAY to ask people to check their IRS site for an updated PIN rather than all this confusion. Your input has been the best so far. I tried calling customer service at TT and they were not helpful but wanted me to let them see my computer!! AWFUL idea in this age of cyber hacking! While customer service was coming up with no ideas, I read your reply, went to IRS.gov and found the different pin. I HOPE IT WORKS.  You're welcome.   I'm glad you were able to get your new 2025 IP PIN.   I'm keeping my fingers crossed for you.

If your Schedule K-1 has amounts in both Box 1 and Box 2, you will need to add another K-1 to report Box 2 only.   Enter all the information from Part I and Part II of the K-1 on both copies. Include all information from Part III on the first copy - except for the amount in Box 2. The second copy should have only the amount in Box 2 from Part III.   If, however, you received additional information with Schedule K-1 that provides the breakdown of the amounts in the other boxes, use this info to split the other box amounts between the K-1s. Otherwise, follow the instructions above.

Adding more info to this helpful advice - before trying any printing I used the "Forms" feature, searched on 1116 - and then checked each of the four forms it found to look for one that had something in Line 3b; only 1 of the four matching forms did.   That said it is not clear why TurboTax plopped the number it did in there.  Maybe that is what the [product key removed]hing advice is for, to then search for that number (once you know what you are searching for).  But in my case, even then, I think it was the sum of two numbers (IRA contributions for my and spouse IRAs).   Definitely a TurboTax bug, or at best an must-have-feature-that-isn't-implemented-yet.

The "Stock Block" line is used to identify the batch of stock reported on Form 7203. The description is not important to the IRS, so use something that is useful to you - number of shares, date of purchase, etc.   @Bonnied1 

Thank you, is there a reason this would not be reflected in TurboTax? I have tried deleting and re-entering my educational expense info from the 1098T form in addition to reviewing my taxable income information multiple times. No matter what I do, TurboTax keeps telling me that I am unable to claim the lifetime learning credit for this year.

For 2024 you will file a joint return and there will be a question in TurboTax in the Personal Info section where you can check a box indicating that your spouse passed away before filing the return. Once you've checked that box, you will be asked to enter the date of death.   Next year, since you have qualifying dependents, your filing status will most likely be "Qualified Surviving Spouse" and then in years following your filing status will likley be Head of Household.  Each year, TurboTax will ask you the questions necessary to determine the appropriate filing status based on current tax law and your circumstances for that year.    The screen that you will be looking for this year will look similar to this one:

The amount on Line 16 won't be used on your federal return. It depends on your state's rules if that miscellaneous deduction is allowed.    My guess is that the description of "Other Taxes" isn't actually where the number ends up.

If you are preparing a tax return for a deceased person, you may in fact have to go back to the account creation value for the cost basis of the shares, unless you have any better information. Where the dividends reinvested? If so, that would be added to the cost basis of the shares. You are limited to what you can actually establish as the cost basis. If you know when the shares were purchased, you might be able to establish basis from historical prices of those shares.    See this TurboTax Help Article.   If it's you that inherited the shares and then sold them, your cost basis is the fair market value of the shares as of the date of death.