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The amount eligible for exclusion under an FSA is $5000 per year, or the earned income (income earned from working, does not count investments etc.) of the lower earning spouse.  In the case of a spouse who is a full time student, they are "imputed" an income of $250 for each month they are a student.   If your spouse's earned income from working is less than $5000, then part of your exclusion will be added back to your taxable income.  The credit was created to support child care while you and your spouse work.  Therefore, the eligible expenses can't be more than the lower spouse's income.   If you think the credit should be administered differently, you will need to talk to Congress.  

If you are NOT in NY when you receive the pension income, it is NOT taxable by NY. Since you own a house in NY, if you are there as a part year resident, then for the percent of time you spend in NY, it would be taxable as NY income. The fact that it comes from a corporate office in OH, does not have any affect on your pension taxability.  The only thing that affects who taxes it is where you live when you receive it. 

I concur.  Not only do they not prompt us, they do NOT provide any of the taxpayers with their own pertinent information.  I talked to Turbo Tax and it took them twenty five minutes to find out why it was rejected.  The only way to get any information is to PAY MORE.  I have read numerous complaints against Turbo Tas for failure to provide fair and honest business practices.  The responses from Turbo Tax reveal that they are in the wrong.  They are condescending and provide no information.  Never again.  

https://www.investopedia.com/terms/a/accountableplan.asp#:~:text=An%20accountable%20plan%20is  here is more info about an accountable lan. rules must be followed otherwise the iRS will treat it as a non-accountable plan     there are two options for the employer. reporting should be done regularly ie not waiting until year-end to do the reporting 1) give the employee and advance and the within the required time limit required documentation is submitted and the employee reimburses the company for any excess 2) the employee submits a periodic expense report and then is reimbursed either directly or through payroll with it clearly indicated.  

Once your return is filed, TurboTax has no control over the processing of your return or the release of your refund.   Here are a couple FAQs to track your refund: When will I get my federal tax refund? How do I track my state refund? Why does Where's My Refund say "approved" but TurboTax still says "accepted"? Why do some refunds take longer than others? What if my IRS refund is taking longer than 21 days?

Any distributions you receive from the partnership that are more than your total basis in the company are reported as ordinary income. TurboTax will help you report this income, based on the information you enter for the investment.   See this IRS worksheet for help calculating your adjusted basis in the partnership. You'll need this information in order to reduce the taxable income from the distributions. 

Hi, Thank you for your thoughtful and thorough reply!  I did locate the Home Mortgage Interest Limitation Smart Worksheet at the bottom of the Home Mortgage Interest Worksheet.  I am using the Windows Desktop Deluxe Version of TurboTax, and accessed this using Forms. I also observed the entries for Beginning Balance (Line #3) and Ending Balance (Line #6).  Based on your response, I also now understand that TurboTax intends to use the average of the Beginning and Ending balance in lieu of entering and averaging 12 monthly balances.  However, when I calculate the limitation and do the actual math, TurboTax does not use the Average Balance as described above.  The actual limitation calculated by TurboTax used only the Ending Balance.  I therefore believe that this is an error in TurboTax.  To be specific, I can match Acquisition Interest (Line #8) on this form which was used in my tax return to the penny by calculating (Acquisition Debt (Line 7) / (Ending Balance (Line #6) ) * Interest Paid (Line #1).  When I repeat the calculation using the Average Balance, I get different results.  So, thank you so much for your reply, but unless I am missing something I still believe this is an error in TurboTax.  

A balance sheet lists the assets, liabilities and equity of your company. If you prepare your accounting records in Quickbooks, you can print it out from the reports menu. Otherwise you may need to assemble it yourself.

If you are using TurboTax Desktop, you will need to correct your return and/or update your program by following the onscreen instructions.   If you continue having issues you can check some of our common solutions.  If your tax return can't be e-filed for some reason, TurboTax will let you know.   If your issue continues, contact us again and give us more details.   @LAO808  

What is important is of there is an amount in box 14 on the 1099-R. This shows the amount of state tax withheld. If there was no state tax withheld, then you might as well blank out boxes 15 and 16. In fact, in same cases, TurboTax will become quite confused if you have something in 15 or 16 but nothing in 14, so it's really better in this case to leave all three boxes blank.   On the other hand, if there is an amount in box 14, then you have to enter something in boxes 15 and 16. In most cases for a 1099-R distribution, the box 16 amount is the same as the box 1 amount, and this can be used if you are unable to contact the 1099-R issuer.   Whether or not you need to file the state return is quite a different animal and depends on other factors. You need to look at the requirements for each state to see if you are required to file a return. Generally, you owe taxes in the state you live in and to the state(s) you work in, but there are many exceptions

Or....did you prepare a 2023 return last year but forgot to file it?      You will be able to access the 2023 return you started by using the exact same account and user ID that you used when you started it.   But you can no longer use online software for any further changes.       Start a 2024  return online and enter some personal information  so that the menu on the left opens up and lets you access your past year returns.   Online tax preparation and e-filing for 2023 returns is now permanently closed.    Now it is too late to use online software or to e-file. If you have any changes/corrections at all to make to your 2023 return, you now have to complete it using desktop software, which you must download to a full PC or Mac  (not to a mobile device).Then you need to print, sign and mail it.   https://ttlc.intuit.com/turbotax-support/en-us/help-article/printers-printing/finish-prior-year-return-started-turbotax-online/L9Oe4M90A_US_en_US?uid=m68tffpe   If you already paid for your online software you can ask customer support for a download of the desktop software.   They are available from 5 a.m. to 9p.m. Pacific time daily   https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number     If you are getting a refund, there is no penalty for filing late.  If you owe tax due, then file and pay the amount due as shown on the Form 1040, but expect a bill later from the IRS for the penalty and interest you will owe.  Only the IRS will calculate this—TurboTax will not calculate it.     When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.   Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.    

Yes, you can separate them by long and short term and make only two entries (or one if all are short term). You must do the math to get the entries ready. You can choose to use 'something other than a date' and then select 'Various'. You must select the holding period which can be one of the following: Short term noncovered Long term noncovered Holding Periods: Long term is a holding period of more than one year (one year plus one day) and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax) Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate) Once you have the totals ready you can use the investment sales instruction below.  To enter your sale in TurboTax, follow these steps.  Open or continue your return. Navigate to the investment sales section: TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open TurboTax Desktop: Search for investment sales and then select the Jump to link. Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other Answer Yes to the question Did you sell any of these investments in 2024?  If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments. Click this link for more information. Where do I enter Investment Sales? @jwojnilower 

We at Intuit TurboTax want our users to be completely delighted with their experience using our products and services, and successful in their financial lives and businesses.    Once you file your return, as long as the settings to receive communication from Intuit don’t block it, you will see a pop-up message or receive an email with a survey asking you about your experience. We encourage you to leave your notes and comments there. “Voice of the Customer” notes and comments are read and acted upon.   If you are using TurboTax Desktop, you can also leave feedback at the Final Steps tab:  

To complete and file a 2023 tax return using TurboTax you would need to purchase, download and install on a personal computer one of the 2023 desktop editions from this website - https://turbotax.intuit.com/personal-taxes/past-years-products/   A 2023 tax return can only be printed and mailed, it cannot be e-filed using TurboTax.

  You cannot change the tax year.   The current online program is for 2024 only.   Only a 2024 return can be prepared online and only a 2024 return can be e-filed.   Online preparation and e-filing for 2021, 2022, and  2023 is permanently closed. Note:  The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac.  It cannot be used on a mobile device.   To file a return for a prior tax year  If you need to prepare a return for 2021, 2022, or 2023  you can purchase and download desktop software to do it, then print, sign,  and mail the return(s) https://turbotax.intuit.com/personal-taxes/past-years-products/ You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.   Remember to prepare your state return as well—if you live in a state that has a state income tax.   https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/contact-state-department-revenue/L9qVToi02_US_en_US?uid=m6e06um0   When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as certified mail so you will know the IRS/state received the return.   Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.

Yes, you need to prepare a Form 1965 Partnership return for the LLC. Part of that return will be Schedules K-1 (one for each partner). You will enter the K-1 information on your personal Form 1040 return. You won't enter the LLC activity directly on your personal return.   For the LLC return, you'll need to use TurboTax Business. I recommend the online version for simple business returns because of the easy interview process.