All Posts
April 11, 2025
6:21 PM
Only two months of my office rent was downloaded. The same was true for all of my other business expenses.
April 11, 2025
6:21 PM
1 Cheer
If you take the standard deduction, there won't be a Schedule A filed, so the IRS will not see the charitable deductions and other deductions. Most self employment stuff would be on a different...
See more...
If you take the standard deduction, there won't be a Schedule A filed, so the IRS will not see the charitable deductions and other deductions. Most self employment stuff would be on a different form like a schedule C, that wouldn't be different if you took the standard deduction. I am not qualified to speculate on whether they look for a pattern of charitable giving from year to year, but as long as you don't try to deduct more than you are allowed to, it should be fine.
April 11, 2025
6:21 PM
@MarilynG1 I did enter the federal K-1 as received in the federal k-1. I also enter the states K-1s for states as received. I only modify the the California tax return if I received a California ...
See more...
@MarilynG1 I did enter the federal K-1 as received in the federal k-1. I also enter the states K-1s for states as received. I only modify the the California tax return if I received a California K-1 that tells me there are adjustments. Otherwise, I leave them alone. Are you telling me that I should be adjusting the California even if I don't get a California K-1?
April 11, 2025
6:20 PM
April 11, 2025
6:19 PM
Yes, if you indicate it was all applied to RMD you will not incur the penalty for not taking the RMD.
April 11, 2025
6:18 PM
Hello, for the excess IRA contribution, Fidelity did send home a letter showing the amount that was returned to me plus the applicable earnings. However, for the excess Roth IRA contribution, they di...
See more...
Hello, for the excess IRA contribution, Fidelity did send home a letter showing the amount that was returned to me plus the applicable earnings. However, for the excess Roth IRA contribution, they did not. All I see is the excess contribution return amount and not applicable earnings. Is this correct for a Roth IRA?
April 11, 2025
6:18 PM
If you itemize deductions on your federal return, you can choose to deduct state and local income taxes OR you can deduct sales taxes. But not both. And if you are taking the standard deduction, yo...
See more...
If you itemize deductions on your federal return, you can choose to deduct state and local income taxes OR you can deduct sales taxes. But not both. And if you are taking the standard deduction, you can't deduct either. TurboTax will choose the larger deduction, by default.
Are you working on the federal or a state return? If a state, which state?
Which deduction should I choose, state and local income tax or sales tax?
April 11, 2025
6:17 PM
You will enter your loans one at a time. You will enter the HELOC as a HELOC and the mortgage as neither.
April 11, 2025
6:17 PM
No i didn’t file it as 1099-MISC. I filed it as the 1099-NEC since that’s the form I was sent. Are my thoughts about me getting the money back correct??
April 11, 2025
6:16 PM
If all your foreign income/tax originates from a 1099-DIV, use one country 'RIC' (Regulated Investment Company) for the total income and tax amounts. If you have multiple 1099-DIVs with Foreign Tax, ...
See more...
If all your foreign income/tax originates from a 1099-DIV, use one country 'RIC' (Regulated Investment Company) for the total income and tax amounts. If you have multiple 1099-DIVs with Foreign Tax, you can make another entry of country 'RIC' for each one. The amount of Foreign Income that's included in your total dividend should be outlined in the Supplemental info from your broker. If they list the amount from each country, add those up. The total should not be more than the total dividends received on that 1099-DIV. Sometimes the broker lists a % instead of an amount, in which case you have to do the math to get the amount of foreign dividend income. Don't alter the original 1099-DIV entry. For calculating your credit, its the total foreign income and total foreign tax paid that matters. Here's more info on Claiming the Foreign Tax Credit. @Al C Al
April 11, 2025
6:15 PM
Did you enter the 1099-MISC as Miscellaneous income? If you have a Schedule C, it may be self- employment income. To enter as Miscellaneous income, delete the 1099-MISC and Schedule C and Unde...
See more...
Did you enter the 1099-MISC as Miscellaneous income? If you have a Schedule C, it may be self- employment income. To enter as Miscellaneous income, delete the 1099-MISC and Schedule C and Under Less Common Income select Miscellaneous Income, 1099-A, 1099-C On the Let's Work on Any Miscellaneous Income page, select Start to the right of Other reportable income On the Any Other Taxable Income? screen, select Yes On the Other Taxable Income screen enter the description then the amount. Select Continue On the Other Miscellaneous Income Summary screen, select Done
April 11, 2025
6:14 PM
i have the same problem too. I do not have a 1099-b to send. Did you figure out what to do? Thanks!
April 11, 2025
6:14 PM
April 11, 2025
6:13 PM
I am having the same issue and a TurboTax support is not understanding or helping me. It shows the form in my files with TurboTax but it is not showing up as a rebate anywhere. This is very frustrati...
See more...
I am having the same issue and a TurboTax support is not understanding or helping me. It shows the form in my files with TurboTax but it is not showing up as a rebate anywhere. This is very frustrating.
April 11, 2025
6:13 PM
This is a great question because it basically won’t allow you to file electronically if not completed!!
April 11, 2025
6:13 PM
If your employer offers it online you may be able to sign into their payroll processor or it is possible that it is showing in your IRS transcripts. You can check there.
April 11, 2025
6:13 PM
This may be basic, but are you using a different email address than you used in the past? I've logged in a couple times using an address that I last used (for turbotax) in 2015 and didn't see any re...
See more...
This may be basic, but are you using a different email address than you used in the past? I've logged in a couple times using an address that I last used (for turbotax) in 2015 and didn't see any recent items before I realized the mistake.
April 11, 2025
6:11 PM
When entering your SSA-1099, did you accidentally click YES on the question below? If you answered Yes, your social security income would have been underreported.