All Posts

I made all the investment and legally opened in during 2023, but did not operate until 2024. It was not claimed in 2023. I want to carry it over into the 2024 filing. Start up expenses are not appearing where the help screen states it should be. Any other ideas?    

"Form 5329-T shows the total rollover amount on line A of the Excess Contributions Smart Worksheet and on lines 15 & 16 of the form."   This implies that you entered this amount as an ordinary traditional IRA contribution as I previously suggested as a possibility.  If you made no IRA contributions, delete the IRA Contribution Worksheet from your tax return.   "the income summary screen shows the total rollover amount on the line, Pensions - nontaxable."   This is correct behavior.

That last quote "Filed pursuant to section 301.9100-2" is normally for amended returns, which you don't seem to need, because you did indicate that you would withdraw the excess on your filed return, and you initiated the request to do the withdrawal before April 15th.    Do you have any record that you initiated the request with the HSA custodian prior to April 15th? To my mind, that it all you need. You should not be held up because the HSA custodian is slow. A screen shot of the log on the HSA website or even an email from the HSA custodian would serve you well.   Whatever you have, put it in your tax files with your returns, just in case anyone ever asks.

Allocated tips are tips that your employer allocates to you because your reported tips are less than 8% of your food and drink sales, among other criteria. Allocated tips are required by the IRS in certain cases, so it can't be removed with a corrected W-2. You're required to pay tax on this amount unless you have records showing that you received less tips than what's shown.

Yep, @baldietax , that's the situation.  Manual summary entry seems to be the way to go for now.  During the extension period, I'll have more time to see what exactly is causing the problem.     The TT product support person I talked to early this morning said if the imported Fidelity data isn't in the precise format, it could wreak unpredictable problems in TT.  We did a <shift-enter> screen share in hopes of showing her the condition of the page where the imported data hung TT.  But since the import page opens to "private info" which is blocked from the support person's view, all she could see was a blue screen on her end.     It might be assumed TT would have some data checks, such as checksums, frame alignment markers, reference verifications, etc. to ensure the imported data is good, but that might not be true.  

Yes, you should do the math for this first year based on days of rental use against the days in the rest of the tax year. Calculate the percentage of mortgage interest, taxes, insurance and enter the rental portion in the rental activity. Enter the balance as itemized deductions for mortgage interest and taxes.   In the rental activity you should select 'it was rented all year' and that it was rented at fair rental value (FRV) if you are renting it at that rate or close to it. Prorate any and all expenses that would be for both the rental activity and the home.   When you enter the home as an asset, you will enter the date of purchase and the date you placed it in service for rental. The date placed in service will be used to calculate the depreciation. It's important to select Residential Rental Property. The amount allowed is the lower of actual cost or fair market value (FMV) on the date of conversion. Usually this is the cost due to appreciation in value in most area. Add purchase price, purchase expenses, capital improvements over time. The tax assessment can help you determine the amount for land vs the building When TurboTax asks for the cost of the asset enter the full amount, then enter the land portion in the space for land. TurboTax will calculate the correct depreciation on the cost less land.

If you received a Form 1099-R and there is an amount in box 2a of the form then that is taxable income reported on your federal tax return.   To enter, edit or delete a form 1099-R - Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Scroll down to Retirement Plans and Social Security On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button