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April 10, 2025
3:59 PM
So in 2024 we sold a piece of raw land held for over 20 years. We opted to take 50% this year (2024) and the remainder with no interest in 2025. How do I report this in TT. I could just say it was a...
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So in 2024 we sold a piece of raw land held for over 20 years. We opted to take 50% this year (2024) and the remainder with no interest in 2025. How do I report this in TT. I could just say it was a land sale and split the expenses by 1/2 and then report the balance of the income and remaining expenses in 2025. FWIW expenses will be non deducted property taxes, some legal costs for document prep, and recording fees. OR?
April 10, 2025
3:59 PM
The asset has been in service for several years, so it's an adjustment to the situation I've already had set up.
April 10, 2025
3:58 PM
You must add assets in the Self-Employment/Business or Rental Property section of TurboTax.
April 10, 2025
3:58 PM
I applied $3000 of my 2023 refund to my 2024 estimated tax on my 2023 return (line 36). How do I get this amount to show up on my 2024 return (line 26)?
April 10, 2025
3:58 PM
Turbo Tax looks for single number, which of the 5 is needed?
April 10, 2025
3:57 PM
Topics:
April 10, 2025
3:57 PM
Enter the 1099R as it appears. The software will calculate the tax. That is the software's job.
April 10, 2025
3:57 PM
1 Cheer
From the 1099-DIV Worksheet. The minimum foreign qualified dividends = 1b +7d -1a. The following procedure provides more details. Open a new spreadsheet. Column A is used for both qualified ...
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From the 1099-DIV Worksheet. The minimum foreign qualified dividends = 1b +7d -1a. The following procedure provides more details. Open a new spreadsheet. Column A is used for both qualified and unqualified dividends, aka. “Ordinary dividends”. Column B is used for qualified dividends only. In cell A1, insert the worldwide ordinary dividends. This is the amount in the 1099-div, box 1a. In cell A2, insert the foreign ordinary dividends. This amount is derived from the broker’s supplemental info. In cell A3, subtract A2 from A1. The result is the U.S sourced ordinary dividends. In cell B1, insert the worldwide qualified dividends. This is the amount in the 1099-div box 1b. In cell B2, insert the foreign qualified dividends. This amount is derived from the broker’s supplemental info. In cell B3, subtract B2 from B1. The result is the U.S. sourced qualified dividends. Each cell in column A must be equal to or greater than the corresponding cell in column B. If that is not the case then there is an error. Recheck all entries.
April 10, 2025
3:57 PM
Thanks for the quick answer! My status is married filing jointly, and the total income is below $180K. As for the expense, the scholarship covered the tuition and provided excess money for housing so...
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Thanks for the quick answer! My status is married filing jointly, and the total income is below $180K. As for the expense, the scholarship covered the tuition and provided excess money for housing so I didn't pay any out of my own pocket.
April 10, 2025
3:57 PM
GREAT! Thanks for letting us know and posting a Mac screenshot. Were you able to upgrade from inside the Basic version? Were you able to bring in your Online return?
April 10, 2025
3:57 PM
I have a rental property that I converted to primary home to live in 2024. For the portion that I fill in for the 4 months it was a rental: do I put in the amount that I paid for the expenses for the...
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I have a rental property that I converted to primary home to live in 2024. For the portion that I fill in for the 4 months it was a rental: do I put in the amount that I paid for the expenses for the year or only for the 4 months it was a rental. For example: The home insurance was $835 for the year and $278 for the time it was a rental. Do I enter $835 or $278. If I enter $278, it seems like Turbo tax later calculates the total expenses as less than what I entered.
April 10, 2025
3:56 PM
I get this "Sch K-1 Wks-Partnerships (name of company removed): Box 20 Code Z has been selected but no Section 199A income has been entered on Statement A.” TT does not allow me to make any further ...
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I get this "Sch K-1 Wks-Partnerships (name of company removed): Box 20 Code Z has been selected but no Section 199A income has been entered on Statement A.” TT does not allow me to make any further changes and I did enter Section 199A.
April 10, 2025
3:56 PM
non-qualified doesn't come up as an option for me on download TT.
April 10, 2025
3:56 PM
To clarify, what type of depreciation are you trying to add?
April 10, 2025
3:55 PM
No. You do not need to pay California state taxes if you didn't live there.
April 10, 2025
3:55 PM
April 10, 2025
3:53 PM
Not in the Online version. The Desktop program can do multiple returns and efile 5 federal for free. But each state return is $25 to efile or you can print and mail state for free. You can ...
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Not in the Online version. The Desktop program can do multiple returns and efile 5 federal for free. But each state return is $25 to efile or you can print and mail state for free. You can buy the Desktop Download program directly from Turbo Tax here, https://turbotax.intuit.com/personal-taxes/cd-download/
April 10, 2025
3:53 PM
You do not have direct access to the forms if you are using online TurboTax. Only desktop download software has forms mode. All of your information is entered via the interview screens with online.
April 10, 2025
3:52 PM
April 10, 2025
3:52 PM