All Posts

Online 2024 doesn't recognize what was done in Desktop 2023. I used Online 2022 and was able to transfer my previous history to Desktop 2023, but it never prompted me to transfer my Desktop 2023 file to Online 2024 and there was no manual way to do it, so that's causing problems. My last hurdle is my Schedule C. I sold a vehicle that I deducted business miles on in 2023 (vehicle was done and gone on my 2023 return). But Online 2024 still has it because it must have pulled for Online 2022. How can I get rid of this vehicle? I ask to be taken to my Schedule C and it will not let me navigate to the vehicle. Maybe because I'm taking the standard deduction? I need help. I never should have used Desktop version last year, what a pain!

Paid to efile in MN and then couldn't. It says we have used all of our 5 submissions but this return was 1 of those we just didn't file both federal and state at the same time.  The federal has been accepted.  We don't mind mailing it in but it seems we have already been charged.  

- I prepared the state return data and included the 1099 information so it is accurate. Since the federal return is accepted and does not have the 1099, I'm confused if I should do the state return without the 1099 info and amend both later with the 1099 info.

Invested $10,000 in a partnership with my ex-company (they were owned by a private equity firm) in 2018. In 2024, the ex-company went public and they gave me 300 shares @ $50/share as a result of the partnership. So the 2024 K-1 shows beginning capital account as $10,000 and ending as $0 with withdrawals and contributions as -$10,000. This is not the final K-1 (the box is not checked). Is it correct that I have to pay long-term capital gains on the proceeds even though I haven't sold any of those 3000 shares? Cost basis: $10,000. Proceeds: $15,000 (300 x $50/share). Gains: $5000. When I do sell these shares in the future, at that point, my cost basis for the shares should be $50/share, correct? Even if the broker has some other number, I should correct the cost basis myself. Even though I did not sell anything, and only had these 300 shares given to me by the ex-company, should I answer "yes" to Turbo tax questions "Disposed of a portion of my interest in partnership during 2024?" and "Sold Partnership Interest?' Turbo Tax says that starting 2024, IRS is requiring partners receiving property distributions to file a new form 7217 - Partner's Report of Property Distributed by a Partnership. The ex-company did not file Form 8893 on my behalf but from what I understand if the distribution is of cash or equities (shares), I do not need to file the new form 7217. Is that accurate? For Turbo Tax question "Describe the Partnership", should i check the box "All of my investments in this activity is at risk"? Thanks in advance!