All Posts

You are going to need to enter the information manually because this doesn't transfer automatically like the interest income did.    Go to Federal Deductions and credits  Estimate and other taxes paid  Foreign Tax Credit>start or revisit  As you go through the screens, when it asks "Tell Us About Your Foreign Taxes" select none of these apply. When it asks if you wish to take the deduction and credit, take the credit. Continue through until you reach a screen that says "No other income or expenses" Say no Continue through until it asks the income type, say Passive Income Next add a country pick the country where this occurred. Other Gross Income say Foreign Rental income and the Gross Amount of the income Continue through the interview until it asks for the foreign taxes you paid, here record the amount.   Now you are done reporting the foreign taxes. Just keep going through the section without making any more entries. You will have finished reporting your gross income from the rental income paid and the foreign taxes paid.

Are you using TurboTax Online?  If so, you  may be able to remove the form by following these steps:   Down the left side of the screen, click on Tax Tools. Click on Tools. Click on Delete a form. Find the form listed and click Delete to the right. In TurboTax Desktop, you are able to remove a form by:   Selecting FORMS in the upper right hand corner of the screen. Select the correct form in the listing on the left side of the screen. Select Delete Form at the bottom of the screen.    

If both forms were issued for 2025, then you will need to remove them from your 2024 return and claim them on your 2025 return.  To do this, you will need to file an amended return and remove the forms.   How do I amend my federal tax return for a prior year? Do I need to amend?

I also haven't received my 1095-A form in the mail yet. I went to Healthcare.gov to try to download it but it's not even there. I can't file my taxes until I get that info. Is there another way to get that info?

See this TurboTax support FAQ for updating your TurboTax account - https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-status/update-turbotax-account-information/L0YoC0H31_US_en_US?uid=m9hpy40b

It depends. The simple method will be shown below which will eliminate underpayment penalty.   Generally, you can avoid the penalty if your total timely estimated payments and withholdings are greater than or equal to the lesser of: 90% of the total tax after credits for the current year, or 100% of the total tax after credits in the prior year See one exception below. You can also avoid the penalty if the amount you owe is less than $1,000 as long as any estimated tax payments you made are timely.   Note: High-income taxpayers. If your adjusted gross income (line 11 of your 2023 Form 1040) is greater than $150,000 (or $75,000 if you're married and file a separate return from your spouse), you can avoid a penalty by paying at least 110% of your total tax from the prior year.

You enter your total income from self-employment for the year.  Your income can be entered more than one way.  If you have income reported on Forms 1099-NEC, or 1099-K, or perhaps a 1099-MISC, that income will transfer to your Schedule C.  Income you receive that isn't reported on a Form 1099 is entered separately.  You don't include your 1099 income in the amount you enter for other cash receipts.    

Yes, you can enter all your assets for either your business (Schedule C) or rental property (Schedule E). TurboTax will calculate the total depreciation you should have taken since you first placed each asset into service and the depreciation expense for the current year.   For the assets you purchased in 2024, you may be able to take the Safe Harbor Election that allows you to expense (not depreciate) assets that individually cost $2,500 or less.    You will also need to file Form 3115 to request a change in accounting method for the missed depreciation on any asset purchased before 2024. Because Form 3115 is not supported by TurboTax Online in the interview, you may wish to switch TurboTax Desktop (where it is available in Forms Mode). Consult the instructions for this form: Instructions for Form 3115.   Regardless of how you decide to proceed, you should file an extension to avoid penalties and interest for failure to file by the deadline.   Additional Information: What should I do if I didn’t take depreciation on my rental property? How do I handle capital improvements and depreciation for my rental? IRS Instructions for Form 3115: Change in Depreciation or Amortization

If you requested direct debit from your bank account, the Filing Instructions page will have the bank routing and account numbers shown along with the requested date of payment.  Use Print Center to access your tax return with the Filing Instructions.   To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/   When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state.  This will take you back to the 2024 online tax return. Click on Tax Tools on the left side of the online program screen.  Then click on Print Center.  Then click on Print, save or preview this year's return.  Choose the option Include government and TurboTax worksheets   If you used the desktop CD/Download editions installed on your computer, the only copy of your tax data file and any PDF's will be on the computer where the return was created.  TurboTax does not store online any returns completed using the desktop editions.