All Posts
April 14, 2025
2:57 PM
Tried all methods, get the "successfully delete form" screen. but "sale of business property" remains on wage and income listing. deleted form from tax tools menus deleted form from "Any Other Pro...
See more...
Tried all methods, get the "successfully delete form" screen. but "sale of business property" remains on wage and income listing. deleted form from tax tools menus deleted form from "Any Other Property Sales?" edit/delete screens any other recommendations?
April 14, 2025
2:57 PM
The federal tax system is a pay as you go system. As you make money, you have to pay taxes on that money. You may have an underpayment penalty if you didn't have enough taxes withheld from your inco...
See more...
The federal tax system is a pay as you go system. As you make money, you have to pay taxes on that money. You may have an underpayment penalty if you didn't have enough taxes withheld from your income throughout the year on your W-2 or if you're self-employed and you didn't pay enough estimated taxes.
To try to reduce or eliminate it, review the TurboTax article Why am I getting an underpayment penalty?
For more information, refer to the TurboTax help article Guide to IRS Tax Penalties: How to Avoid or Reduce Them for tips to use in the future.
You can contact the IRS to request a one-time abatement of your underpayment penalty. For individual tax returns, call 1-800-829-1040, 7 AM - 7 PM Monday through Friday local time.
April 14, 2025
2:57 PM
Leaving the FEIN field blank won't work for my version of Turbo Tax (Premier). Please stop talking about workarounds and instead please provide a valid solution for this situation!
April 14, 2025
2:57 PM
Hello, sorry to bother you. I saw your message about turbo tax taking the exact amount of your state taxes for the year of 2024 and the same issue has occurred for me on my taxes this year. Turbotax ...
See more...
Hello, sorry to bother you. I saw your message about turbo tax taking the exact amount of your state taxes for the year of 2024 and the same issue has occurred for me on my taxes this year. Turbotax has given me the same answer you received and I was wondering if or how it was resolved for you last tax year
April 14, 2025
2:57 PM
In December of '24 I formed an LLC and put some money towards a franchise fee to start a business. I also paid some money for training, etc. that went towards the franchise fee in '24, but did not t...
See more...
In December of '24 I formed an LLC and put some money towards a franchise fee to start a business. I also paid some money for training, etc. that went towards the franchise fee in '24, but did not technically start "working" at the business until 2025. I also spent money in 2024 on things like annual (mandatory) conference fees and monthly database access fees, despite not being "open for business" yet. I have somewhat of an understanding that (1) franchise fees need to be amortized over 15 years, (2) even if I am "open for business", I cannot start to put costs/expenses/fees/etc. on a Schedule C until the business starts generating revenue. My questions are: a) can I deduct some of the money spent in '24 for training, etc. on 2024 taxes as "startup costs", but NOT on a schedule C? b) where, and when do I document/deduct/etc. the fees/money paid for the annual (mandaory) conference and database access fees? can these be considered "start up fees" or not? c) since the franchise fee is being spread out over time and not paid in one lump sum, what amount do I put down as being amortized (the amount I have paid in 2024 is less than $50k, but overall the total franchise fee will be over $50k) over the 15 year period...and when do I start that amortization? 2024 when I paid the majority of it, or 2025 when I am "open for business" and generating revenue? d) I assume that things like letterhead, business cards, etc. that I purchased in 2024 considered "start up" costs, that are to be entered in 2024, (but not on a Schedule C since I am not generating revenue in 2024) but where are they entered/deduced in TT? e) since I am not using a Schedule C in 2024, where do I put my filing fee for my LLC I created?
Topics:
April 14, 2025
2:57 PM
1 Cheer
Ask your parents how much they are claiming. If they are claiming 100%, then you would enter 0%. Otherwise, you can all split it however you all agree.
April 14, 2025
2:56 PM
Thank you, I really appreciate it. I called the customer service with Turbo tax and it was horrible. The IRS stated I needed to file my 2017 taxes, so I was trying to complete it. I hope it reje...
See more...
Thank you, I really appreciate it. I called the customer service with Turbo tax and it was horrible. The IRS stated I needed to file my 2017 taxes, so I was trying to complete it. I hope it rejects soon because now I am nervous.
April 14, 2025
2:56 PM
There is no place to indicate the large material expense.
April 14, 2025
2:56 PM
Topics:
April 14, 2025
2:56 PM
TurboTax no longer supports 2018 nor do they provide updates or state downloads. It is years too late to get a refund for a 2018 return; that refund was forfeited a long time ago. If you owe tax d...
See more...
TurboTax no longer supports 2018 nor do they provide updates or state downloads. It is years too late to get a refund for a 2018 return; that refund was forfeited a long time ago. If you owe tax due for 2018, it is owed with late penalties and interest.
There might be other software companies who still offer the 2018 software. Or you could prepare the return by hand to mail in.
https://www.irs.gov/pub/irs-prior/f1040--2018.pdf
https://www.irs.gov/pub/irs-prior/i1040gi--2018.pdf
April 14, 2025
2:55 PM
It depends. The IRS system is 'pay as you go', which means that when you make money they want the tax dollars on that money. If you don't have enough federal (or state) tax withheld, then you are res...
See more...
It depends. The IRS system is 'pay as you go', which means that when you make money they want the tax dollars on that money. If you don't have enough federal (or state) tax withheld, then you are responsible for making sure you have enough tax paid in. See some exceptions below. Keep in mind that W-4 charts sometimes change as well and we aren't always made aware.
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.
What is Form 2210?
How do I add Form 2210 in TurboTax?
April 14, 2025
2:55 PM
Another expert recommended the following to increase font/text size:
How to Increase the Text Size on Your Mac
Click the Apple icon in the top left corner.
Select System Preferences.
...
See more...
Another expert recommended the following to increase font/text size:
How to Increase the Text Size on Your Mac
Click the Apple icon in the top left corner.
Select System Preferences.
Select Displays.
Click Scaled.
Select a lower resolution. If you see icons with different sized previews of text, select the icon that says Larger Text and click OK.
Another description of this fix, adjusting the resolution on your screen, appears on this Apple Support page:
On your Mac, choose Apple menu > System Settings, then click Displays in the sidebar. (You may need to scroll down.) Select the display you want to adjust, then select the resolution you want to use. You may be able to turn on “Show all resolutions” to see additional resolutions for the display.
Depending on how you adjust the resolution, some app windows may not fit entirely on the screen. Using a scaled resolution may affect performance.
In the alternative, you could hook up a separate monitor to your Mac.
April 14, 2025
2:55 PM
What if they never took it out after going through the process you already stated?
April 14, 2025
2:54 PM
An overpayment is your refund. You can have them keep all or part of your refund as an estimated payment towards next year's tax return. But most people want to get their refund now. So to get y...
See more...
An overpayment is your refund. You can have them keep all or part of your refund as an estimated payment towards next year's tax return. But most people want to get their refund now. So to get your refund now pick do not apply it to next year. To change the entry you made to apply your Federal refund to next year Federal Taxes Tab or Personal (H&B version) Other Tax Situations Additional Tax Payments Apply Refund to Next Year - Click the Start or Update button and answer NO or delete the amount. For state go through the State tab again, probably near the end and look for that screen again to change it. Change it to No and delete the amount.
April 14, 2025
2:54 PM
Where do I enter the foreign tax credit (Form 1116) or deduction?
April 14, 2025
2:54 PM
1 Cheer
The procedure outlined by @wa1fhy above will post a $0 entry and force the printing of Schedule 1.
@gillinic01
April 14, 2025
2:54 PM
I found out the problem with your help. I answered the question of was this all applied to rmd?, as a yes. But the amount that I put back into the IRA wasn’t. When I changed my answer to no, the ques...
See more...
I found out the problem with your help. I answered the question of was this all applied to rmd?, as a yes. But the amount that I put back into the IRA wasn’t. When I changed my answer to no, the question- tell me what you did with the money appeared and everything worked. Thanks to all who helped.
April 14, 2025
2:53 PM
Well, I looked more into the form 8453 TurboTax gave me with an X next to Form 8949 on the last line. It seemed as if I was being suggested to send in Form 8949. However, I find that TurboTax had ...
See more...
Well, I looked more into the form 8453 TurboTax gave me with an X next to Form 8949 on the last line. It seemed as if I was being suggested to send in Form 8949. However, I find that TurboTax had already filled out Form 8949 and it was submitted when I submitted my taxes. Just very confused. For the Form 8949 that was submitted with my taxes, I used the Total transactions (Short and Long Term), I did not list every transaction. Looking through the 1099-B again, I did see that 3 of the many transactions were "Wash Sale Loss Disallowed." At first I thought TurboTax was telling me that I would have to report these to the IRS with an 8453 form. Now I am not sure whether or not I should do that? Thanks again for the help on this forum, I guess I am lucky in that my taxes have been submitted.
April 14, 2025
2:53 PM
I live and worked in Florida all year. My employer is based out of Iowa but work is here in Florida where they opened a location They took out taxes for Iowa, but stopped when I brought to their at...
See more...
I live and worked in Florida all year. My employer is based out of Iowa but work is here in Florida where they opened a location They took out taxes for Iowa, but stopped when I brought to their attention. My W2 has line 15 IA and line 16 showers an amount for wages but not my full amount of income and line 17 state tax has an amount $221.53 I am filing my annual federal taxes and am doing the states for Iowa so I can get a refund, but it shows a refund of $70 instead of the full amount I paid out, it showed nonresident and I never worked or went to Iowa. On the states income should I zero out the amount shown on line 16 where the states ask about wages and Iowa sources to get the full amount paid out or do I have to leave the amount from line 16? I would be out a refund of $152 if so. Which I don't see why I should be out of I didn't live or work there at any point?
April 14, 2025
2:53 PM
why when I try to get my 2023 tax return all I get is one document?
Topics: