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Hi JamesG1.  TY for the detailed reply.  Very helpful to know about the form SE.  Would your instructions apply to the downloaded version, not online, of TT Premium?  Looks like this year I'll need to pay estimated taxes in order to avoid a penalty.  Can I use my TT to pay estimated taxes in order to avoid any penalty?  Thanks very much.

Do both forms report proceeds that will be reported as self-employment income reported on a Schedule C Profit or Loss From Business?   If this is the case, I would create the self-employment activity and report the IRS form 1099-NEC as income reported within the self-employment activity.   In TurboTax Premier Online, report self-employment income and expenses by following these directions:   Down the left side of the screen, click Federal. Down the left side of the screen, click Wages & Income. Click on the drop down arrow to the right of Self-employment. Click to the right of Self-employment income and expenses. At the screen Tell us the type of self-employment work you do, enter the answer and click Continue. Establish the self-employment activity and report the income and expense. Report the IRS form 1099-K:   At the screen Which type of income is your 1099-K for, report the IRS form 1099-K proceeds as Other.   Select This amount in box 1a is too high.... and report the full amount. The amount in box 1a should be reported on Schedule 1 Additional Income and Adjustments to Income as an amount reported to you on form 1099-K that was included in error.     Retain all paperwork with you income tax files should a tax authority contact you at a later time.

When you get to the point that you are starting to enter the investment sale, choose 'Other' as the type of investment because that will indicate that you do not have a Form 1099-B.   A worthless investment may be deducted as a loss in the tax year that it becomes completely worthless.  This means that the corporation has filed for bankruptcy, has stopped doing business, and has no assets.   Entering the information for the worthless stock is the same process as entering any other investment sale, except for the following fields:     Your sales price will be zero Include the word 'worthless' in the description field Enter December 31st as the date sold   All other information will come from your records such as the cost basis and date acquired.   See the following TurboTax help article for guidance to enter investment sales:   Where do I enter investment sales?    

In TurboTax Online, Federal withholding tax not already entered on a W-2 or 1099 may be entered as follows:   Down the left side of the screen, click Federal. Down the left side of the screen, click Deductions & Credits. Click the down arrow to the right of Estimates and Other Taxes Paid. Click to the right of Income Taxes Paid. Click the down arrow to the right of Other Income Taxes Paid. Click to the right of Withholding not already entered on a W-2 or 1099. Click Yes. If the income reported on the IRS form 1099-Misc is self-employment income reported on Schedule C Profit or Loss From Business, a self-employment tax would be computed for the income on IRS form SE.   Is this what you are referring to?  Or something else?   To report the income as self-employment income in TurboTax Premium Online, follow these steps:   Down the left side of the screen, click Federal. Down the left side of the screen, click Wages & Income. Click on the drop down arrow to the right of Self-employment. Click to the right of Self-employment income and expenses. At the screen Your 2024 self-employed work summary, click Edit. At the screen Here's your info, select Add income for this work. Select Form 1099-MISC.    

ProShares Ultra VIX Short-Term Futures ETF (UVXY) is a publicly traded partnership (PTP), which requires special handling on your tax return. Plus, you may also be subject to the wash sale rules. Due to the complexity of reporting this activity, you may wish to obtain the services of a local tax professional with knowledge of PTP transactions.   If you choose to enter this yourself, see: How do I report the sale of Publicly Traded Partnerships (PTPs) or Master Limited Partnerships (MLPs) in TurboTax?

If you don't know the total distributions received in previous years from your IRA for your Massachusetts tax return, you can follow these steps:   Reach out to the financial institution managing your IRA. They should have records of all distributions made from your account and can provide you with the necessary information. Each year you receive a distribution, your IRA custodian should send you a Form 1099-R. This form reports the total distributions for the year. If you have past Form 1099-Rs, you can use them to calculate the total distributions received in previous years.   The IRS  offers detailed information on reporting IRA distributions. You can refer to their IRA FAQs and Publication 590-B   Original Post

Yes, I agree with this! Turbo Tax’s has gone down-hill quality wise. I used to use it all the time, but the UI is really messed up. This year I decided to skip TT entirely… but now their Credit Karma app is harassing me saying I haven’t filed my taxes (which I have, except not through TT)!

See this post from Tom8D on how to handle this situation, "When a life estate property is sold before the life tenant dies, there is no "step-up" in basis and capital gains are paid based on the original purchase price of the property with adjustments for improvements that haven't been deducted.  The resulting capital gain is divided between the life tenant and the remaindermen based on IRS actuarial tables.   If the life tenant lived in the home for 2 of the 5 years prior to the date of sale, he/she may take advantage of the $250,000/$500,000 capital gains exclusion on his/her portion of the gain.  Only the life tenant may take advantage of the exclusion, as he/she is the only person living in the home.   There is a special clause in the tax code regarding the "2 of 5" residency requirement if the life tenant moves to a licensed nursing facility.   Section 121(d)(7) states that if the individual “becomes physically or mentally incapable of self-care” and resided in the home for periods of time that, in aggregate, equal at least 1 year out of the past 5, “then the taxpayer shall be treated as using such property as the taxpayer’s principal residence during any time during such 5-year period in which the taxpayer owns the property and resides in any facility (including a nursing home) licensed by a State or political subdivision to care for an individual in the taxpayer’s condition.”