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Yes, you do need to report it. To report.   Log into your account Select Wages and income Less Common income Miscellaneous Income, 1099-A, 1099>start Go to cancellation of debt. ... See more...
Yes, you do need to report it. To report.   Log into your account Select Wages and income Less Common income Miscellaneous Income, 1099-A, 1099>start Go to cancellation of debt. Enter the 1099C details    
I have an LLCP whose majority owner is an S-Corp. That S-Corp owned approximately 72% of the LLCP. At the start of 2024 the S-Corp dissolved and distributed the LLCP member units it owned to its shar... See more...
I have an LLCP whose majority owner is an S-Corp. That S-Corp owned approximately 72% of the LLCP. At the start of 2024 the S-Corp dissolved and distributed the LLCP member units it owned to its shareholders pro rata to their ownership in the S-Corp.   In substance, the ownership of the LLCP did not change. Previously, this may have qualified as a technical termination, but as I understand the regs now, the technical termination provision has been eliminated. As such, the only impact on the LLCP from a tax and filing perspective would be to report the exit of the S-Corp and the entry of the S-Corp shareholders on the appropriate date and to allocate profit and loss in accordance with those dates.   Am I interpreting that correctly. Am I missing anything?   Thanks, Britania
Did you enter a 1099-C in your return?  If so, that's a debt cancellation.   If not, scroll down the income topics page all the way down to Miscellaneous Income, 1099-A, 1099-C.  Click Update on ... See more...
Did you enter a 1099-C in your return?  If so, that's a debt cancellation.   If not, scroll down the income topics page all the way down to Miscellaneous Income, 1099-A, 1099-C.  Click Update on 'Cancellation of Debt' and see if there's an entry there.    If not, you can delete Form 1099-C from your return.  If you're using TurboTax Online, here's How to Delete Forms in TurboTax Online.  Clear your  Cache and Cookies before trying to Efile again.    @lildutchie         
To file an extension using TurboTax   Sign in to TurboTax. Select File an extension in the menu or go to extension. You can also select Tax Tools then Tools from the menu and choose... See more...
To file an extension using TurboTax   Sign in to TurboTax. Select File an extension in the menu or go to extension. You can also select Tax Tools then Tools from the menu and choose File an extension. Follow the instructions to e-file your extension. Note: You can't file an extension after April 15, 2025.
I believe that if you have a fund in which 50% or more of the items are generating interest and dividends that would be tax-free to an individual, that the interest and dividends as a whole are tax-f... See more...
I believe that if you have a fund in which 50% or more of the items are generating interest and dividends that would be tax-free to an individual, that the interest and dividends as a whole are tax-free in California.   See R&TC §17145   But, of course, if you have multiple income sources within the HSA, then you will have to draw up a list and calculate the taxable and tax-free items, and enter the net amount in the CA state interview.   Also note that CA taxes all capital gains as ordinary income, so you don't have to worry about short-term and long-term gains. Just lump them all together and enter them in the CA state interview.
I've tried that, and deleted the 1099-R that the online version "sees", and then re-entered everything manually.  I click on the 1099-INT and fill in the information, and it still thinks it's a 1099-... See more...
I've tried that, and deleted the 1099-R that the online version "sees", and then re-entered everything manually.  I click on the 1099-INT and fill in the information, and it still thinks it's a 1099-R.   
I am not a dependent on my parents taxes. I was covered by my parents through Affordable Care Act for part of 2024. My Mother received a form 1095 A on which I am listed. I am using Turbo tax Premier... See more...
I am not a dependent on my parents taxes. I was covered by my parents through Affordable Care Act for part of 2024. My Mother received a form 1095 A on which I am listed. I am using Turbo tax Premier and can't locate/find where to enter the Form 1095A info into turbo tax. I've googled it, I've tried Turbo tax Help, all to no avail. Can anyone tell me where and how to input the info, or do I really have to put it on my form. All the tax  info I get says I must put the info on my taxes...HELP!   I'm no moron, except when it comes to taxes. Evidently I'm missing the obvious or its not obvious. I need detailed instruction....
Just answer NO when asked.   If you got the F8962-070 reject code, see below.     If your tax return gets rejected, but you do not have a form 1095-A, see the bottom of this TurboTax FAQ to see h... See more...
Just answer NO when asked.   If you got the F8962-070 reject code, see below.     If your tax return gets rejected, but you do not have a form 1095-A, see the bottom of this TurboTax FAQ to see how you can certify your choice and e-file your return.  
It depends on what program you are using. See your options here: How do I file an IRS tax extension? - TurboTax Support - Intuit    This will extend the time you have to file your taxes until Oct... See more...
It depends on what program you are using. See your options here: How do I file an IRS tax extension? - TurboTax Support - Intuit    This will extend the time you have to file your taxes until October 15th, 2025.     Also, you may have to do your state taxes: Do I need to file an extension for my personal state taxes?     Remember, an extension gives you more time to prepare your taxes, but it doesn't extend the time to pay your taxes.  If you have an indication that you will owe taxes, you should make the payment by the original due date of the tax return to avoid additional interest and penalties.   
Just updating to let users know that this behavior is also present in Business 2024 at least for 8453-C.  The signed PDF is listed in Attachments.  However, the uploaded file is not in the preview an... See more...
Just updating to let users know that this behavior is also present in Business 2024 at least for 8453-C.  The signed PDF is listed in Attachments.  However, the uploaded file is not in the preview and saved copies.   Uploading and transmitting are separate processes.  So, the former does not guarantee the latter.  Showing the correct file in the preview and saved PDFs provides feedback to the user that the upload worked.  Indeed, this is expected behavior for most users.   On a related note, Business 2024 sometimes also displays a successful upload when it did not happen.  (E.g., entering an incorrect file path/location.)  Hopefully, improvements can be made.
I posted this question twice and I am being told not to submit a waiver of penalty and that the IRS will automatically deduct this based on my zipcode. However, Turbotax is not automatically deducting... See more...
I posted this question twice and I am being told not to submit a waiver of penalty and that the IRS will automatically deduct this based on my zipcode. However, Turbotax is not automatically deducting this. What should I do? How do I remove the penalty without submitting a waiver?
I took a traditional IRA distribution and entered the information from the 1099R that I received into a TT 1099R form.  Everything looks good there, but the 1040/1040SR Worksheet and the 1040 form it... See more...
I took a traditional IRA distribution and entered the information from the 1099R that I received into a TT 1099R form.  Everything looks good there, but the 1040/1040SR Worksheet and the 1040 form itself both show that I took a distribution that is about 17% larger than the actual distribution that was in the 1099R.  The actual distribution amount is way more than my RMD.  How do I get the1040 to reflect the correct amount?
If you're unable to pay for TurboTax Premium at this time, there are several options available to assist you:   Pay with Your Refund: TurboTax offers the option to pay for its services using your... See more...
If you're unable to pay for TurboTax Premium at this time, there are several options available to assist you:   Pay with Your Refund: TurboTax offers the option to pay for its services using your federal tax refund. This means you can file your taxes now and have the TurboTax fees deducted from your refund once it's processed    To use this payment option:   Your federal refund must be enough to cover the TurboTax fees. You must have a U.S. address. You need to e-file your return. The name on the bank account must match the name on the tax return. You must direct deposit your refund into a single account Learn more about this option here   TurboTax Free Edition: If you have a simple tax return, you can use TurboTax Free Edition to file your federal and state taxes for free. This option is suitable for taxpayers with basic income sources and limited deduction   Learn more about it here   IRS Free File: This program allows eligible taxpayers to prepare and file their federal tax returns using free tax software from trusted IRS Free File partners. Taxpayers with an adjusted gross income (AGI) of $79,000 or less can use this service Some providers also offer free state tax return preparation. You can find more information on the IRS Free File webpage   IRS Direct File: This option allows taxpayers to file their federal taxes directly with the IRS for free. It supports common filing, credits, deductions, and income types. You can learn more about this service on the IRS Direct File webpage
I retired under FERS