All Posts

1. No.  Schedule E is only for a rental property and the property was not for rent. 2. Yes, your calculation looks correct. 3. As part of the basis in the exchange.  The land cost from the Hawaii property transfers over and becomes the new land basis on the Maryland property. 4. No.  The new commercial property is the only thing that you are going to create.  You will enter it into the system and depreciate the depreciable basis that you transferred from the Hawaii property as though it were a new asset.  It will depreciate over 39 years.   @atn888 

It is based on the actual number of days.  There is not a calculation that is involved in this.  If you work three 12 hour shifts, then you would be able to claim $48 for that week as opposed to $80 for the week if you would have worked five  8 hour shifts A shift constitutes a regular work day, provided that shift exceeds six hours. For example1 : (i) If a firefighter works an 8 hour shift 5 times during a particular week, the firefighter will be entitled to 5 subsistence allowances for that week for a total of $25 ($5 subsistence allowance x 5 regular work days). (ii) If a firefighter works a 12 hour shift 3 times during a particular week, the firefighter will be entitled to 3 subsistence allowances for that week for a total of $15 ($5 subsistence allowance x 3 regular work days). (iii) If a firefighter works a 24 hour shift 2 times during a particular week, the firefighter will be entitled to 2 subsistence allowances for that week for a total of $10 ($5 subsistence allowance x 2 regular work days)2 .

Do they show up on 1040 line 3?  Why do you think they are not being taxed?   Even though it shows up as income on the first page,if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D.  The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet.  It does not get filed with your return.    See this FAQ https://ttlc.intuit.com/community/forms/help/form-1040-line-11-amount-is-less-than-standard-irs-tax-table/00/25752   In the online version you need to save your return as a pdf file and include all worksheets to see it.   For the Desktop version you can switch to Forms Mode and open the worksheet to see it.  Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.

I understand that part but that’s based on 8 hour shifts.  There is some steps for employees that work 12 hour shifts to reconfigure the amount of days based on an 8 hours .  Basically calculating the difference in hours per day between a 12 hour shift and a 8 hour shift that subsequently changes the amount of days. 12 being %150 of 8. 

Since you are having to adjust each transaction anyway the easiest way to fix this problem is to delete the imported 1099-B and click the "I'll type it in myself" box.  Then just manually enter the transactions as they should be reported.  That will keep the system from pulling data from the 1099-B that interferes with what you are trying to do.   @davidcjonesvt 

To access your tax returns (current or prior year) you will sign into the TurboTax website with the user ID you used to create the account - https://myturbotax.intuit.com/   Scroll down to the bottom of the screen and on the section Your tax returns & documents click on Show.  Click on the Year and Click on Download/print return (PDF)   As an alternative for current year return, when you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a State (You will not really be adding a state).    This will take you back in to the 2024 online tax return.   Click on Tax Tools on the left side of the online program screen.  Find the Print Center and choose the year you want to print.  If you want your full return including worksheets, choose the option Include government and TurboTax worksheets.   In TurboTax Online, follow these steps to print/view your return and all of the informational worksheets after you have filed:   Sign in to TurboTax Scroll down to Your Tax Returns & Documents Select 2024 and then Add a State (You aren't actually adding a State but this gets you back into the Print Center) From the left panel Select Tax Tools, scroll down a little and select Print Center Select Print, save or preview this year's return Select the 2024 Federal and/or State return box Choose to Include TurboTax and government worksheets Select View or Print Forms

If you are in law enforcement or a full time EMS personnel, our employer is supposed to give you paperwork with the number of days you worked.  It is for your regular days worked.  Line s: Subsistence allowance Police and all commissioned law enforcement officers paid by South Carolina municipal, county, or state governments or the federal government, full-time firefighters, and full-time emergency medical service personnel are entitled to a subsistence allowance of $16 per regular workday. Your employer should provide you with the number of work days.

Thank you for this very thorough response!  I wish to establish new everything--residency and domicile.  I've lived in MA for a long time now and want to break ties here and live in a new state and set up a new life.  I will be doing seasonal work in SD, but if I decide I want to stay in SD and set up there, I wondered if I'd still owe income tax to MA.   Again, thank you so much for taking the time to answer my questions!

If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines.    You must first wait until the initial return is completely processed. You will have to use the same TurboTax account that you used for the original tax return. Once you begin your amendment, you'll see your original return. The refund calculator will start new at $0 and only reflect the changes in the refund or tax due Only make changes to the areas of your return that need to be corrected. You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment Select your product below and follow the instructions.  Amend TurboTax Online  Amend TurboTax CD/Download 

Is there a number or letter in box 7? What is the distribution code? A 1099-R is not for contributions, but for distributions from a retirement plan. I would check with your CPA to make sure your contributions were reported on your business return correctly.