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May 2, 2025
6:53 AM
I just switched from a CPA to Turbotax for my 2024 return. How do I download a copy of the Federal Asset Report for my rental property? My CPA provided a copy each year with the return document. ...
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I just switched from a CPA to Turbotax for my 2024 return. How do I download a copy of the Federal Asset Report for my rental property? My CPA provided a copy each year with the return document. The Turbotax PDF return did not contain a copy and I cannot locate it online under "My Documents," which only allows me to download another copy of the tax return, or to upload files. If the Federal Asset Report is contained in the .tax file, please advise how to open it. Thanks.
May 2, 2025
6:47 AM
How do I get the extra two months to file because I am living overseas?
Topics:
May 2, 2025
6:30 AM
Me dicen que haga una enmienda pero no deberían poder resolverlo ellos? No se si me quieren estafar
Topics:
May 2, 2025
6:27 AM
Because an FSA can be used to pay for the expenses of a spouse, it counts as "other coverage" that disqualifies you from making contributions to an HSA, even if you say you won't use the FSA money fo...
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Because an FSA can be used to pay for the expenses of a spouse, it counts as "other coverage" that disqualifies you from making contributions to an HSA, even if you say you won't use the FSA money for your own expenses. This is true even if your spouse removes you from the insurance coverage, the FSA can still be used to pay for a spouse's expenses.
If the "qualifying life event" would allow your spouse to drop the FSA entirely, then you could make contributions to an HSA. Or your spouse could change to a "limited purpose" FSA or a "post-deductible" FSA instead of a regular FSA (if the employer allows). Those topics are described in more detail in publication 969.
https://www.irs.gov/forms-pubs/about-publication-969
May 2, 2025
6:24 AM
Yes----child #2 is the prime suspect. It is also possible that someone else typed in a wrong SSN on a return and that resulted in the duplicate use of the child's SSN. If your child did not file ...
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Yes----child #2 is the prime suspect. It is also possible that someone else typed in a wrong SSN on a return and that resulted in the duplicate use of the child's SSN. If your child did not file a tax return then there is nothing to amend. You just need to file your own return claiming the child by mail, or get an IP PIN.
May 2, 2025
6:20 AM
Thank you. Just to clarify if my return has 4 individuals included: myself, spouse (filing jointly) and two children, the "02" would be child #2?
May 2, 2025
6:20 AM
Did you e-file? Did you click a big orange button that said “Transmit my returns now?”
When you e-file your federal return you will receive two emails from TurboTax. The first one will sa...
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Did you e-file? Did you click a big orange button that said “Transmit my returns now?”
When you e-file your federal return you will receive two emails from TurboTax. The first one will say that your return was submitted. The second email will tell you if your federal return was accepted or rejected. If you e-filed a state return, there will be a third email to tell you if the state accepted or rejected your state return.
First, check your e-file status to see if your return was accepted:
https://turbotax.intuit.com/tax-tools/efile-status-lookup/
If the IRS accepted it, what does it say here? (Allow 24 - 48 hours after acceptance to look)
https://www.irs.gov/refunds
Or does your account say “Ready to Mail?” Or “Rejected?” Or “Printed?”
If it was accepted:
Sometimes people get confused by the “summary” given by TurboTax and use the wrong amount for the federal refund. Make sure you are only using the federal refund amount, and not an amount that combined your federal and state refunds.
Your federal refund amount is on line 35a of your Form 1040
May 2, 2025
6:19 AM
You may need to contact your state: List of Department of Revenue by state List of state DOR's
If you want to check the debit date you specified, look on the filing instructions for your retu...
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You may need to contact your state: List of Department of Revenue by state List of state DOR's
If you want to check the debit date you specified, look on the filing instructions for your return. It will tell you the debit date the IRS or State will deduct the payment. If you did not print them out you can view them using the following steps:
TurboTax Online
In TurboTax Online, sign into your account.
You should be on your Tax Home page.
Scroll down to Your tax returns & documents.
Select 2024, and then select Add a State (you're not actually adding a state, this just gets you into the right menu).
Once you're in your return, you can navigate around as usual.
Click Tax Tools (in the black bar on the left of your screen) and then click select Print Center.
Click Print, save or preview this year's return
TurboTax CD/Download
Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar.
In the Forms in My Return list on the left, click Filing Inst. [It's usually toward the bottom of the list.] The form will appear on the right side of the screen.
You can view the form on the screen or you can print a copy by clicking the Print box at the bottom of the screen.
To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.
May 2, 2025
6:19 AM
If you didn't depreciate any assets or claim the Section 179 deduction in prior/current tax years, leave this section blank. You have no Section 179 carryovers when you have no assets for depreciation.
May 2, 2025
6:18 AM
brokerages don't usually get this reporting wrong and make the appropriate cost basis adjustments. What level of detail are you looking at in the 1099B - you can have a wash sale on a position sold ...
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brokerages don't usually get this reporting wrong and make the appropriate cost basis adjustments. What level of detail are you looking at in the 1099B - you can have a wash sale on a position sold for a net gain, but on the underlying detailed tax lots some can have losses considered as wash sales that are disallowed and the cost basis has already been adjusted on other lots. you keep referring to "entering a gain". you enter proceeds and cost basis, and adjustments for wash sales, AMD etc. TT and Form 8949 calculate the gain/loss accordingly. If the brokerage did make errors and you're having to calculate this offline for some reason, you should have all the fields you need. The screens are slightly different if you are entering it as Sales Summary vs. One by One.
May 2, 2025
6:16 AM
We cannot see your screen, your return or your account. Have you entered ALL of your 2024 information? All your income, etc.?
There are a lot of variables that affect your refund or tax due...
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We cannot see your screen, your return or your account. Have you entered ALL of your 2024 information? All your income, etc.?
There are a lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc. You may have lost Earned Income Credit or the Child Tax Credit— did a child turn 17? If you received the EIC last year, remember that changes in the amount you earn have a big effect on the amount of EIC you can get. (Sometimes earning more money means less EIC) Are you 65 or older ? If so, your standard deduction is higher. Everyone has a higher standard deduction now so it is harder to use itemized deductions.
And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refund-go-compared-last-year/L97JmhUbi_US_en_US?uid=ld9ijm41
Print out 2023 and 2024 and compare them side by side to see what is different.
https://turbotax.intuit.com/tax-tips/tax-payments/video-why-would-i-owe-federal-taxes/L3VXudPiN
If you owe tax due, you have to pay it yourself by the filing deadline on April 15, 2025 or you will be subject to late filing penalties and interest.
If you have federal tax due you can pay by mailing your payment with the 1040V voucher, (which has the address printed on it, having the payment taken out of a designated bank account, or you can pay directly on the IRS website.
https://www.irs.gov/payments
https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212
https://ttlc.intuit.com/community/tax-payments/help/how-do-i-pay-my-irs-tax-due-with-a-check-or-money-order/00/26403
To apply for a payment plan with the IRS
Apply Online for a Payment Plan
You must pay your state tax due using the state’s preferred method of receiving payment. For most states that will be by making a payment to the state’s own tax website, or by mailing a check or money order.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/contact-state-department-revenue/L9qVToi02_US_en_US?uid=m6e06um0
WHAT IF I CANNOT PAY MY TAX DUE?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-payments/pay-taxes/L8aQBCpPO_US_en_US?uid=m9iryksw
May 2, 2025
6:13 AM
If you live in certain disaster areas, the IRS will recognize your automatic extension to May 1 by your zip code. But it is now too late to request a longer extension. As Champ @Mike9241 said, if ...
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If you live in certain disaster areas, the IRS will recognize your automatic extension to May 1 by your zip code. But it is now too late to request a longer extension. As Champ @Mike9241 said, if you are getting a refund or do not owe, there is no penalty for missing the deadline. If you owe tax due, your return is now just late, so get it prepared and pay your tax due as soon as possible.
May 2, 2025
6:12 AM
1 Cheer
The building you use as a home office for your self-employed business may be reported as an asset for the Home Office Deduction. Repairs to your home office (not covered by insurance) would be entere...
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The building you use as a home office for your self-employed business may be reported as an asset for the Home Office Deduction. Repairs to your home office (not covered by insurance) would be entered as Home Office expenses.
You can find this topic in TurboTax using the Search box at the top right of the screen to find "home office deduction" and click on "jump to home office deduction."
Additional Information:
Can I take the home office deduction?
Where do I enter the home office deduction for my business?
May 2, 2025
6:03 AM
Here's how to get to the summary:
Log in to your tax return at TurboTax.com;
Click on Tax Tools on the left side of the screen (you may need to click on Continue in the center first);
...
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Here's how to get to the summary:
Log in to your tax return at TurboTax.com;
Click on Tax Tools on the left side of the screen (you may need to click on Continue in the center first);
Click on Tools;
In the box that pops up in the center;
click on View Tax Summary
If you want to delete a form:
If you are using:
TurboTax Online: see How do I view and delete forms in TurboTax Online?
TurboTax Desktop:
On the top right, there is a FORMS button.
Click on FORMS.
Locate the form you want to delete.
Click on the form name.
Below the form, bottom left, select DELETE FORM button.
May 2, 2025
6:02 AM
Enter each tax year separately under the Form 1099-G topic (use the search tool). You'll need to know how much total state income tax you paid each year (from your prior year tax return). Note the ex...
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Enter each tax year separately under the Form 1099-G topic (use the search tool). You'll need to know how much total state income tax you paid each year (from your prior year tax return). Note the exceptions below.
Your prior-year state or local tax refund may be taxable if you took the state and local income tax as an itemized deduction in the prior year and you benefited from the deduction (i.e., it increased your refund or lowered your taxes due.)
On the other hand, your state/local tax refund won't be taxable if:
You took the standard deduction in the prior year; or
You itemized and took the sales tax deduction (instead of the state/local income tax deduction); or
Last year's tax return was subject to the Alternative Minimum Tax (AMT) and the amount of last year's state or local tax refund was less than the amount disallowed under AMT.
When you enter your state or local tax refund (usually reported on Form 1099-G), TurboTax will help you determine if it's taxable income.
May 2, 2025
6:01 AM
Sorry--the deadline to request an extension is passed. If you live in certain disaster areas you had an automatic extension until May 1, which the IRS will recognize by your zip code when you file....
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Sorry--the deadline to request an extension is passed. If you live in certain disaster areas you had an automatic extension until May 1, which the IRS will recognize by your zip code when you file. But it is now too late to request a further extension. If you wanted a longer extension you had to e-file the request by April 15, or get it into the mail by midnight on May 1.
If you do not owe or are getting a refund, there is no penalty for filing after the deadline. If you owe tax due, take care of filing and paying your tax due as soon as possible.
May 2, 2025
5:56 AM
If you had health insurance from the marketplace, when you applied for the insurance, you gave healthcare.gov an estimate of how much income you would receive in 2024. They used that amount to calcu...
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If you had health insurance from the marketplace, when you applied for the insurance, you gave healthcare.gov an estimate of how much income you would receive in 2024. They used that amount to calculate how much of the insurance premium would be covered by the tax credit and how much would be your amount to pay. So...you had some monthly amounts to pay, and the rest of the cost of having that insurance was paid by the government program.
If you ended up making a higher income than you told them you would receive, they re-calculate how much should have been paid by the program and how much should have been paid by you. And if your own share of the cost should have been more, they get it back on your income tax return.
If you actually had less income, you could even get some of the share you paid back on your tax return.
From Healthcare.gov:
If you're enrolled in a Marketplace plan and your income or household changes, update your application as soon as possible.
These changes — like higher or lower income, adding or losing household members, or getting offers of other health coverage — may affect the coverage or savings you’re eligible for. After you finish applying or enrolling, you may be asked to submit documents to confirm your income.
Discover which changes to report.
Learn how to report changes.
May 2, 2025
5:55 AM
I think that's the issue, the payments should be on line 26. With electronic payments you don't file a 1040ES per se, no voucher required, making a payment electronically designated as Estimated Tax...
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I think that's the issue, the payments should be on line 26. With electronic payments you don't file a 1040ES per se, no voucher required, making a payment electronically designated as Estimated Tax is a 1040ES. I don't know enough about any special IRS dealings in this situation, but I am guessing you will end up needing to amend your return to designate your payments as estimated tax instead of withholding and that will presumably bring everything into balance at the IRS. Sounds like you are correct not to cash the check, presumably the IRS would at some point catch up on the withholding mismatch and then say you underpaid! The biggest issue with the amendment will probably be the underpayment penalty - when you switch to ES, even tho you paid the full amount of tax, if you didn't pay ES evenly each quarter then likely by default you will see a large underpayment penalty; it's assumed the income/tax is incurred evenly thru the year and the withholding/estimated tax needs to line up with it. The penalty calculation is done quarterly not annually, so you can be fully paid by year-end or even have a refund, but still have an underpayment for Q1, Q2 etc. Withholding is treated differently, it's assumed to be 'timely' with the associated income so I think that's why it didn't trigger a penalty before. If you on TT desktop then in Forms mode you can double-click on the 1040 penalty line and again on the worksheet to bring up Form 2210 with the underpayment calculations. For your situation tho, if you paid ES when you did the conversions, you will probably need to adopt the Annualized Income method on Form 2210 to show that the ES lined up with the correct quarterly timing for the income, which will significantly reduce if not eliminate the penalty. You'll need to provide AGI, Cap gain info thru the year for 3/31, 5/31, 8/31. This is under Other Tax Situations / Underpayment Penalty. You may have the same situation with your state tax. Just a quick example to illustrate, assume no other income and you needed to pay 100k to meet safe harbor, but paid 50k in Q3 and 50k in Q4 for 2 Roth conversions in those quarters. Without the AI method, then by default the 100k tax needs to be paid 25k per quarter. So in this situation you would have 25k underpayment from Q1, 25k underpayment from Q2, those underpayments are eliminated in Q3 when the 50k is paid and the penalty stops accruing, but now you are still 25k underpaid in Q3 until the final payment in Q4. Overpayments earlier in the year will carry forward and eliminate underpayments in later quarters, but no amount of overpayment later in the year will eliminate underpayments in earlier quarters, tho will stop the penalty interest from accruing. For 2025 if you're planning the same level of conversions but didn't pay ES for Q1 you can take the same approach and pay ES along with the conversions and file AI method again for 2025. Or figure your quarterly ES payments based on either 100/110% of 2024 or 90% of 2025 tax, tho you may still get some penalty for Q1 if you missed the 4/15 deadline. You can do the ES calculations under Other Tax Situations / Form W4 and Estimated Taxes and provide 2025 income information to optimize the payments. If you don't provide 2025 info, TT will generate ES vouchers by default based on 100/110% of your 2024 tax and assumes 2025 withholding is the same as 2024 - so another ramification of your situation is it's possible TT assumed the same large withholding for 2025 and generated ES vouchers much smaller than needed. Again you don't need these physical vouchers when paying electronically. Again not a CPA/Expert and not sure all the mechanics of this situation with the IRS, but hope this helps.
May 2, 2025
5:54 AM
The "02" at the end means the second dependent listed on your Form 1040 is the one whose SSN has already been used on another tax return. Is that dependent a teenager or student who filed their ow...
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The "02" at the end means the second dependent listed on your Form 1040 is the one whose SSN has already been used on another tax return. Is that dependent a teenager or student who filed their own tax return? If so, you need to find out if they filed a return that says no one else could claim them as a dependent (a very common mistake made by young people).
If your own return is being rejected, you can print, sign and mail your return, or you can get an IP PIN from the IRS and try to e-file.
GET IP pin in order to e-file if your dependent’s SSN was claimed on another return
https://www.irs.gov/newsroom/irs-takes-steps-to-help-prevent-refund-delays-by-accepting-duplicate-dependent-returns-with-an-ip-pin-for-2025-filing-season-taxpayers-encouraged-to-sign-up-soon-for-ip-pin-online-account
https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin
The person who incorrectly claimed your dependent will need to amend their tax return after it has been fully processed by the IRS, but you do not have to wait for them to do that.