Due to job loss, I was working for only part year in 2023. Marketplace Insurance requires you to give an estimate of your annual income. If it turns out to be lower than your actual income, you will h...
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Due to job loss, I was working for only part year in 2023. Marketplace Insurance requires you to give an estimate of your annual income. If it turns out to be lower than your actual income, you will have a penalty. I had Mkt place insurance for a few months and then got a job which paid more than my old job. in the tax form, I had a penalty ($2.7K) for the entire year. This was wrong because I canceled insurance after I started working. Turbo Tax also calculated the same penalty amount reducing my refund by that much. I asked the question in the community and the "experts" said the penalty was correct. I filed the tax manually with the reduced refund. I called and appealed the wrong penalty assessed and explained the correct reasoning. The IRS reviewed it and removed the penalty and gave me back the full refund amount! Moral of story: Do not blindly rely on experts, but learn to reason through things and your sense of right and wrong. This is a useful life lesson that I hope to pass on to my family.
P.S. I wish I could see my post from last year and include the link so you can see my question to the community and the replies from the experts. However, I am unable to login directly to the community website to see my past activity - perhaps there are technical issues.
Once your return is filed, TurboTax has no control over the processing of your return or the release of your refund.
Here are a couple FAQs to track your refund: When will I get my federal tax...
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Once your return is filed, TurboTax has no control over the processing of your return or the release of your refund.
Here are a couple FAQs to track your refund: When will I get my federal tax refund? How do I track my state refund? Why does Where's My Refund say "approved" but TurboTax still says "accepted"?
Why do some refunds take longer than others?
What if my IRS refund is taking longer than 21 days?
Here's a scenario (please bear with me). Will appreciate anything here as I was not able to find, well, anything. 1. In 2019 an individual reported a capital loss of 50000 while a resident of Ma...
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Here's a scenario (please bear with me). Will appreciate anything here as I was not able to find, well, anything. 1. In 2019 an individual reported a capital loss of 50000 while a resident of Massachusetts. That year she took 3000 offset on Fed tax return but not on Mass State tax return because Mass does not allow it. 2. Same thing was repeated the following two years (let's assume there were no other capital losses or gains for simplicity.) So 2021 Fed carryover to 2022 was 41000 and 2021 Mass State carryover to 2022 was still 50000. 3. At the end of 2021 this individual moves to a no-carryover state, let's say NJ. Can not carry over on state tax for the following three years (in the meantime Fed carryover is further reduced due to offsets to 32000.) 4. So here's the punchline: at the end of 2024 this individual moves back to Massachusetts and becomes Mass tax resident once again. Let's say for the sake of the argument that in 2025 she makes capital gains. Question: A. What happens to the original 50000 Massachusetts capital loss carryover to 2022? Is it lost forever? Or should it be just entered into proper Mass tax form like these three years never happened? B. To play it safe shouldn't have this individual kept filing 2022, 2023, and 2024 Massachusetts non-resident tax returns (even though Mass income was zero) just for the sake of continuity of this Mass State capital loss carryover? C. Just to make sure: there should be the same treatment in this respect for both long and short term carryovers, correct? Thank you
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 th...
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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
E-file Error 2 is a transmission issue error. This means that something is preventing your return from e-filling
Try this suggestion to a similar issue by @mesquitebean
https://ttlc.intuit.c...
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E-file Error 2 is a transmission issue error. This means that something is preventing your return from e-filling
Try this suggestion to a similar issue by @mesquitebean
https://ttlc.intuit.com/community/taxes/discussion/e-file-error-2/00/3374663#:~:text=Are%20you%20using%20a%20VPN%3F%C2%A0%C2%A0%20If%20so%2C%20have%20you%20tried%20without%20it%3F
You can also click on the link below for tips on how to solve e-filling issues.
How do I solve my e-filing issue?
If the annuity company issues the 1099 to the trust then the trust will have to file a tax return. The trust can pass all of the income through to the heirs so the income just ends up on your person...
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If the annuity company issues the 1099 to the trust then the trust will have to file a tax return. The trust can pass all of the income through to the heirs so the income just ends up on your personal return anyway. The trust won't have to pay anything.
So basically this will be an extra paperwork hassle to get the same end result if the annuity company doesn't issue the 1099 directly to the heirs. Whoever is trustee of the trust should contact the annuity company to have them adjust the 1099.
@sfretty2012
If your child is under 18, it is best if you issue him a form W-2, rather than paying him as "contract labor". Children, under 18, working as employees, in the family business, are exempt from FICA ...
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If your child is under 18, it is best if you issue him a form W-2, rather than paying him as "contract labor". Children, under 18, working as employees, in the family business, are exempt from FICA (social security & Medicare tax). So, you enter the business expense as "Wages".
If you pay them as contract workers, they will have to pay social security & Medicare tax, in the form of "self employment tax".
Reference: https://www.kiplinger.com/taxes/hiring-your-kids-tax-benefits-and-rules
You can review your fees by following the instructions below.
After signing in to TurboTax, open or continue your return.
Select Tax Tools on the left side of the screen and then Tools. ...
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You can review your fees by following the instructions below.
After signing in to TurboTax, open or continue your return.
Select Tax Tools on the left side of the screen and then Tools.
A Tools Center box will pop up on your screen.
Select the My Fees box on the right.
If your TurboTax fees are higher than expected, you can reduce them by removing add-ons:
Remove PLUS Help & Support
Remove Pay With Your Refund
Remove Premium Services
Remove MAX Defend & Restore
Remove a state
It depends. You can use TurboTax Online and it will only upgrade if any item on your tax return requires it. If you choose TurboTax Desktop you an use Basic.
TurboTax Online or Desktop
...
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It depends. You can use TurboTax Online and it will only upgrade if any item on your tax return requires it. If you choose TurboTax Desktop you an use Basic.
TurboTax Online or Desktop
Click the link, then click Online or Desktop. For the online version scroll to the bottom to see the free version limits.
@jonandmariaw
I have been using turbo tax for 15 years with no problems until this year. First mistake.... I do not have a HSA account that I contribute to. Turbo said I had $910 I needed to take by yesterday......
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I have been using turbo tax for 15 years with no problems until this year. First mistake.... I do not have a HSA account that I contribute to. Turbo said I had $910 I needed to take by yesterday.... ? I paid the Feds nearly 8K in 2024. Yet Turbo said I owed another $1100 due to HSA.... this makes absolutely NO sense to me. Plus Turbo MADE me pay an extra $149 to do my taxes! I am going to end up paying another tax place to go over what Turbo did. Filing on the last day is a HUGE mistake.
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 th...
See more...
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
Thank you!!!! Do you by chance know why Turbo Tax Home and Business when I check the box that I did dispose of my business does not prompt me to answer the questions for that form like it does all t...
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Thank you!!!! Do you by chance know why Turbo Tax Home and Business when I check the box that I did dispose of my business does not prompt me to answer the questions for that form like it does all the other forms?
@nexchap , @mike9241, Can one of you please take a look at this. I think I know what the answer is, but Turbotax should be able to handle this input Thanks,
Most de-minimis fringe benefits are not reportable for the partnership or the partner that receives them. If the laptop and phone are provided and used primarily for business purposes, the use of tha...
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Most de-minimis fringe benefits are not reportable for the partnership or the partner that receives them. If the laptop and phone are provided and used primarily for business purposes, the use of that equipment is not reportable.
The partnership should include any taxable benefits as part of the reported guaranteed payments.
See IRS Publication 15-B Section 2 Fringe Benefit Exclusion Rules for more information.
