turbotax icon
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

All Posts

It’s for an eBay store and I accidentally used the cost? method that requires the same inventory BOY and EOY and that’s not correct because our inventory always changes on a whim. The values I put we... See more...
It’s for an eBay store and I accidentally used the cost? method that requires the same inventory BOY and EOY and that’s not correct because our inventory always changes on a whim. The values I put were correct but the method is wrong. Someone suggested I go back to 2022 when I started eBay selling and amend 2022, 2023, and 2024 to reflect the changed cost of inventory method. I’m not an accounting specialist or anything so getting me back to my original 2022 filed form is quite the challenge. It has been slightly over 3 years since the 2022 form was files.
Do you mean on the very beginning page?  Don’t check any boxes.  Those beginning questions aren’t important.  Just so Turbo Tax can ask you certain questions later.   This screen?  
What inventory change did you need to make on the amended return? Did you file Form 3115 for a change in accounting method? Or did you simply change from reporting inventory to expensing your materia... See more...
What inventory change did you need to make on the amended return? Did you file Form 3115 for a change in accounting method? Or did you simply change from reporting inventory to expensing your materials and supplies? Some inventory changes require an amended return. Others can be simply reported next year.   That said, if you have installed TurboTax Desktop 2022 on your computer and also downloaded your 2022 TurboTax .tax file, you should be able to open the 2022 tax file using the TurboTax 2022 software.   However, if you have made changes to your 2022 return since it was filed, you will either need to reverse the changes you made or create a new 2022 return based on a hard copy of the return as it was filed with the IRS.   TurboTax Online doesn't keep any history of changes to your return. And you would need to save backups to your own hard drive in order to have incremental tax files that would allow you to walk back to a place before you made changes.   Manual entry of a new 2022 tax return is your best option. You have three years from the original filing date to file an amended return.
Are you referring to your 2023 return?   What type of letter/notice (click to see types) did you receive?   Did you use the desktop software or TurboTax Online to file the return?   
Your client would be the one to revise it, the state of MA would not revise it.  You can ignore box 7 for now, since you do not have a tax liability to MA if you never did any work in MA.  However, s... See more...
Your client would be the one to revise it, the state of MA would not revise it.  You can ignore box 7 for now, since you do not have a tax liability to MA if you never did any work in MA.  However, so you do not later get a letter it would be best to ask your client to revise. 
Not sure where you are seeing "boxes" to check for employment.   For "occupation" in MY INFO you can use whatever you want to, including "Retired"---the IRS only uses occupation for statistical purpo... See more...
Not sure where you are seeing "boxes" to check for employment.   For "occupation" in MY INFO you can use whatever you want to, including "Retired"---the IRS only uses occupation for statistical purposes.   If you will not have a W-2 then skip W-2's or tell the software you do not have any W-2's.       If you have Social Security benefits:  Go to Federal> Wages & Income>>Retirement Plans and Social Security  (SSA1099 and 1099RRB) to enter your SSA1099.   If you have a pension or income from a retirement account like an IRA or 401k: To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.                
Received 1099 form from Massachusetts  client. All Work done from Texas home State. Box 7 in 1099-NEC has amount for MA State income (+20k). 1. Do I ignore the box 7 when doing Taxes ? 2. Need to ... See more...
Received 1099 form from Massachusetts  client. All Work done from Texas home State. Box 7 in 1099-NEC has amount for MA State income (+20k). 1. Do I ignore the box 7 when doing Taxes ? 2. Need to ask the client to revise it?  3. Do I have to contact Massachusetts State Tax to revise it? Thank you for your help.
You must have done the amended return wrong.  It shows no changes in column B.  How much was your original refund on your first 1040 line 35a?   Was it $134?   
What if that doesn’t work? Are they really just telling me that I need to file by mail 😩
Can you be more specific?  I have never seen the IRS contacting a taxpayer so soon after April 15th that the T/P's tax return has not been filed.  What is the letter or notice number?  When did Turbo... See more...
Can you be more specific?  I have never seen the IRS contacting a taxpayer so soon after April 15th that the T/P's tax return has not been filed.  What is the letter or notice number?  When did TurboTax tell you that your tax return has been "accepted" by the IRS?   Do you have a refund or payment due?  If you have a refund, perhaps go to irs.gov and check on your refund status.  If the tax return has been filed, then you'll see the refund status.  If you have a payment due and you had set up ACH debit, the amount should have been withdrawn from your bank account.   Lots of taxpayers file an extension request.  It's highly unlikely that the IRS would contact any taxpayer within ten days of the original due date, presumably demanding a tax return.
I got my first return I’m just adding this w2  
The software does not like zeros for 1095A--instead of zero just leave those spaces blank.
After your original return is processed, and you prepare the amendment, use the instructions below to enter the SSA-1099.   Where do I enter an SSA-1099?
How much was the original refund?  $165?   Did you already get it?   
If you entered incorrect banking information for your refund, you can change it if your return is rejected.  If it is accepted, however, it is too late to change it.  The bank will reject the refund ... See more...
If you entered incorrect banking information for your refund, you can change it if your return is rejected.  If it is accepted, however, it is too late to change it.  The bank will reject the refund and send it back to the IRS.  Then the IRS will issue a paper check and mail it to the address you put on your tax return.  Expect a delay of at least a couple of weeks to receive your refund.   Here is what the IRS says about entering incorrect banking information https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/irs-procedures/refund-inquiries/refund-inquiries-18       If your refund is sent back to the IRS—- make certain that the address you entered on your Form 1040 is correct.  And…open all mail, even if it looks like junk mail.
It says I overpaid 134
What form was this reported to you on?  If you just rolled it into a Roth from a traditional IRA then there is no avoiding the taxes - you'll have to pay the money.  You can't un-ring the bell unless... See more...
What form was this reported to you on?  If you just rolled it into a Roth from a traditional IRA then there is no avoiding the taxes - you'll have to pay the money.  You can't un-ring the bell unless the people who manage your retirement accounts are willing to put everything back where it was and pretend it didn't happen (they won't).   Your best bet is to pay the taxes and leave the money in the Roth and call it a day.     @LisaA1 
Thank you for the token. We have reviewed the entries and calculations relating to Schedule K-1 and Form 8960. It appears your entries are correct and that the program is handling this situation prop... See more...
Thank you for the token. We have reviewed the entries and calculations relating to Schedule K-1 and Form 8960. It appears your entries are correct and that the program is handling this situation properly.   According to the IRS Instructions for Form 8960 Line 4b: "Enter the net positive or net negative amount for the following items included on line 4a that aren’t included in determining net investment income. [This includes] Net income or loss from a section 1411 trade or business that’s taken into account in determining self-employment income."   Because the net loss from Schedule K-1 is non-passive and thus excluded from Net Investment Income (NII), that amount must be eliminated from the calculation of NII. Only passive income is included in this calculation. The net amount on Form 8960 Line 4c represents the net income for your rental property from Schedule E (passive income).
Hello, I followed these steps (thank you), however my account number and routing number shows up as XXXXXXXXXX in both fields.  What does this mean? Did my banking information not transfer over?   ... See more...
Hello, I followed these steps (thank you), however my account number and routing number shows up as XXXXXXXXXX in both fields.  What does this mean? Did my banking information not transfer over?   I checked the IRS website and it says "Your refund was sent to your bank on February 20, 2025 for direct deposit."   But when I check the account I "thought" I typed in, there is no $$ there.