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yesterday
Do I enter under Sale of Home or under the Rental Properties and Royalties or both?
yesterday
It could be that the loss carryovers from the prior year are not capital losses, and they are some other type of loss (i.e. passive loss or net operating loss). This would explain why the losses ar...
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It could be that the loss carryovers from the prior year are not capital losses, and they are some other type of loss (i.e. passive loss or net operating loss). This would explain why the losses aren't being applied to your current year capital gains.
yesterday
TurboTax Premier - entered information on 3 separate Schedule K-1 forms on our Federal taxes, but only one of those transferred over to our Maryland state return. We're wary of adding the other two m...
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TurboTax Premier - entered information on 3 separate Schedule K-1 forms on our Federal taxes, but only one of those transferred over to our Maryland state return. We're wary of adding the other two manually -- will any changes we make to the Federal K-1 then transfer over to the state since the state K-1 was entered separately? Is there a way to force the transfer of those K-1s already entered on the Federal return to the State return?
yesterday
I received money from a trust as an inheritance. I am trying to enter info from the K1 I received. Where do I find passive loss carryovers, regular tax and alt. min. tax on the K1 ?
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yesterday
To enter estimated tax paid in 2025
Go to Federal>Deductions and Credits>Estimates and Other Taxes Paid>Estimates
yesterday
My daughter accidentally over funded her HSA by $900 in 2024. We took the penalty tax on the 900 and were going to under fund this year by $900. The max this year was $4300 for her and she (and h...
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My daughter accidentally over funded her HSA by $900 in 2024. We took the penalty tax on the 900 and were going to under fund this year by $900. The max this year was $4300 for her and she (and her employer) put in $3400. On the Form 8889 it shows the $3400 contribution and line 13 shows $900. Is this all she needs to do to correct this situation? And she can fully contribute now in 2026?
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yesterday
How do I apply the estimated taxes paid in 2025 towards the federal taxes due
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yesterday
You can't copy forms to create new entries; you have to click on Add another 1099-R to add a new form. All forms are listed on the summary page and they can be edited individually, but not as a gro...
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You can't copy forms to create new entries; you have to click on Add another 1099-R to add a new form. All forms are listed on the summary page and they can be edited individually, but not as a group. You can copy the fields into your clipboard and paste them from the clipboard, but TurboTax does not support bulk editing of 1099-R forms.
yesterday
I have a rental property. It was vacant for 48 days while I was looking for a new tenant after the previous tenant vacated. How do I answer the question on how many days it was rented, since the prop...
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I have a rental property. It was vacant for 48 days while I was looking for a new tenant after the previous tenant vacated. How do I answer the question on how many days it was rented, since the property was available for rent during the 48 days?
yesterday
If it is a long-term transaction, pick a date more than a year ago. If it is a short-term transaction, pick a date less than a year ago.
yesterday
You should've received a 1099-B or a 1099-COMP from the brokerage company where the stock is being held. You will use that form to report the sale on your tax return.
Here are a few links tha...
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You should've received a 1099-B or a 1099-COMP from the brokerage company where the stock is being held. You will use that form to report the sale on your tax return.
Here are a few links that further explain how a sale of stock purchased through a ESPP is treated on your return:
Do I need to enter ESPP transactions?
How do I enter Employee Stock Purchase Plan (ESPP) sales in TurboTax?
yesterday
Since there is no Line S on Form 8615, it is most likely referring to Line 5. Here's line-by-line Instructions for Form 8615 and also more info on Kiddie Tax to help you.
@jctx
yesterday
1 Cheer
I suggest you enter the same amount as the distribution. It is not used for anything other than the software determining whether or not you met your RMD. What you enter is not used on your tax retu...
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I suggest you enter the same amount as the distribution. It is not used for anything other than the software determining whether or not you met your RMD. What you enter is not used on your tax return. Entering the same amount as the distribution keeps it simple.
yesterday
Thanks. I'm a bit unclear about the Credit for Tax Paid to Other States. Could it apply in my case when I file part-year tax returns in Virginia (resident from Jan 1 - Mar 8, 2025) and Maryland (Ma...
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Thanks. I'm a bit unclear about the Credit for Tax Paid to Other States. Could it apply in my case when I file part-year tax returns in Virginia (resident from Jan 1 - Mar 8, 2025) and Maryland (Mar 8 - Dec 31, 2025) or does it apply only when you file a non-resident return?
yesterday
In order to add a new vehicle to your business and claim the associated deductions for the purchase, here are the steps:
Navigate to Federal > Income > Wages & Income Summary > Self-employme...
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In order to add a new vehicle to your business and claim the associated deductions for the purchase, here are the steps:
Navigate to Federal > Income > Wages & Income Summary > Self-employment income
Edit your business
Choose add expenses for this work
Select the check box for Vehicle and continue
Now, vehicle will appear in list of expenses. Choose pencil icon to the right of vehicle expenses. Continue through the interview to add details about the vehicle.
You'll be asked about the personal use and will be able to allocate the expenses between business and personal use.
Since it was purchased in 2025, you will also enter the cost in this interview, where you'll be prompted to depreciate the car or take Section 179 (immediate expensing) if you choose.
Here is some information you may find helpful: Business use of car
yesterday
I bought a van for my mobile detailing business. How do I deduct the purchase?
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yesterday
Help with Oklahoma Non-resident. TT will not allow to check box in the * column
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yesterday
1 Cheer
What you report as date acquired and cost basis depends on how and when you obtained the assets you sold. If you inherited it, you need to indicate that. That will automatically make it Long-Term a...
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What you report as date acquired and cost basis depends on how and when you obtained the assets you sold. If you inherited it, you need to indicate that. That will automatically make it Long-Term and you won't need to add a date acquired. You cost basis is the value on the date you inherited it. You can look it online. If the stock was gifted to you, your cost basis and acquisition date is the same as the person that gifted it to you. If you purchased the assets, then you should have records of your purchases. For anything you have held more than one year, you can use "Various" as the acquisition date. For the cost basis, have you checked your Form 1099-B from your broker to see if there is any "supplemental" information not reported to the IRS. There is often cost basis provided there that is not included on the 1099-B. If you can't determine your cost basis, you will have to use zero.
yesterday
To call TurboTax customer support
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/contact-turbotax/L2y9ZKpQB_US_en_US?uid=m5s9l2vh
yesterday
The 1040 form has single checked. I get all the way to the review tab, then the "federal tax due" goes to $0, which is how I know the filing status is removed. When I go back to the personal info t...
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The 1040 form has single checked. I get all the way to the review tab, then the "federal tax due" goes to $0, which is how I know the filing status is removed. When I go back to the personal info tab, it says "filing status needed".