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May 14, 2025
10:04 AM
3 Cheers
To view the bank information you entered, for the direct debit it will be on the Federal Information Worksheet in Part V of the worksheet. You have to download the PDF of the tax return to include al...
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To view the bank information you entered, for the direct debit it will be on the Federal Information Worksheet in Part V of the worksheet. You have to download the PDF of the tax return to include all worksheets using Print Center.
When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state. This will take you back to the 2024 online tax return.
Click on Tax Tools on the left side of the online program screen. Then click on Print Center. Then click on Print, save or preview this year's return. Choose the option Include government and TurboTax worksheets.
Receiving an IRS Letter 4870 can be concerning, but there are steps you can take to resolve the issue:
Verify Account Information: Double-check the bank account information you provided for the e-file payment. Ensure that the account number and routing number are correct by looking at the Federal Information worksheet.
Contact IRS e-file Payment Services: Call IRS e-file Payment Services at 1-888-353-4537 to inquire about the rejected payment and get guidance on how to correct the issue. They can provide alternate payment options and help you understand the next steps.
Alternate Payment Methods: If the e-file payment cannot be processed, you can pay your taxes using other methods such as a check, money order, or directly through the IRS website https://www.irs.gov/payments
Respond Promptly: The letter typically specifies a deadline for response, often 30 to 60 days from the issue date. Make sure to address the issue within this timeframe to avoid any penalties or adjustments to your return.
@JeanA_2009 Thanks for the Question!!
May 14, 2025
10:00 AM
To add to previous message (IRS Letter 4870):
The IRS letter was dated April 11, but of course, I received it on April 16 (the day after the deadline). I wrote a paper check and mailed it immedi...
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To add to previous message (IRS Letter 4870):
The IRS letter was dated April 11, but of course, I received it on April 16 (the day after the deadline). I wrote a paper check and mailed it immediately via certified mail, but by then my payment was late and a penalty was assessed.
My question: Could this have been a Turbo Tax problem?
May 14, 2025
9:58 AM
1 Cheer
You will need to contact the Canadian Community for an answer to this question. In order to do this you will take the following steps:
1) Go to this link Canadian Community
2) Create a new profi...
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You will need to contact the Canadian Community for an answer to this question. In order to do this you will take the following steps:
1) Go to this link Canadian Community
2) Create a new profile
3) Post your question in the the Canadian Community
4) Come back to Turbo Tax after you have discussed this with them and a Tax Attorney Most times IRS will go with the foreign country reporting but in this case we would need to look at the treaty between US and Canada to see what the accurate reporting would be. You will need to contact a tax attorney for the tax treaty.
May 14, 2025
9:52 AM
I have foreign (supplemental) individual/private retirement account (like ROTH-IRA, deposits paid after taxes by my parents) that my (non-US citizens living overseas) parents have been maintaining si...
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I have foreign (supplemental) individual/private retirement account (like ROTH-IRA, deposits paid after taxes by my parents) that my (non-US citizens living overseas) parents have been maintaining since they opened it when I was in college overseas. Now it reached to maturity due to my age. I am planning to withdraw and bring to the USA. It is valued a little over $20K. IRS website states I don’t need to report foreign financial accounts (FBAR) that are: Held in an individual retirement account (IRA) of which you’re an owner or beneficiary, When I contacted the financial institution about my intent to withdraw, they asked me to fill in and send FATCA form. I am totally confused if and when I should fill/file what (FBAR and/or FATCA). Any help or suggestion is appreciated.
Topics:
May 14, 2025
9:49 AM
1 Cheer
I arranged for direct pay from checking account for balance due to be done April 10, 2025. I received an IRS letter 4870 dated April 11 that e-file payment was rejected/returned because "no account/...
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I arranged for direct pay from checking account for balance due to be done April 10, 2025. I received an IRS letter 4870 dated April 11 that e-file payment was rejected/returned because "no account/unable to locate account".
I am certain that I typed in the correct digits for the routing and account numbers (because I triple-check everything before I press "send"). BUT in the case that I did make an error with the routing and account numbers, I cannot verify my mistake by looking at page 3 of the printed copy of my return (this is a 1040-SR) because lines 35 (b) and (d) just show xxxxxx's in those spaces and line 35 (c) does not have Checking or Savings marked. There MAY be an error in the bank numbers, but I would think that Turbo Tax would not let me finish without selecting checking or savings account.
May 14, 2025
9:48 AM
And to be clear for future reference. The "return" is the data package you send to the IRS and state. i.e. you send in your "return" (data package either e-filed or mailed in to them on paper) ...
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And to be clear for future reference. The "return" is the data package you send to the IRS and state. i.e. you send in your "return" (data package either e-filed or mailed in to them on paper) Then: What $$ you might get back is a "refund".....(though you could owe/pay more in some years) _________________ (yes, this is probably a Dead Horse issue)
May 14, 2025
9:36 AM
1 Cheer
Hi, Mike6174,
It is always hard to predict the future, but there is guidance out there indicating penalties for 2025 RMD withdrawals on inherited IRAs will NOT be waived. Hope this helps. It is ...
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Hi, Mike6174,
It is always hard to predict the future, but there is guidance out there indicating penalties for 2025 RMD withdrawals on inherited IRAs will NOT be waived. Hope this helps. It is possible to request a waiver for these penalties using form 5329, but note that reasonable cause is required.
Hope this helps.
**Please cheer or say thanks by clicking the thumb icon in a post **Mark the post that answers your question by clicking on "Mark as Best Answer"
Regards,
Karen
TurboTax Expert
May 14, 2025
9:33 AM
No, I'm looking at status on IRS website. On the home page it says they have still not received my return (which I would expect to see). But under 'View Payment Activity', 'Pending or Scheduled Pay...
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No, I'm looking at status on IRS website. On the home page it says they have still not received my return (which I would expect to see). But under 'View Payment Activity', 'Pending or Scheduled Payments', they show the following: 'Date': April 15,2025, 'Tax Year': 2024, 'Type': Extension Payment, 'Payment Method': Online Account, 'Amount': $XXXX (the amount I paid on 4/15/25), 'EFT Number': 9999999, 'Action': Pending It's the 'Pending' that makes no sense. I would think that after a months time it would have been move down to 'Processed Payments'.
May 14, 2025
9:30 AM
A Property Ownership Civil Lawsuit in Canada - My wife and I are US residents/citizens and file joint tax returns using TurboTax (desktop versions). We were the plaintiffs in a civil lawsuit in Ontar...
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A Property Ownership Civil Lawsuit in Canada - My wife and I are US residents/citizens and file joint tax returns using TurboTax (desktop versions). We were the plaintiffs in a civil lawsuit in Ontario Canada, to evict the defendants who were renting our townhouse. In addition to the rent, the defendants owed us monies for fund we loaned to them over a decade. In lieu of the payment of the owed debt amount, the defendants transferred the title of the townhouse (purchased by them using the funds we had loaned to them) seven to us seven years ago. They also agreed to pay monthly rent. They never paid any rent. A couple of year later, when we served an eviction notice, the defendants claimed, that they paid for the property with their own funds and we were holding it in trust for them. They also claimed that they we didn’t loan them any funds.
The Settlement – After several years of delays and adjournments, a settlement was reached last year to end the civil lawsuit. The main terms of the settlement agreement are:
The settlement agreement called for us to be paid a sum of money, say $P CAD for
Any and all amounts owed to us, say $D CAD
Any and all costs and expenses incurred by us after the settlement since the start of the dispute. We incurred the litigation Cost (say $L CAD) and the carrying cost for the townhouse (say $C CAD) prior to the settlement.
The settlement also required the opposing party to reimburse us any and all carrying costs (say, $N CAD) related to the townhouse since the date of the settlement. Therefore, the final payment to us was $P CAD + $N CAD.
We also incurred additional legal cost (say $LL CAD) after the settlement to enforcement the settlement agreement.
Upon receipt of the Settlement Funds in their entirety ($P CAD+ $N CAD) this year, we transferred the title to the townhouse to the opposing party.
My specific questions are:
Since the property title was transferred to us in 2017 for the owned amount $D CAD, is it ok to take $D as the purchase price of the property in our non-resident Canadian tax filings and the equivalent converted amount in USD in our US tax filings?
Is it ok to take the settlement amount $P CAD minus the pre settlement carrying cost $C CAD as the sale price in Canadian tax returns and the equivalent converted amount in USA in our US tax returns?
Is it ok to take our total litigation cost $L CAD + $LL CAD as the cost of selling in our non-resident Canadian tax filings and equivalent converted amount in the USD in our US tax filings?
Since the sum of $D + $C + $L (also $D + $C + $L + $LL) far exceeds $P, we will incur a significant capital loss. Is the loss in our US tax filings computed by converting purchase and sale prices and selling cost into USD (as above) or by converting the capital loss in CAD in our Canadian tax returns to USD?
Does TurboTax Canada provide full or expert assisted service to file taxes for non-residents for this situation in Canada and does TurboTax USA provide full or expert assisted service to handle the tax filings in the US? If so, how can I utilize these services.
I am sorry for the long questions. I look forward to your guidance and responses to my above questions. Thank you so very much for your time.
May 14, 2025
9:28 AM
As previously stated, if you do not have a trade or business, you are not required to issue a Form 1099-NEC to anyone who provides a service on the rental property.
May 14, 2025
9:27 AM
1 Cheer
What is the probability that the IRS will waive the penalty of RMDs in 2025 for inherited IRAs and for traditional IRAs?
May 14, 2025
9:23 AM
2 Cheers
It sounds like you're in a bit of a frustrating & tricky situation! Yes, generally, you are required to issue a Form 1099-NEC for payments of $600 or more to a non-employee, like your contractor, for...
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It sounds like you're in a bit of a frustrating & tricky situation! Yes, generally, you are required to issue a Form 1099-NEC for payments of $600 or more to a non-employee, like your contractor, for services performed in your trade or business. Since you paid him $800, this requirement typically applies. TurboTax's question about issuing a 1099-NEC for paid work above $600 is standard, as the IRS requires reporting payments of $600 or more to non-employees.
To accurately complete Form 1099-NEC, you need the contractor's Taxpayer Identification Number (TIN), which is usually their Social Security Number (SSN) for individuals or their Employer Identification Number (EIN) for businesses. The Form W-9 is the standard way to request this information.
Steps you can take:
Document Your Requests: Keep a record of all your attempts to contact the contractor, including dates, methods of communication (calls, texts, emails), and the content of your messages. This documentation is important if the IRS questions why you didn't file a complete Form 1099-NEC.
Send a Formal Request (Certified Mail with Return Receipt Requested): If your previous attempts have been ignored, send a formal letter via certified mail with a return receipt requested. This provides proof that the contractor received your request for their tax information. Include a blank Form W-9 and clearly state that you need this information to comply with IRS regulations for issuing Form 1099-NEC.
Backup Withholding: If the contractor refuses to provide a W-9, you are required to begin backup withholding at a rate of 24% on any future payments.
Filing the 1099-NEC: You still need to file a Form 1099-NEC for the contractor since you paid them more than $600. File Form 1099-NEC to the Best of Your Ability: Even if you don't have the contractor's TIN, you still need to file Form 1099-NEC with the information you do have (your information, the contractor's name and address if you know it, and the payment amount). You should indicate that the TIN is missing/refused.
Include an Explanation: When you file your tax return, you might want to include a brief explanation of your efforts to obtain the contractor's information and why the TIN is missing on the Form 1099-NEC. Keep copies of your communication attempts and the certified mail receipt as supporting documentation.
@ngdonna2020 Thanks for the Question!!
May 14, 2025
9:20 AM
the only time the standard deduction is required is when you are married filing separately and the other spouse has also used the standard deduction. with MFS if one itemized both must itemize becau...
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the only time the standard deduction is required is when you are married filing separately and the other spouse has also used the standard deduction. with MFS if one itemized both must itemize because itemized deductions take precedence over the standard deduction.
in other situations, Turbotax optimizes between the standard deduction and itemized, so perhaps you don't have to do anything.
May 14, 2025
9:19 AM
As a landlord you are not required to issue a Form 1099-NEC to anyone who performs a service on your rental property.
That would only be required if you are in the business of renting property ...
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As a landlord you are not required to issue a Form 1099-NEC to anyone who performs a service on your rental property.
That would only be required if you are in the business of renting property and report the income and expenses on a business tax return or schedule C.
May 14, 2025
9:17 AM
The address you enter when you complete the information in MY INFO is the address the IRS and/or state will use to mail your refund check. It is up to you to enter and check to make sure you are us...
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The address you enter when you complete the information in MY INFO is the address the IRS and/or state will use to mail your refund check. It is up to you to enter and check to make sure you are using the correct mailing address.
May 14, 2025
9:16 AM
This is a public web site that can be seen by anyone—including scammers and would-be identity thieves who would love to contact you and pretend to be from TurboTax. Please remove the personal inform...
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This is a public web site that can be seen by anyone—including scammers and would-be identity thieves who would love to contact you and pretend to be from TurboTax. Please remove the personal information you posted here ASAP by returning to your post and clicking the three little blue dots on the upper right to edit your post.
May 14, 2025
9:13 AM
Sounds like you are confused about whatever you "filed" in April. If you clicked a button that said "Transmit my returns now" --you e-filed your tax return and the IRS either accepted or rejected i...
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Sounds like you are confused about whatever you "filed" in April. If you clicked a button that said "Transmit my returns now" --you e-filed your tax return and the IRS either accepted or rejected it. You do not "file" an estimated return. You can e-file a form 4868 to request an extension using online TurboTax or you can print and mail an extension request using desktop software. You do not "file" an "estimated" return-or if you did, thinking it was only an estimate--you filed. If the IRS accepted it, when it has been fully processed you can amend if there was information missing or that was inaccurate.
As for your state return, you can try to e-file it, or print and mail it. A state return cannot be e-filed unless the federal return has been e-filed and accepted.
Using your desktop software---Go to FILE and then Check your e-file status to see what it says about your federal e-file. Does it say it was accepted? Or was it rejected? If it was rejected you can make changes and re-file. If it was accepted, you will have to amend later after it has been fully processed.
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.
May 14, 2025
9:12 AM
since you seem to have opted out of direct deposit, the refund will be mailed to the address on the return as will any correspondence from the iRS.
May 14, 2025
9:11 AM
in box 2 on the 1098 enter the average balance you have computed
when or if your asked about the year end balance use the number above
not supported in Turbotax
Someone who wants to use an...
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in box 2 on the 1098 enter the average balance you have computed
when or if your asked about the year end balance use the number above
not supported in Turbotax
Someone who wants to use another method of averaging loan balances other than the beginning and ending balance method.
May 14, 2025
9:08 AM
1 Cheer
Hi, I am a landlord with 1 house for rent in TN. Last month I had a contractor came out and he did some repairs on the house, which I paid 800 dollars. I understand that I need to do the form 1099 NE...
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Hi, I am a landlord with 1 house for rent in TN. Last month I had a contractor came out and he did some repairs on the house, which I paid 800 dollars. I understand that I need to do the form 1099 NEC given this amount but the contractor is ignoring my message to fill out a W9 or provide his social security number. What should I do? Do I have to file 1099-NEC? I know TurboTax asked me this question "if I issue 1099NEC for paid work above $600" when I used TurboTax to file taxes for 2024 as a first time landlord .
Thank you