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Ok. Everyone’s missing his question. Here’s the scenario. It’s October. My S-Corp for the year will end up paying me a W2 salary of 100K. I’ve taken 75K for the year in distributions. I have 500K STILL in profit. The first question is how much will my K1 report? If you guessed 575K you would be correct.  Now what he’s asking is can I spend the profit TO REDUCE taxes. Need a new printer for your office.  Sure. Any expense is a reduction in profit therefore lowering your tax bill.  Sure can, but he’s asking something specific.  Can I purchase income producing assets like a rental property with the profit of my S-Corp before the year end.  answer is YES.  It can be done a few ways. Your S-Corp a can loan your new LLC funds so you can acquire real estate. A little tricky and you must have a document and interest setup etc…or your S-Corp can make an equity contribution and be a member in the new LLC.   So if has a 1m multi family for example his SCorp contributes to the LLC 250K. The new profit of the S-Corp is now 250K. The LLC uses to fund the deal.  Hence why Walmart Inc doesn’t own real estate. But Walmart Property LLC does.  Most CPA’s don’t really focus on tax strategies. They just say no. 

Well, going forward you need to start a new one.   For the log book you lost, if you are audited, the IRS will only allow mileage you can prove.  The auditor has discretion to allow reasonable estimates, but they can also deny anything not proven.  But most people are never audited.     If you are dispatched by someone (DoorDash, Uber, a pizzeria) they might have logs you could use to prove at least some of your mileage.  Or, you might make an estimate based your income -- if you can show that you generally drive 200 miles for every $1000 of gross income, that might allow you to create an estimate that might be accepted as reasonable.      One thing that counts with the IRS is that, whatever you do (logs or estimates or reconstructions), it has more value as proof if it is done close in time to the thing that happened.  If you put down an estimate, and get audited, it will be better if the estimate has reasons and was written down close to the event, while an estimate  written down after you got the audit notice will carry much less weight.    It's up to you to decide how much to claim and how much audit risk to take. 

The tag below your question says you are using TurboTax Online. But you talk about a shortcut icon, which sounds like you have the desktop TurboTax software. Please clarify whether you are using TurboTax Online or the desktop TurboTax software. You use TurboTax Online by signing in through a web browser, such as Edge or Chrome. To use the desktop TurboTax software you had to download and install the software on your computer, then run it by clicking an icon on your desktop, taskbar, or Start menu. If you are using the desktop TurboTax software, is it in Windows or on a Mac? I'm not sure what you mean by "the first blue screen." Do you mean the opening screen in the desktop software that shows the tax return(s) you have prepared and lets you select one to work on? If you are using the desktop TurboTax software in Windows, do you have Norton 360 (Norton Antivirus) on your Windows computer? Norton 360 might stop TurboTax from running after a recent TurboTax update. The symptoms are similar to what you describe. TurboTax opens briefly then immediately closes. If this is your situation, try the following. 1. The problem might be transient. When the TurboTax window disappears, just click on the icon again and see if TurboTax will run. 2. Try temporarily disabling Auto-Protect in Norton 360. (See instructions below.) If that allows TurboTax to run, then while it is running, on the Online menu click Check for Updates to make sure you have the latest TurboTax updates. Also run Live Update in Norton 360 to make sure you have the latest Norton 360 updates. After updating both programs, enable Auto-Protect and see if TurboTax will run. 3, If TurboTax still will not run, except by disabling Auto-Protect, post back here and I will give you instructions for adding an exception to Norton 360 to allow TurboTax to run. Here are two ways to temporarily disable Auto-Protect. 1. Right-click the Norton 360 icon in the taskbar. On the pop-up menu click Disable Auto-Protect. 2. Open Norton 360. Click Settings, then Antivirus. Click the toggle for Auto-Protect. Whichever way you do it, it will offer you choices for how long to disable it. Select 10 minutes. Then see if TurboTax will run. Let us know your results.  

@sherman-mike , while I am not familiar with the screens of the on-line product, but assuming it is quite similar to the Windows version: Under the  income tab, where it asks for whether you want to be guided , you choose "I will choose what I work on". This would result  in one screen that asks about W-2, choose " I don't have a W-2 " and continue. The next screen should show a list of all different income categories.  Here near the bottom you will see  "Foreign Earned Income and Exclusion" -- choose this .  Now TurboTax will walk you through filling out form 2555.   Hope this works for you .  Is there more I can do for you ?

@samartur , Namaste ji Article 19  you referred to uses "SHALL be ...ONLY.." with respect to whom can tax this income.  This is the general principle in OECD model, the US model treaty . Most US-Other country treaty follows this.  I quote below the ref'd treaty and the TE on that.  Article 19: (a) Any pension paid by, or out of funds created by, a Contracting State or a political subdivision or a local authority thereof to an individual in respect of services rendered to that state or subdivision or authority shall be taxable only in that State. (b) However, such pension shall be taxable only in the other Contracting State if the individual is a resident of, and a national of, that State.   Article 19 TE   Paragraph 2 deals with the taxation of a pension paid by, or out of funds created by, a Contracting State or a political subdivision or a local authority thereof to an individual in respect of services rendered to that state or subdivision or authority. Subparagraph (a) provides that such a pension shall be taxable only in that State. Subparagraph (b) provides an exception under which such a pension shall be taxable only in the other Contracting State if the individual is a resident of, and a national of, that other State. Pensions paid to retired civilian and military employees of a government of either Contracting State are intended to be covered under paragraph 2. Social security and similar benefits paid by a Contracting.   The issue here you are facing is not that US expects to tax  this income/pension where the distributor is a US govt. functionality with funds from public sector, but whether India will observe  this condition.   You are correct in that "saving clause " can be applied by either / both country in specific cases but in general  I would counter absent an overwhelming need neither party is likely to ignore the treaty i.e. assert the  "saving clause".  Therefore my position is you file as per the treaty i.e. for your Indian ITR you show the income and assert treaty condition per "US-India Tax Treaty Article 19 para 2, 3" and thereby exclude the income from India taxation.  While I have not seen an India ITR form in some time but my assumption is there is also a "perjury jurat"  and thus you just show all your world income.   Does this answer your query ?  Is there more I can do for you ?   You can post here or   for privacy reasons you can PM me ( just NO PII -- Personally Identifiable Information)   Namaste ji   pk

Thanks for the fix, using what you posted I was able to put an 11 in scrolling with my mouse, however, and maybe because I have done this so many times and tried 4 cards - OMG ALL of my cards expire in months between 9 - 12 it comes back and says in red that they are not able to process my purchase, I least I got that far this time.  So I am still stuck.  

This is the user forum for TurboTax where we answer questions about preparing income tax returns and about how to use the tax software.   We can answer questions about self-employment income and how that works for your taxes.  We cannot provide advice on how to actually start your own business.   If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare,  you will need to use online Premium software or any version of the desktop software download so that you can prepare a Schedule C for your business expenses.     https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653   https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922   https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-self-employment-business-expenses-like-home/L1k6HJY4A_US_en_US?uid=m6jrthmp     If you live in a state with a state income tax, you might need to make estimated payments to your state.   https://turbotax.intuit.com/tax-tips/small-business-taxes/the-home-office-deduction/L1RZyYxzv https://ttlc.intuit.com/turbotax-support/en-us/help-article/estimated-taxes/make-estimated-tax-payments/L5svMESaC_US_en_US?uid=mdna5aoh     https://turbotax.intuit.com/tax-tools/calculators/self-employed/   https://ttlc.intuit.com/community/business-taxes/discussion/self-employed-don-t-miss-these-tax-moves/00/3400413     https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-schedule-c/L5Fz3j5us_US_en_US?uid=m6a6gknk   https://ttlc.intuit.com/turbotax-support/en-us/help-article/payroll-additions-deductions/qualify-qualified-business-income-deduction/L0rM2cIIQ_US_en_US?uid=m5zpoxad   https://ttlc.intuit.com/turbotax-support/en-us/help-article/self-employment-taxes/self-employed-expenses-deduct/L37ZS1B8T_US_en_US?uid=m6fntpg7  

Thanks. The instructions were VERY CLEAR. I had tried to find the field in order to manually enter the IP PIN yesterday but gave up. My Federal return was just accepted.   For other readers of this thread I'm adding another detail to the story. The rejection explanation came back with an IRS code that means (approximately) "spouse's name and SS# do not correspond to SSA records". I verified that the personal info was correct and then guessed that the problem was really the lack of IP PIN for spouse, which TurboTax never requested. 

So there is not a checkmark or X in the little IRA box on the IRA 1099R?  That is what tells that it is from a IRA account and goes on line 4a and 4b.  Better ask about it missing.   Or where did she roll it over to?  Maybe it ended up in another 401K account, not a IRA.  

Yes, the 401K 1099R is showing on line 5  with the word Rollover by  5b.   No, I did not fix the 1099R for the distribution and put the X in the little IRA box between boxes 7&8 because I do not want to alter a form received from a financial institution. Plus, while I initially said that this involves an IRA from a deceased relative rolling over into an inherited IRA, it was actually a 401k that the relative had that rolled over into an inherited IRA. Since the little box is labeled IRA/SEP/Simple it does not seem appropriate to have it checked in this case.     

Did you e-file the return?   If you e-filed and the incorrect tax return has been fully processed, then you should amend it to make a correction.    If the return has not been filed, then do not click on anything that says "amend."  You only use the "amend" process for a return that has been fully processed by the IRS.   If you have prepared----but not filed -- your tax return, then you need to delete the incorrect W-2 entry and enter the 1099 in the correct place in the software.   What kind of 1099 do you have?   There are over a dozen kinds, so where you enter it matters.

first you should check code section 7872 to see if it applies and if it does do you need to report imputed interest, it also gives some directions on how to compute it.  https://www.law.cornell.edu/uscode/text/26/7872    if you do need to report  use the interest and dividends section in Turbotax. use the interest on 1099 link. click on add investments and skip import. click on the interest icon and continue. skip the FEIN box enter the borrowers name and the interest on line1        

@dmertz   will have to reply with more details.  But the 401K 1099R goes on line 5  with the word Rollover by  5b.  That's if you can roll over an inherited 401K to a IRA.   And you might have needed to take a RMD from the 401k before rolling over any.      And did you fix the 1099R for the distribution and put the X in the little IRA box between boxes 7&8?