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a month ago
I will not be using this platform for my tax returns. please delete these files.
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a month ago
1 Cheer
I agree, now on or after the 13th? Totally unacceptable, especially when your competitor has it out and working. Time to look at better programmers for next year....
a month ago
This figure is coming from the combined total of 1099-B transactions with net results of gain reduced by, if any, capital loss carryover.
It is not separating any sales that were held one year or ...
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This figure is coming from the combined total of 1099-B transactions with net results of gain reduced by, if any, capital loss carryover.
It is not separating any sales that were held one year or less (short term), or held long term of more than one year (long term).
a month ago
1 Cheer
Yes. Just enter "Merrill" or "Merrill Trust Managed Accounts". You will be able to import all of your information through that.
a month ago
Yes, that is correct. Any of the income that is not MA source, you would click the box that says Non-Mass source. Then no for all under the capital gain/losses for MA. The only thing that will be ...
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Yes, that is correct. Any of the income that is not MA source, you would click the box that says Non-Mass source. Then no for all under the capital gain/losses for MA. The only thing that will be reported to MA on your non resident return is your jackpot winnings. Everything else will be ONLY be taxed by MN.
a month ago
Thank you so very much!
a month ago
Are you referring to pension exclusion on the Federal income tax return or a state income tax return? If you are referring to a state, which state? Please clarify.
a month ago
@MelindaS1 As in Turbotax there is no "Foreign Income Allocation of State Income Tax" the formula I use = (Foreign Income / State AGI)*(Total Sate Income tax) For "Total Sate Income tax" s...
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@MelindaS1 As in Turbotax there is no "Foreign Income Allocation of State Income Tax" the formula I use = (Foreign Income / State AGI)*(Total Sate Income tax) For "Total Sate Income tax" should I be using: California Form 540 Line 31 (From Tax Rate Schedule) OR Form 540 Line 78 (Total Payments) Thank you
a month ago
That sucks, but thank you!
a month ago
@Karis_F Any update on this bug, we are paying for this tool but still doesnt get proper updates/status. Using the provided workaround we can input all info and get the returns ready but to actually ...
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@Karis_F Any update on this bug, we are paying for this tool but still doesnt get proper updates/status. Using the provided workaround we can input all info and get the returns ready but to actually file we need the fix.
a month ago
TurboTax 2025 is telling me that I owe a penalty for underpayment of estimated taxes. Looking into it I see that there is a serious calculation error in how TurboTax is computing a critical field on ...
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TurboTax 2025 is telling me that I owe a penalty for underpayment of estimated taxes. Looking into it I see that there is a serious calculation error in how TurboTax is computing a critical field on California Form 5805: Underpayment of Estimated Tax by Individuals and Fiduciaries. Here are the details: On California Form 5805, Part II is titled “Part II - Required Annual Payment”, and on Line 5 it is supposed to have an amount entered that is either your California tax liability for the previous tax year or, if you had an AGI greater than $150k for that tax year, it is supposed to be 110% of that amount. So at most the number on Part II, Line 5 should be 1.1 times your California tax liability from the previous year. For me it is filling in that line with a number that is almost 3 times what it should be. If I double click on the field corresponding to Line 5 on Form 5805 it takes me to the source data for the calculation. Specifically, double clicking on Line 5 correctly takes me to Line 2 of the “California Carryover Worksheet for 2025”. Line 2 on that worksheet reads: “Tax liability (Form 540, lines 48, 61, 62; Form 540 2EZ, line 21; or Form 540NR, lines 63, 71 and 72; plus any IRC Section 453A interest from Form 540 line 63 or Form 540NR line 73)”. This is the tax liability from the previous tax year and TurboTax correctly shows me what my tax liability was for 2024. GOOD! However, when it uses that correct number to calculate what should go on California Form 5808, Part II, Line 5, the number it uses is not that number or 1.1 times that number but it is 2.9 times my previous year tax liability. This is wildly wrong! From that point it then calculates that I should have paid in estimated taxes almost 2.9x what I owed last year and of course my payments for this year fell well short. So TurboTax calculates that I owe a significant penalty! I’m not sure how to get TurboTax to fix this extreme error and I welcome suggestions as to how to report this issue to Intuit/TurboTax. Phoning the main number for support yielded a phone call of well over an hour with someone who had no idea. Of course this issue should be solved by Intuit/TurboTax. However, is there a way to override a calculated field in TurboTax? I know the correct number to put in that field and if I could do it manually I believe I could address this issue for my personal return.
a month ago
Also, it seems that even if TurboTax shows it as error, you can still efile taxes with those entries in Form 8829. Will there be any issue by filing electronically even if Turbo Tax shows error. ...
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Also, it seems that even if TurboTax shows it as error, you can still efile taxes with those entries in Form 8829. Will there be any issue by filing electronically even if Turbo Tax shows error. @DianeW777
a month ago
Thank you for the quick reply. I do not keep my records on tax basis so I would need to follow step one but this calls for a form 1065. I file on a 1120S for an S-Corps. Can you share the steps for 1...
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Thank you for the quick reply. I do not keep my records on tax basis so I would need to follow step one but this calls for a form 1065. I file on a 1120S for an S-Corps. Can you share the steps for 1120S please? Jake
a month ago
Rental income is generally not reportable on Schedule C except in the case where you are operating a business and providing substantial services to renters.
You could report the activity as a r...
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Rental income is generally not reportable on Schedule C except in the case where you are operating a business and providing substantial services to renters.
You could report the activity as a rental on Schedule E if you are using the vacation property as a rental. Report timeshare rental income on Schedule E in TurboTax if you rented your unit for 15 days or more during the year. If rented for 14 days or less, the income is generally not taxable and expenses are not deductible.
If you rented for 15 days or more and report the income on Schedule E, you can deduct the proportionate share of your expenses. For example, if you own 30 use days and rented for 15 days, you could deduct half of your expenses.
In the alternative, you could just enter the 1099-MISC in the Other Common Income section of TurboTax. Answer the questions that follow to indicate that you were not self-employed.
See this tax tips article for more information.
a month ago
@mark3440 no worries. they did change the question flow for 1099-R on desktop at least. If still stuck I would just go back over everything. It might be worth deleting the 1099 and re-input. Sou...
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@mark3440 no worries. they did change the question flow for 1099-R on desktop at least. If still stuck I would just go back over everything. It might be worth deleting the 1099 and re-input. Sounds like you've done this before so you know how 8606 should look. Here's a similar thread that maybe helpful, you can reply there or here with more details what you see on 8606 and hopefully someone can help clear up the issue. https://ttlc.intuit.com/community/retirement/discussion/hi-all-first-time-doing-backdoor-roth-this-year-my-vanguard-1099-r-has-box-2a-the-same-as-box-1-why/01/3765607#M257560
a month ago
If a 1099-Q is entered, the program is looking to tax the income. It does not expect extra forms to be entered without a reason. Since the 1099-Q was not income, it should not be entered. Tuck the 10...
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If a 1099-Q is entered, the program is looking to tax the income. It does not expect extra forms to be entered without a reason. Since the 1099-Q was not income, it should not be entered. Tuck the 1099-Q into your tax folder. IRS Publication 970, Tax Benefits for Education states that nontaxable distributions should not be entered.
a month ago
The materials that you received from the preparer of the K-1 has included a statement of the Section 199A income. You will do two things.
First, you will enter Z - Section 199A Information cod...
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The materials that you received from the preparer of the K-1 has included a statement of the Section 199A income. You will do two things.
First, you will enter Z - Section 199A Information code at the screen Enter Box 20 Info. Enter no values.
Second, at the screen We need some information about your 199A income, you will enter the information from the statement. Click the small box to the left of each income item to open up entry boxes to record the income from the statement of Section 199A income.
To enter partnership income from a K-1, follow these directions.
Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & Income.
Scroll down to S-corps, Partnerships and Trusts and click the down arrow to the right.
Click Start / Revisit to the right of Schedule K-1.
At the screen Tell Us About Your Schedules K-1?, click Start / Update to the right of Partnerships/LLC Form 1065.
Click Edit to enter the partnership or enter the partnership K-1 information as requested.
At the screen Choose Type of Activity, select box 1, box 2, box 3 or more than one box. Click Continue.
At the screen Check boxes that have an amount or are checked on the form, you will click on Box 20. Click Continue.
At the screen Enter Box 20 Info, select Z-Section 199A information. Leave Amount empty. Click Continue. This tells the software that Section 199A information will need to be entered for the income previously reported.
At the screen We see you have Section 199A income, select the appropriate income description. Click How would I know this? for more information.
At the screen We need some information about your 199A income, select the appropriate income description and amount from the statement of Section 199A income provided with the K-1. Click the small box to the left of each income item to open up entry boxes to record the income from the statement of Section 199A income.
In some cases, you will also select and enter values for W-2 wages and UBIA of qualified property. Click Continue.
a month ago
@Er-cB0wAn3 This is not live chat. In order to get help from the user forum you need to post a complete and clearly worded specific question so that someone will know how to help you. We cannot se...
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@Er-cB0wAn3 This is not live chat. In order to get help from the user forum you need to post a complete and clearly worded specific question so that someone will know how to help you. We cannot see your screen or your tax return.
a month ago
If I select Step-by-Step in View, there is no "Forms Method". JohnD
a month ago
2025 not started
2024 N/A
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