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a month ago
Same situation here. We will see if it is actually ready by today. Maybe 5pm west coast time P:) Need this to finish my taxes guys.
a month ago
I'm really hoping someone can help me here. I went through Turbo Tax , section on Education Credits, and it said I was eligible for the $2500 American Opportunity Education credit. I happened...
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I'm really hoping someone can help me here. I went through Turbo Tax , section on Education Credits, and it said I was eligible for the $2500 American Opportunity Education credit. I happened to mention this to a couple of other people who asked if I paid tuition from a 529 plan ...which I did. They said I couldn't claim the credit since this was the case. I started doing research and it seems like there is a lot of confusion about this. I've spoken to several Turbo Tax experts and I can't get a straight answer either. My situation: Tuition paid from NC 529 and listed on my son's 1098-T: $13, 455 Scholarship on 1098-T: $250 Gross distribution on box 1 of the 1099-Q (in my son's name) : $13, 164 Earnings listed on box 2 of the 1099-Q : $4,501 Basis listed on the 1099-Q: $8,663 I've seen some articles that discuss similar scenarios, but there seems to be confusion as to whether , as a parent, I'm eligible to claim the credit because I paid all the tuition from the NC 529. Some folks are saying I should've paid some portion of the tuition "out-of-pocket". Even if I am eligible, how much can I claim?. I'm also baffled as to why Turbo Tax didn't catch this and ask for further details. There was a question about whether we used a 529 for an education loan. The answer is no because he didn't have a loan. North Carolina does not offer a tax break for 529 contributions, but does offer tax-free gains when used for qualified college expense. I've seen the calculations (including the IRS site) about possibly determining additional taxable income amounts when claiming the credit, but even if I go by those, I can't figure out where to list in Turbo Tax. I'm also not sure if that should be listed on my return or my son's return, since the 1098-T and 1099-Q are in his name. Any insight would be greatly appreciated. Thank you
a month ago
1 Cheer
As of Friday, 2/13, at 10:15AM, there is no change. Maybe they mean after 2/13. I'll check tomorrow. thanks to everyone who is hassling Turbo about this.
a month ago
Your response was helpful. My problem was solved when I gained access to my Broker Account via a third person approval. Tks Gordon B
a month ago
There is no total for each fund unless you add each month. How do you calculate the US govt income otherwise?
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a month ago
@Nigel809 Yes, TurboTax automatically calculates the excess contribution as well as the amount that is in excess.
And yes , these are the correct steps to follow. To answer your question as to...
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@Nigel809 Yes, TurboTax automatically calculates the excess contribution as well as the amount that is in excess.
And yes , these are the correct steps to follow. To answer your question as to whether code J in box 7 is correct: Code J is the correct code to use here because these are earnings on contributions that did not meet the 5-year rule.
a month ago
Yes, he has self-employment income which he is required to enter on a tax return even if he does not have a tax document. He will owe some self-employment tax for Social Security and Medicare.
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Yes, he has self-employment income which he is required to enter on a tax return even if he does not have a tax document. He will owe some self-employment tax for Social Security and Medicare.
To enter your self-employment income not reported on a 1099-NEC:
Type “Schedule C” in the Search box
Select the “Jump to” link.
Answer the general questions about your business (or select Edit at the work summary screen).
At the Let’s get income for… screen, select Additional Income.
When in your account, select the Take Me to My Return button on the main screen.
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.
Or—-Use this IRS site for other ways to file for free. There are 8 free software versions available from the IRS Free File site
https://apps.irs.gov/app/freeFile/
a month ago
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a month ago
Thanks for your response which described that standard way of importing financial data. I've done these steps many times with no success. Trying 2 different financial companies. Still no success. ...
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Thanks for your response which described that standard way of importing financial data. I've done these steps many times with no success. Trying 2 different financial companies. Still no success. There's something I'm not doing - setting a "flag", opening the financial company, using the wrong browser. etc - that keeps the import from working. So, any suggestions? Larry Krebs (30 year user of TurboTax).
a month ago
8 Cheers
This is so frustrating! My taxes are done except for this one part. I just checked and it’s still showing the same message. We should get this service for free at this point. I have been a customer f...
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This is so frustrating! My taxes are done except for this one part. I just checked and it’s still showing the same message. We should get this service for free at this point. I have been a customer for many years and am very disappointed.
a month ago
1 Cheer
It will appear in that section but that doesn't affect how it appears on your tax return. The section title mentions other things besides Form 1099-B entries, that is why you see the "etc" mentioned....
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It will appear in that section but that doesn't affect how it appears on your tax return. The section title mentions other things besides Form 1099-B entries, that is why you see the "etc" mentioned. The sale will appear on your Schedule D which is where all investment sales are listed.
a month ago
1 Cheer
Just downloaded available forms - still no D&A on Home and Business??? C'Mon TT - when will this be ready?
a month ago
1 Cheer
As long as all of the information entered into your return is correct then filing should still be fine.
@slohtia
a month ago
I have income reported on 1099 showing "exempt-interest dividends" and "specified private activity bond interest". Where and how do I enter. Thanks Leroy Williams
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a month ago
2 Cheers
How do we get a refund for what we paid for Turbo Tax this year? I have been using TT for over a decade and never had a ridiculous problem like this with depreciation forms. Even the free tax softw...
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How do we get a refund for what we paid for Turbo Tax this year? I have been using TT for over a decade and never had a ridiculous problem like this with depreciation forms. Even the free tax software sites have already handled this. All we are getting are lame excuses as to why it's not done.
a month ago
Why am I being incorrectly assigned a penalty on my inherited RMD?
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a month ago
@golfotter right - you can't import til the date Schwab says that data will be ready. every brokerage has a set date when they start releasing data for import. some brokerages have earlier dates an...
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@golfotter right - you can't import til the date Schwab says that data will be ready. every brokerage has a set date when they start releasing data for import. some brokerages have earlier dates and if your 1099 is ready you can import, otherwise you have to wait.
a month ago
Q. When will the QTP/529 expense issue be resolved?
A. A few days ago, they said it should be today.
The 1099-Q is only an informational document. The numbers on it are not required to be e...
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Q. When will the QTP/529 expense issue be resolved?
A. A few days ago, they said it should be today.
The 1099-Q is only an informational document. The numbers on it are not required to be entered onto your (or your student's) tax return. The interview is complicated (even before it got broken) and it's easy to make mistakes. Avoid it if you can.
You can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses, including room & board (even if he lives at home) to cover the distribution. When the box 1 amount on form 1099-Q is fully covered by expenses, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records (you don’t need it). You would still have to do the math to see if there were enough expenses left over for you to claim the tuition credit. You also cannot count expenses that were paid by tax free scholarships.
References:
On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."
IRS Pub 970 states: “Generally, distributions are tax free if they aren't more than the beneficiary's AQEE for the year. Don't report tax-free distributions (including qualifying rollovers) on your tax return”.
"IRS Publication 970, Tax Benefits for Education states: If the entire 1099-Q went to qualified expenses, room and board, tuition, etc; then, you do not need to enter the form."
a month ago
I received a call back from a TurboTax specialist this morning. She told me that now an interview question asks about if any room and board (I can't remember if it asked this question previously), s...
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I received a call back from a TurboTax specialist this morning. She told me that now an interview question asks about if any room and board (I can't remember if it asked this question previously), she said when you click "yes" there is a drop down that allows you to enter the amount. I'm holding off on trying again until Monday night to allow the dust to settle since I've already burned too much time on taxes this year. She also said that while it does not specifically ask about other education expenses such as Computer, Software and Internet Service as it did in year(s) past, she says I can enter those types of Education expenses where it asks, "Books and materials not required to be purchased from the school." She assured me that when you enter the various education expenses on that line, even though I did not purchase from the school, the amount on the form is always lumped together anyway, so it is okay to do so, if that makes sense. For those who work on their taxes tomorrow (after the Friday 2/13/26 TurboTax update, I'm looking forward to hearing if it works or not; specifically, if it now allows you to enter an amount for Room and Board.
a month ago
What is the street number and street name as shown on the form?