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I checked Form 5805 after running through the "underpayment penalty" interview section.  In Part III (annualized income schedule) Line 6 (annualized itemized deductions) there is an error.  Columns (... See more...
I checked Form 5805 after running through the "underpayment penalty" interview section.  In Part III (annualized income schedule) Line 6 (annualized itemized deductions) there is an error.  Columns (a) through (c) -- for the first three quarters -- all show the correct values.  But column (d) is incorrect.  This should be the easiest column:  since no annualization is needed for Q4, it should exactly match the itemized deductions listed on Form 540.  It does not match.  I haven't been able to figure out a logical explanation for what it's doing wrong to come up with that particular incorrect value, and there's no worksheet or anything that shows the calculations.   I'll note that my itemized deductions are limited, so the itemized deductions worksheet is used to calculate the deduction amount.  This doesn't invalidate anything that I wrote in the previous paragraph:  the amount on Line 6(d) of the annualized income schedule should match the final amount of deductions shown on Form 540.
Some states are fairly quick with refunds, while other states can take a long time processing returns--even several weeks--as they crack down on detecting fraudulent returns.     Here are some th... See more...
Some states are fairly quick with refunds, while other states can take a long time processing returns--even several weeks--as they crack down on detecting fraudulent returns.     Here are some things you should check:   First, you need to be sure your state return was successfully filed.   If you efiled, be sure your efiled state return was accepted.  If you used Online TurboTax, you can check by looking at the Tax Home in your Online account.   Or did you choose to file by mail instead?  TurboTax does not mail it for you.  If you chose that method, you have to print, sign, date, and mail it.   The FAQ below tells how to check on a state refund.   When you scroll down further there, you will see a link for your state.   FAQ:  How do I track my state refund? https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_...
Generally, your tax basis is the same as your at-risk amount. If all you put in was $20K, that's the limit of the net losses you can take over the life of your investment, including prior suspended l... See more...
Generally, your tax basis is the same as your at-risk amount. If all you put in was $20K, that's the limit of the net losses you can take over the life of your investment, including prior suspended losses, provided there were no distributions to you. Distributions reduce your tax basis/at-risk before losses are taken into account. You would use Form 6198 to limit the loss to your tax basis/at-risk amount. One possible explanation for the $125K in losses vs your tax basis of $20 or less is that there were special allocations, perhaps of debt discharge allocated to one or more other partners or LLC members. It's impossible to say for certain without the return and the bookkeeping behind it.   to release prior suspended losses in TurboTax, it is not sufficient to indicate the k-1 was final. You must go into the sales section and indicate it was sold or disposed of for I presume $0 to you.  Remember that your total deductible losses are limited as described above. 
@ cprebil wrote:  Is there a way to downgrade from the deluxe package to the free package again and it’s not giving me the option to downgrade it and I can’t find where to go for it Is there a wa... See more...
@ cprebil wrote:  Is there a way to downgrade from the deluxe package to the free package again and it’s not giving me the option to downgrade it and I can’t find where to go for it Is there a way to downgrade from the deluxe package to the free package again? See the FAQ below. If your return has something that Free Edition can't handle, it will ask you to upgrade again.  Free Edition is for users who are filing simple Form 1040 Returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and Student Loan Interest).    If your situation requires additional forms or attachments, you’ll have to upgrade again.   FAQ:  How do I downgrade to a different Online TurboTax product? https://ttlc.intuit.com/turbotax-support/en-us/help-article/change-service-level/downgrade-lower-priced-version-turbotax-online/L2IDaMvkt_US_en_US   Or if you can't do it with that Switch method, and want to start from scratch, you can use the "Clear and Start Over" feature to select a lower product, which will erase most of your entries. FAQ:  How do I clear and start over in Online TurboTax? https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-setup/clear-start-turbotax-online/L9vEBNnCo_US_en_US
Thank you very much for your clear advice, Dave! I will be working on 1040NR on Sprintax as you guided. I've just submitted FBAR for the entire year yesterday and I noticed it required me of paying... See more...
Thank you very much for your clear advice, Dave! I will be working on 1040NR on Sprintax as you guided. I've just submitted FBAR for the entire year yesterday and I noticed it required me of paying $349 for filing it that wasn't existed in the past. Thank you again for your help!
I paid for an expert but no received no help
I have to mail-in a hardcopy of my return, but I would think the Fed does not want a 2nd page 3 of 2210 AI that has no data. Please advise.
The penalty is supposed to be calculated at 8% of the underpaid amount through 6/30/25, plus 7% of the underpaid amount from 7/1/25 onward.  TurboTax reversed these numbers:  it is actually computing... See more...
The penalty is supposed to be calculated at 8% of the underpaid amount through 6/30/25, plus 7% of the underpaid amount from 7/1/25 onward.  TurboTax reversed these numbers:  it is actually computing the penalty using 7% though 6/30 and 8% afterward.  
Has anyone use the H&R program? If so, do you like it? 
How do people using Turbotax price their deductions? This is one of the main reasons I have been able to and keep using Turbotax the last few years. What has replaced it?
Historically, for the past few years March 1 is when the prices increase, so I assume that's when it will happen again this year.   Actually they "revert" back to the "undiscounted" price.   Currentl... See more...
Historically, for the past few years March 1 is when the prices increase, so I assume that's when it will happen again this year.   Actually they "revert" back to the "undiscounted" price.   Currently all the Online products are discounted.   Premium, for instance, is currently discounted at $99 for Federal and $39 for state.   Currently at the product info page it shows the regular undiscounted price with a line through it (which is normally $139 for Federal and $64 for state) and shows the discounted price adjacent to it.   If the price increase occurs on the date it has in the last few years, then on March 1, the prices would revert to that undiscounted price.   Some people will lock in the current price ahead of the increase by paying in advance as I mentioned above.    That also gives them the ability to download/print/view PDFs with all the forms at will.   If someone wants to pay in advance, the way to do that is to go to the left menu column and click on TAX TOOLS, then PRINT CENTER.  Then choose "View, print, download this year's return."   It will ask you to pay for the product fees.  Then whenever you want, you can get a PDF of just the return, the return plus the TurboTax worksheets, or the return plus the government and TurboTax worksheets. 
There is no way to provide even a reasonable estimate. The IRS can take from 4 weeks to over 8 months. Some Ops have reported even longer. One reason might be that due to the government efficiency pr... See more...
There is no way to provide even a reasonable estimate. The IRS can take from 4 weeks to over 8 months. Some Ops have reported even longer. One reason might be that due to the government efficiency program, staffing was cut by about 25%.  use the IRS website to check its status https://www.irs.gov/filing/wheres-my-amended-return    variables include whether it was mailed or s-filed. Mailing usually takes longer.   
Update: I now think Turbotax is fine. The medical expenses total depends on income. I had not entered all my income yet. As the income goes up, the ACA out of pocket "moves up" into the medical ex... See more...
Update: I now think Turbotax is fine. The medical expenses total depends on income. I had not entered all my income yet. As the income goes up, the ACA out of pocket "moves up" into the medical expenses in the UI. This is because with artificially lower income, the taxpayer responsibility becomes smaller, and vice versa.  More importantly, the total of the two gets put into the Medical Expenses Wks (worksheet). Then that number flows to Schedule A Line 1 and then into states. Lark
My Itemized Deductions for my Oklahoma State Tax Return are not being calculated correctly. Turbo Tax is showing I have a State refund and I actually owe money. I have done my taxes in 3 other tax s... See more...
My Itemized Deductions for my Oklahoma State Tax Return are not being calculated correctly. Turbo Tax is showing I have a State refund and I actually owe money. I have done my taxes in 3 other tax software programs to verify the numbers and they all show the correct itemized deductions but Turbo Tax does not