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a month ago
doesn't seem like that advice works
a month ago
regardless of date it's still taxes you paid for 2025. the lateness may contribute to a penalty on Form 2210 tho.
a month ago
Thank you for this! You saved my sanity!
a month ago
Nope, single.
a month ago
What are you trying to enter?
a month ago
Form 8962: Your calculations could not be completed. Reference code: 4-530-582 How do I get rid of this?!? Going in circles with it. No clear guidance if Employer sends 1095B instead of 1095A. ...
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Form 8962: Your calculations could not be completed. Reference code: 4-530-582 How do I get rid of this?!? Going in circles with it. No clear guidance if Employer sends 1095B instead of 1095A. I've searched online with inconclusive results.
a month ago
I selected to have State and Local Tax to used for the itemized deduction amount but TurboTax Online pulls in the sales tax amount. I tried the larger of the two options and it still pulled in the s...
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I selected to have State and Local Tax to used for the itemized deduction amount but TurboTax Online pulls in the sales tax amount. I tried the larger of the two options and it still pulled in the sales tax amount.
Topics:
a month ago
Oh I didn't know about the $10k max on the LLC. I thought it was $4k like where the AOTC tops out at. But for high earners who don't qualify for the credits (TT tells you you don't qualify, and I a...
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Oh I didn't know about the $10k max on the LLC. I thought it was $4k like where the AOTC tops out at. But for high earners who don't qualify for the credits (TT tells you you don't qualify, and I also checked NA on the interview instead of "whichever gives me the bigger credit), that line should be set to zero.
a month ago
1 Cheer
this is up to Robinhood, these dates vary by broker - the data for import needs to be prepared and made available separately and later than the 1099 PDF you have in hand.
a month ago
Did you already e-file? If you did NOT e-file you can go to the FILE section step 2 to enter/change how you want to receive your refund. If you want direct deposit you need the routing number and ...
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Did you already e-file? If you did NOT e-file you can go to the FILE section step 2 to enter/change how you want to receive your refund. If you want direct deposit you need the routing number and your own account number.
If you e-filed:
Banking information for direct deposit is wrong or closed
If you entered incorrect banking information for your refund, you can change it if your return is rejected. If it is accepted, however, it is too late to change it. The bank will reject the refund and send it back to the IRS.
https://www.taxpayeradvocate.irs.gov/news/tax-tips/direct-deposit-changes-for-2026-could-affect-how-and-when-you-get-your-refund/2026/01/
If you take NO action—-the IRS will freeze your refund for at least six weeks and then mail you a check.
If your refund is sent back to the IRS—- make certain that the address you entered on your Form 1040 is correct. And…open all mail, even if it looks like junk mail.
@user17710315368
a month ago
To report a qualified charitable distribution on your Form 1040 tax return, you'll use the 1099-R (even though there's no indication that it was a QCD). Enter the info as a 1099-R and you'll be as...
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To report a qualified charitable distribution on your Form 1040 tax return, you'll use the 1099-R (even though there's no indication that it was a QCD). Enter the info as a 1099-R and you'll be asked in one of the follow-up questions if it was a Qualified Charitable Distribution.
TurboTax includes the full amount of the distribution reported on your Form 1099-R on line 4a (IRA Distributions) of your Form 1040 or 1040-SR. The taxable amount reported on Line 4b will be the total distribution less the QCD amount and will have "QCD" entered next to it.
Qualified Charitable Deduction Rules
Where do I enter a 1099-R?
a month ago
So why is it on the form in the 1st place and no explanation that it really is not required?
a month ago
That's a very common misconception, so common that I have a standard block of text that I wrote that I paste in discussions whenever this comes up.
Rentals, including short-term rentals usual...
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That's a very common misconception, so common that I have a standard block of text that I wrote that I paste in discussions whenever this comes up.
Rentals, including short-term rentals usually go on Schedule E. There are only two situations when rental income can go on Schedule C. One is "substantial services" (such as providing meals or daily cleanings *during* guest stays, which is rare). The other rare exception is for a real estate dealer (such as someone flipping houses) with incidental rent income during a flip.
Some of the confusion comes from the "STR loophole" or "STR tax strategy" which allows you to deduct rental tax losses from your regular income if the average stay is 7 days or less and you qualify for the material participation rules. But even when using that exception to classify STR income as non-passive, it still doesn't go on Schedule C, it still goes on Schedule E. The difference is that the tax loss isn't limited by the passive activity rules on form 8582. All professional tax software has an option to specify that rental income is non-passive, and that will cause the Schedule E tax loss for that activity to bypass form 8582. That's how you do it, not by putting it on Schedule C. Unfortunately, TurboTax Online has no way to handle this correctly. TurboTax Desktop can do it by choosing some options in forms mode. This is one of a couple issues TurboTax has with unfortunately still not handling short-term rentals correctly.
For anyone who wants an IRS source for this information, the instructions for form 8582 have a well written explanation of it, so I would recommend reading the "Rental Activities" section of that for a clear explanation of that. References for this include the Schedule E instructions about Line 3 (specifically, the paragraph that starts with "Generally, rental real estate activity is reported on Schedule E..."), IRS Tax Topic No. 414 which details when to use Schedule C for rentals, and IRS Letter Ruling 202151005 which details when self-employment tax is applicable to rentals (which is equivalent to choosing Schedule C vs. Schedule E).
I should say that many tax pros do still put STRs on Schedule C. In fact, most of us used to think STRs should go on Schedule C, and the more widespread understanding of how to do this correctly has just come about in the past several years.
If you want a technical tax code-level explanation, when a rental activity has an average stay of 7 days or less, then it is no longer defined as a rental activity under the passive activity loss rules in § 469 and § 1.469-1T(e)(3)(ii)(A). But that only applies to section 469. It is, however, still defined as a rental activity under § 1402 and § 1.1402(a)-4, which excludes it from being subject to self-employment tax. Self-employment tax is the defining differentiator in separating activities between IRS Schedule C and Schedule E, and that's why the instructions for those forms specify that rental activities without substantial services don't go on Schedule C.
"I did sometimes bring the guests treats, towels, and/or other supplies during their stay but I didn't do daily cleaning so I don't know if this passes the substantial services"
A note about this specific situation, there are tax court cases and IRS publications that go through various examples. There are situations where it's clear-cut. But from your description, I don't know if I could say for sure if that would be judged to be substantial services or not. I would say if that came up in a tax court case, it would probably come down to a judgement call involving factors like how frequently you went to the property during guest stays to provide those items, but it would probably have to be close to an everyday or maybe every other day for it to qualify. The way we think about this is whether it is an activity that is more like a rental activity, or if it's more like the operations of a something that is operated like a hotel business.
a month ago
I accidentally put in wrong bank number
a month ago
Why is importing from Robinhood not available yet? It says it will be available on 2/16, but Robinhood already sent the forms.
a month ago
I note their is no access to find an answer to this question, despite it being 9+ months old. Very disappointing.
a month ago
To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.
a month ago
No, you don't need to write anything on tax voucher. You are not required to send in those vouchers.
We'll automatically include four quarterly 1040-ES vouchers with your printout if you ...
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No, you don't need to write anything on tax voucher. You are not required to send in those vouchers.
We'll automatically include four quarterly 1040-ES vouchers with your printout if you didn't withhold or pay enough tax this year. We do this to head off a possible underpayment penalty on next year's taxes.
You're not required to make estimated tax payments—we're just suggesting it based on the info in your return. If you feel they're not needed for next year's taxes, you can shred them.
a month ago
1 Cheer
Today is Feb 13, 2026. I updated the Desktop premier 2025 to the latest version 0247, still the Depreciation & Amorization is not ready! Pls let us know when it will be ready! Mike
a month ago
Never mind, I changed it to Yes on the People worksheet and filed. Stick a form in me, I'm done with this. Not sure if I will buy TurboTax next year. On the survey before filing, I put a 3 on the ...
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Never mind, I changed it to Yes on the People worksheet and filed. Stick a form in me, I'm done with this. Not sure if I will buy TurboTax next year. On the survey before filing, I put a 3 on the "would I recommend Turbotax to a friend?" I said only an uncomplicated return. But heck, if you don't qualify for free filing through one of the tax services (since the IRS got rid of it this year), you can still go to the IRS website to use Fillable Forms if you have an uncomplicated return and can do everything yourself. That's what our son did.