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a month ago
Hi James, Thank you for responding. See a few questions in the below while reviewing In summary, when entering a 1099‑K for a profit, the question “Enter the total proceeds for items sold at ...
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Hi James, Thank you for responding. See a few questions in the below while reviewing In summary, when entering a 1099‑K for a profit, the question “Enter the total proceeds for items sold at a loss” should be left blank. Click Continue, then go to: Investment Income → Stocks, Crypto, Mutual Funds, Bonds, Other → Personal Items From there, enter the remaining details. TurboTax will correctly report the gain, generate Schedule D, and NOT populate the line that reads, “For 2025, enter the amount reported to you on Form 1099‑K that was included for personal items sold at a loss.” That seems appropriate since the transaction resulted in a gain rather than a loss, but I’d appreciate confirmation that this is the intended behavior. Given this workflow, should TurboTax consider improving the wording on the “sold at a loss or had no gain” section? Perhaps adding guidance such as “If you had a gain, leave this blank,” or even including a third radio button for users who had a gain. In my modest opinion, TurboTax may assume most personal item sales result in a loss, which could explain why the current language only addresses losses and not profits. Possibly something to consider for future versions. I’d be interested in your thoughts.
a month ago
The work on this section of TurboTax is continuing and expected to be completed with an update coming after Thursday night (2/19). The best time to check for a change will be Friday (2/20).
a month ago
I need to record a gift of 50% ownership in a house to a relative. How do I do that?
Topics:
a month ago
If you prepare a tax return you are preparing a Form 1040. If you are 65 or older, when you print the return later it will print out on 1040SR. Form 1040 and Form 1040SR are identical. The onl...
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If you prepare a tax return you are preparing a Form 1040. If you are 65 or older, when you print the return later it will print out on 1040SR. Form 1040 and Form 1040SR are identical. The only difference is that 1040SR has bigger print. All of the lines are the same and all of the calculations are the same. Your tax due or refund are not affected in any way whatsoever by 1040 vs 1040SR.
a month ago
It's actually entered in the federal, not the state section.
In TurboTax (TT), enter at:
Federal Taxes Tab (Personal for H&B version)
Deductions & Credits
-Scroll down to:
--Estimates & oth...
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It's actually entered in the federal, not the state section.
In TurboTax (TT), enter at:
Federal Taxes Tab (Personal for H&B version)
Deductions & Credits
-Scroll down to:
--Estimates & other taxes paid
-Estimates
- On the next screen choose Local estimated taxes for 2025
-on the next screen click YES
-on the next screen, in the "select a locality" box, click on the arrow for the scroll down list, scroll down to School District tax, OH
a month ago
When will 2026 Forms 1040-ES be finalized? The forms state "Form Not Final". Thanks
a month ago
Try clearing your cache and deleting your cookies. This usually resolves looping errors. How to clear your cache How to delete cookies
a month ago
It depends- if you meet the California filing threshold for nonresidents (see Part-year resident and nonresident | FTB.ca.gov) you must file a California state tax return.
Because Arizona is ...
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It depends- if you meet the California filing threshold for nonresidents (see Part-year resident and nonresident | FTB.ca.gov) you must file a California state tax return.
Because Arizona is a reverse credit state, if you must file you should complete your Arizona tax return first, then you can get a credit for the taxes paid to Arizona on the California tax return (see Credit for Taxes Paid to Another State or Country).
a month ago
1 Cheer
After entering the first form 1099-R, continue until you arrive at a page titled Review your 1099-R Summary. Click on + Add another 1099-R. Then on the page titled Who does this 1099-R belongs to?, m...
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After entering the first form 1099-R, continue until you arrive at a page titled Review your 1099-R Summary. Click on + Add another 1099-R. Then on the page titled Who does this 1099-R belongs to?, make sure you choose the correct spouse.
a month ago
Per TurboTax is shows received by irs on 2/15/26. On the timeline it says pending for federal and state. When checking with the IRS - where’s my refund it states the information put in does not match...
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Per TurboTax is shows received by irs on 2/15/26. On the timeline it says pending for federal and state. When checking with the IRS - where’s my refund it states the information put in does not match their records. Yet the information put in is accurate. Per TurboTax once again I was advised due to filing differently this year my return could still be processing not being fully accepted yet.
a month ago
I entered a new charity and was never asked about address or tax id # or other qualifying information. what form or how do I enter that information? on my tax forms?
a month ago
How do I do 1040SR form on turbo tax online?I am so confused
Topics:
a month ago
will what is the answer
Topics:
a month ago
@DaveF1006 Hi there, Thanks for your latest reply! I'm afraid though you missed the entire point of my latest question. I am well aware of the capital loss carry forward benefits. I am...
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@DaveF1006 Hi there, Thanks for your latest reply! I'm afraid though you missed the entire point of my latest question. I am well aware of the capital loss carry forward benefits. I am well aware of that an inherited house is a long term asset. I am also now aware of 901(m), thanks to you. My question had nothing to do with these. In my last post, ignoring all the previous questions (starting from clean slate!), I am only asking if I can claim foreign income tax credit for the foreign income taxes paid on the sale of the inherited house in the foreign country. In a previous reply, you had indicated the way to do this will be the following: "As you navigate through the foreign tax credit section, your dividend and interest information is already reported. You need to report the sale of the house and report the gross amount of the proceeds.. Go to Deductions & Credits Estimates and Other Taxes Paid > Foreign Tax Credit. Follow the prompts It will first ask you to report the income for the dividends and interest. In this case, you just need to check a box next to the dividends and interest to record the income. After this is done. There should be two country summary screens. When you get to country summary screen, select edit next to the country XX that reported the interest. Here it will ask you to report other Gross income XXX. You will report the Gross proceeds from the sale. Don't enter anything for expenses. Continue through the screen until it asks you to enter foreign taxes. Here you will enter foreign taxes on other income. Finish out the interview screen until you are done." I am only double checking if this is correct. For some reason, I had in my mind to add expenses of $50 and losses of $100K in the interview screens after step 7 above, which clearly you state is unnecessary. I know you must be very busy answering questions with your expert knowledge so it's easy to lose track! Please read this message and the last post carefully when you get a chance, as I think you are very close to resolving my question! I really do thank you once again! Please let me know if you have any questions about my question.
a month ago
Perhaps you may need to clear your cache and cookies.
Clear your cache
Your browser stores recently visited webpages as temporary files in a cache, which enables the pages to load more qu...
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Perhaps you may need to clear your cache and cookies.
Clear your cache
Your browser stores recently visited webpages as temporary files in a cache, which enables the pages to load more quickly when revisited.
However, a full or corrupted cache can cause problems in TurboTax, so sometimes you need to clear your cache (that is, remove these temporary files).
Here are the official instructions for the most popular browsers:
Google Chrome
Mozilla Firefox
Microsoft Edge
Apple's official support site doesn't appear to contain instructions for clearing the cache in Safari. Your best bet is to search the Internet for clear Safari cache or similar search terms.
Clear your Cookies
Cookies are small files that temporarily store data on your computer. We use them to personalize your experience so you see information you already entered and not items that are irrelevant or repetitive.
On rare occasions, they may make your browser think you already did something that you still need to do. To fix that, you'll need to delete (clear) the cookies from your browser.
Each browser has a slightly different method for deleting cookies. Choose the browser you're using:
Microsoft Edge
Mozilla Firefox
Google Chrome
Safari
Safari for iOS (mobile devices)
TurboTax FAQ: How to clear your cache.
TurboTax FAQ: How do I delete cookies?
@olja
@Shanteseverino
a month ago
1 Cheer
Yes, that is the issue. An overall net loss between your Schedule C and Schedule F provides no earned income for an IRA contribution. It's very important because you need to remove the contribution(s...
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Yes, that is the issue. An overall net loss between your Schedule C and Schedule F provides no earned income for an IRA contribution. It's very important because you need to remove the contribution(s) before April 15th to avoid any penalty. Be sure to remove any of the income earned on the amount withdrawn as well because it would be considered part of the excess.
For 2025 and 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
$7,000 ($8,000 if you're age 50 or older), or
If less, your taxable compensation for the year
Tax on excess IRA contributions
An excess IRA contribution occurs if you:
Contribute more than the contribution limit.
Excess contributions are taxed at 6% per year for each year the excess amounts remain in the IRA. The tax can't be more than 6% of the combined value of all your IRAs as of the end of the tax year.
To avoid the 6% tax on excess contributions, you must withdraw:
the excess contributions from your IRA by the due date of your individual income tax return (including extensions); and
any income earned on the excess contribution.
@hhttt
a month ago
@user17714296342 wrote: when will the rental depreciation be available Tomorrow or Friday, purportedly.
a month ago
There are several options that you can try to correct your 1040MU form.
First... You can try deleting your 1040MU, and then completing your state tax returns.
Here's the general procedure...
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There are several options that you can try to correct your 1040MU form.
First... You can try deleting your 1040MU, and then completing your state tax returns.
Here's the general procedure for viewing a list of all the forms in your return and deleting unwanted forms, schedules, and worksheets in TurboTax Online:
Open or continue your return.
On Tax Home, select Start, Continue, or Pick up where you left off to enter your return.
In the left menu, select Tax Tools and then Tools.
In the pop-up window Tool Center, choose Delete a form.
Select Delete next to the form, schedule, and worksheet in the list and follow the instructions.
TurboTax FAQ: How do I view and delete forms in TurboTax Online?
Second... Complete your Federal tax return, then move on to complete your non-resident tax return(s) next , and finally your state of residence (I'm assuming Rhode Island) tax return. It's important that you complete your tax returns in the correct order so that all of your entries transfer to the correct forms.
Third... And finally, you can also try deleting your cache and cookies (maybe you should try this first).
Clear your cache
Your browser stores recently visited webpages as temporary files in a cache, which enables the pages to load more quickly when revisited.
However, a full or corrupted cache can cause problems in TurboTax, so sometimes you need to clear your cache (that is, remove these temporary files).
Clear your Cookies
Cookies are small files that temporarily store data on your computer. We use them to personalize your experience so you see information you already entered and not items that are irrelevant or repetitive.
On rare occasions, they may make your browser think you already did something that you still need to do. To fix that, you'll need to delete (clear) the cookies from your browser.
TurboTax FAQ: How to clear your cache.
TurboTax FAQ: How do I delete cookies?
a month ago
when will the rental depreciation be available