All Posts

No, you must enter the business portion of the fair market value (FMV) when placed in service, TurboTax will not calculate this for you.    Once you have gathered the information detailed for you by our tax expert @AmyC, in the vehicle itself you do want to say it was converted to personal use. This stops TurboTax from carrying it forward to the future. The varied business use can make it complicated when sold.    Next, you will enter only the sales information using the steps below. Once you have completed the information in the vehicle section you will follow the steps below to enter your sale: Go to Less Common Business Situations Scroll to Sale of  Business Property On the next screen select Any Other Property Sale Use the information from step 3 and the depreciation from step 6 to complete your sale Select Sales of business or rental property that you haven't already reported. Answer 'Yes' to Do all of the following apply...?  Description of the Property (Vehicle make/model/year) Sales Price/Sales Expenses  Date acquired and date sold Cost - business portion of FMV Depreciation If the personal portion of your vehicle is a loss there is nothing to report for that portion of the sale/trade. Annual Depreciation Component Breakdown (Standard Mileage Rate IRS Pub 463)   @KR202526 

No, for 2025, business meals from restaurants are generally only 50% deductible, not 100%. While the 100% deduction was available in 2021-2022, the rules have reverted to the Tax Cuts and Jobs Act standard. To qualify for the 50% deduction, the meal must be an ordinary and necessary business expense, not lavish, and you must be present.   See Meals and Entertainment Expenses Under Section 274  

just an explanation ... Turbo Tax completed and filed my taxes.  Why is it that a hugh percentage of the people seemed to understand there would be no tax on SS for 2025 plus an additional $6,000 reduction for Senior's over 65?   Thanks

Something is still not right and confusing.  Turbo Tax  has no way of knowing if you still owe the IRS for prior years or something else.  We don't know where you saw the 2300.  That was probably a state tax due.  At the end Turbo Tax does show you the NET combined amount of federal and state returns.  But that is only for your own info.  But federal and state are completely separate.   They can't offset each other.  You will still owe the full amount to state.      

Is that LLC taxed as a corporation?   You are right; TurboTax phrases it incorrectly.  If you have an ownership interest of the PAYER of the tip you don't qualify for the deduction.  But TurboTax mistakenly phrases it in a way that wrongly implies if you are an owner of the business that RECEIVED the tip you don't qualify.

TurboTax does not have your W-2.   W-2’s come from employers.   If your employer is partnered with TurboTax to allow the W-2 data to be imported into the software you can do that---but you need the actual W-2 so that you can enter the EIN and the amount from box 1 to import the other data from the W-2---which just saves you the little bit of keying in of the other information.   W-2's come from your employer, and they have until January 31 to issue it.  Some employers allow you to import the W-2 through the software, but for security reasons you still need information from the actual W-2 to import it. Some employers have payroll sites that will have your W-2. You might need to phone, text, drop in, email and/or snail mail an old employer to make sure they know where to send your W-2. ALL of your W-2’s must be entered on the SAME tax return.     Go to Federal>Wages & Income to enter a W-2. After you enter the first one, you click Add Another W-2.     https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-forms/get-copy-w-2/L8FTim9MO_US_en_US?uid=m68ee4os   https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/import-enter-w-2/L55HzdeDr_US_en_US?uid=m68efe36   And….SAVE YOUR OWN W-2!  TURBOTAX DOES NOT SAVE IT FOR YOU.  TurboTax will not have a copy of it in your account and will not have an image even if you snapped a photo or imported it.  It is up to you to save it for your own records as stated on the back of the W-2.      https://ttlc.intuit.com/community/income/help/what-if-it-s-february-but-i-still-don-t-have-my-w-2/00/25998  

If you do not qualify for the Special $25,000 allowance (your Modified Adjusted Gross Income (MAGI) exceeded $150,000) or you did not actively participate, your rental activity losses are limited until you completely dispose of your interest in the passive activity.     See IRS Form 8582: Calculating Passive Activity Losses for Real Estate and if this does not apply, please post again explaining your situation and we will further assist!