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a month ago
1 Cheer
The easiest way to enter, add it to your property tax.
Since the Tax Cuts and Jobs Act (TCJA) of 2017, "miscellaneous itemized deductions" (like investment advice fees) are no longer deductible at ...
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The easiest way to enter, add it to your property tax.
Since the Tax Cuts and Jobs Act (TCJA) of 2017, "miscellaneous itemized deductions" (like investment advice fees) are no longer deductible at the federal level. However, Investment Property Taxes are handled differently:
Real estate taxes on investment property are still deductible as an Itemized Deduction on Schedule A.
They are grouped with your state and local income taxes (or sales tax) and your primary residence property taxes. There is not a separate entry for the investment. The sch A lists only totals. Supporting worksheets do not go to the IRS.
@kre635
a month ago
Topics:
a month ago
As I’ve mentioned, searched for tax file on windows Desktop but will do so again. IF I find it, how can it be linked back/accessed again through TurboTax icon to be able to submit it online and hopef...
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As I’ve mentioned, searched for tax file on windows Desktop but will do so again. IF I find it, how can it be linked back/accessed again through TurboTax icon to be able to submit it online and hopefully be there next year upload before doing 2026 tax return?
a month ago
1 Cheer
From my understanding, you are going to have to use a desktop version and not the web online version. Once I switched to the desktop version, I was able to go into form view and search for the form a...
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From my understanding, you are going to have to use a desktop version and not the web online version. Once I switched to the desktop version, I was able to go into form view and search for the form and fill it out. I was also finally able to do the waiver statement as well. I did a print preview before e-filing and it looks like they sent both the 5329 and the waiver statement.
a month ago
This is the error message I get when I open Turbox Tax after receiving an email that the state return was rejected. I don't see a rejection code from Arkansas. This is the only error message that I h...
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This is the error message I get when I open Turbox Tax after receiving an email that the state return was rejected. I don't see a rejection code from Arkansas. This is the only error message that I have received. Description of error: Data in the return is missing or invalid. Please double check your entries. What needs to be done: Form AR3in the Arkansas return has a value on "Other Contributions" line. Type and Amount are required for each entry. Fix any incomplete or incorrect information and remove an $0 entries if applicable.
a month ago
Taxes for a sole-proprietorship/Schedule C are the same for a single-member LLC. If you have a partner or make an S-Corp election, you would need to use TurboTax business to file your business tax...
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Taxes for a sole-proprietorship/Schedule C are the same for a single-member LLC. If you have a partner or make an S-Corp election, you would need to use TurboTax business to file your business taxes on Form 1065 or 1120-S. Those returns cannot be included with your personal taxes like a Schedule C can. All of your health and wellness business income gets reported on the same Schedule C no matter what id numbers they put on the forms. If the income is related to your business and you are a sole proprietor or a single member LLC - it goes on your business Schedule C. What type of entity is my business?
Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A limited liability company (LLC) is a business structure allowed by state statute.
Sole proprietorships
Partnerships
Corporations
S corporations
Limited liability company (LLC)
a month ago
Can you clarify a couple of the conditions?
What is the code in box 7?
Did you get two different questions?
Was this an RMD?
Was this a rollover?
Were you able to answer ...
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Can you clarify a couple of the conditions?
What is the code in box 7?
Did you get two different questions?
Was this an RMD?
Was this a rollover?
Were you able to answer them separately?
a month ago
Topics:
a month ago
Thanks for replying. Yes, this is what I did as well. The problem is it won't concile. I'm roughly $300 higher than the subtraction that Turbo Tax provides. I've spent literally 2hrs trying to reconc...
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Thanks for replying. Yes, this is what I did as well. The problem is it won't concile. I'm roughly $300 higher than the subtraction that Turbo Tax provides. I've spent literally 2hrs trying to reconcile this. It's driving me somewhat batty 😉
a month ago
To enter estimated tax paid in 2025
Go to Federal>Deductions and Credits>Estimates and Other Taxes Paid>Estimates
a month ago
Topics:
a month ago
Topics:
a month ago
Thank you!!!
a month ago
I made ES payments. Where are they entered into Turbotax?
Topics:
a month ago
1 Cheer
None of these answers are helping me. I have spent 3 hours trying everything shown here to get a 5329 generated on the web version. I have a missed RMD. Give me a short and easy way to get it to gen...
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None of these answers are helping me. I have spent 3 hours trying everything shown here to get a 5329 generated on the web version. I have a missed RMD. Give me a short and easy way to get it to generate the form. Going through the 1099-R route doesn't work and it never prompted any questions about a missed RMD to generate the form.
a month ago
It doesn’t work on OS 13, but it doesn’t download and extract on OS 15 either…. So very frustrating. It’s like they don’t want Mac customers. Appalling.
a month ago
Thanks for the reply. Unfortunately neither of the links were able to get me to where I can access the code. I found the list of products as shown below, but there is no link or way get the code. ...
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Thanks for the reply. Unfortunately neither of the links were able to get me to where I can access the code. I found the list of products as shown below, but there is no link or way get the code. It just has me sign back in again and loops me back to the same thing below. CA TY2025 TurboTax Desktop Standard CA TY2024 TurboTax Desktop Standard CA TY2023 TurboTax Desktop Standard CA TY2022 TurboTax Desktop Home & Business CA TY2021 TurboTax Desktop Standard CA TY2020 TurboTax Desktop Standard
a month ago
You only have to mail the Form 1040X and any documentation for the change you made (such as a W-2 or 1099 form).
An amendment takes 12 weeks to process and doesn't catch up to or correct your ...
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You only have to mail the Form 1040X and any documentation for the change you made (such as a W-2 or 1099 form).
An amendment takes 12 weeks to process and doesn't catch up to or correct your original filing. It's processed separately, and you have three years to submit your amendment.
@user17737617245
a month ago
The DST should be a clean 1031 exchange. Line 25a is for something other than real estate involved in the deal. Take a look at line 15, Form 8824. Is the property received equal or greater than the n...
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The DST should be a clean 1031 exchange. Line 25a is for something other than real estate involved in the deal. Take a look at line 15, Form 8824. Is the property received equal or greater than the net sales price? If not, the program may be looking for the missing amount. Perhaps a cash boot or closing costs
Be sure you are using the final 1031 substitute form 1099 provided by DST. The exchange expenses can alter your value.
If everything is fine, enter zero so the program knows there is nothing else.
a month ago
Hello, I have been running a part-time side business in health and wellness for several years, being paid directly by my clients, students, and by the facilities in which I teach/work (and get pa...
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Hello, I have been running a part-time side business in health and wellness for several years, being paid directly by my clients, students, and by the facilities in which I teach/work (and get paid via 1099 NEC). So I am familiar with filing as a self employed entity via the Schedule C. I am considering taking this business to the next level, and making it an LLC. I would like more information on the following: - How this would change how I file my taxes for this business (versus what I have been doing) - How I would pay myself from the LLC (and make sure that I do it correctly) - One of my challenges is that I teach at a local gym and a university and they both pay me as a person, and will not pay a "business" so does that mean when I input my details into TurboTax next year I will have to different Schedule C's? One for myself (self employed, payments direct to me as a person) AND one for my LLC (payments made to the company name, and then I get paid from there) I want to make sure I am doing this correctly, thank you in advance for any guidance you can provide.