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Follow the steps below to amend your 2025 tax return to add your Schedule K-1 and gambling losses:   Open TurboTax. Scroll down to Your tax returns & documents and select the year that you want to amend Select Amend (change) return, then Amend using TurboTax Online Follow the prompts on the next screens and answer the questions On the screen Tell us which 2025 return(s) you want to amend, select the 2025 federal and/or state return that you want to amend Follow the prompts to amend your tax return.   Refer to the TurboTax articles: Amending Your Income Tax Return and How to Correct Federal Tax Returns for additional information.   Once you file your amendment, you can check the status of your amended tax return at Where’s My Amended Return?   You can deduct gambling losses but only to the extent of your gambling winnings. You can't deduct the losses without reporting any winnings and you have to itemize your deductions on Schedule A. If you don't have enough Itemized deductions, you won't be able to deduct your losses.   Refer to the TurboTax article Can You Claim Gambling Losses on Your Taxes?

You mention inventory. Sale of inventory is 100% taxable in the year of sale. Goodwill sold is eligible for installment sale. Entering the wrong date may fix it but it isn't valid. Take a look: Check your asset classifications - no inventory or depreciated property Look for the recapture question - how much prior depreciation was taken? That goes to line 20 Look at the asset entry worksheet to see where the software is pulling the recapture data from.  To print or view  your forms, including all worksheets: In desktop, switch to Forms Mode.  For online: On the left side, select  Tax Tools Select Print center Select Print, save or preview this year's return If you have not paid, select pay now.

So if I understand correctly, as the only owner of the LLC I would still file my income and expenses via the Schedule C as I have been doing in the past, is that correct?   Then I am still confused regarding the income as I have several different income streams for the business, so to provide more specific details: - I have clients that will pay the business directly - this I understand would be documented as income for the LLC via cash/check payments - I have a university that will pay me as a W-2 employee even though my services are from the business, and they will not pay my business so how do I document that as LLC business income so that I can deduct my expenses against it? - I have a gym that pays me via a 1099 NEC for services that my business provides but they pay me as an individual, same question as above....how do I document this as LLC business income and deduct my expenses associated with it?

Here are some reasons why you are seeing that high $263 quote ($15 off) online compared to a $85 CD version, and how to make sense of it.   1. Per-Return Cost vs. License Cost TurboTax Online ($263ish): You are paying for a single, hosted service.  CD/Download ($85): You buy a license that lets you file one federal return + state software for yourself. You can also file up to 5 federal returns for others (like children or parents) for free.  2. State Filing Fee Misconception Online: You pay for the federal product, and then you are charged a separate, high fee (often $50-$60+) for the state return. CD/Download: The software usually has one state program (the forms). You still have to pay an extra fee to file your state taxes online (approx. $25-$30). 3. Convenience vs. Control Online: Intuit will host your data, offer cloud accessibility, and guide you through a wizard without installing software. Desktop: You retain total control. You can see the actual tax forms (Forms Mode), run "What-If" situations, and save your own data files.  4. Triggered Upgrades (The "Hidden" Cost) The high cost ($263) suggests your return triggered the highest-tier Online product (e.g., Premium/Self-Employed).  Online: As you enter investment income, small business income, or complex deductions, the online software automatically upgrades you to a more expensive version. Desktop: All desktop versions (Deluxe, Premier, etc.) share the same tax forms. You can often buy the cheaper Desktop Deluxe and still get the forms you need, whereas online forces a higher-tier purchase.             

If you K-1 ending percentages aren't printing the values that you've input, it's most likely because the items of income, expense, and distributions aren't being allocated properly to that partner for the software to calculate the ending balance that you want.    Revisit the Partner/Member Summary and the Member Capital entries, and make sure the values you've entered for beginning and ending capital actually equal the % share of the partnership total that ties to the face of the partner's K-1.    Ensure that the beginning capital that partner starts with +/- any income received +/- any distributions or withdrawals taken, actually = the final % you want to see on the face of K-1.    On the screen that says Basis Adjustment Election, make sure you've selected Yes, there was a distribution of property or a transfer of partnership interest so that the program knows that there needs to be an adjustment in the partner ownership %'s, and follow the prompts to enter those transfer details.    You'll likely need to input those same Basis Adjustment details in both the federal and state input menus. Ensure that both have been entered mathematically and completely.     

If you purchased materials for your business at Home Depot, you generally enter those costs under Supplies if they are consumable items used in your business operations. In TurboTax Online, go to the Schedule C section under Wages & Income. Then add these purchases as Supplies in the business expenses section. If the materials are part of your inventory or considered property for resale, you might categorize them under Inventory/Cost of Goods Sold instead.  

Yes, I received the token. The following are items I noticed in review. And all of the distributions are taxable on your tax return. The first 1099-R did not have a selection for taxpayer or spouse. On the screen 'What kind of retirement plan do you have...'. you must select 'Qualified plan....' which was not yet selected. The second 1099-R does specify spouse The third 1099-R also specifies spouse The fourth 1099-R did not have a selection for taxpayer or spouse Number 1 & 4 did not indicate any error even though the selection doesn't show on my end. Let's go over any required minimum distributions (RMDs) - both indicate no RMDs were missed. When I review the 1040, it does show the appropriate taxable amount for the IRAs and the Pensions. If you are using TurboTax Online you should do the following before you open your tax return to review again. Try clearing the cookies and cache.   It handles many issues that seem nonsensical on a regular basis with online activity. Watch to be sure you are selecting 'all time' as example.  Do not use selections like 'last hour' for those browsers that give  you options. How to clear your cache Once this is complete open your return and try again. If you are using TurboTax Desktop, save your return, then at the top select Online, then Check for updates. Open your return and review your Form 1040: From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.) Select Tax Tools On the drop-down select Tools On the pop-up menu titled “Tools Center”, select View Tax Summary  On the left sidebar, select Preview my 1040  For TurboTax Desktop, change to 'Forms' and review the forms @owensrf            

Hi @RogerD1, I have a similar question I need help with figuring out how to file.  In 2025, just before filing for 2024 taxes, I opened a Vanguard Roth IRA and contributed the max amount $7000 for 2024, and $7000 for 2025 before filing, then a few days later when filing on TurboTax, realized that my income was too low and I was ineligible to do this. So Vanguard converted the Roth IRA to a standard brokerage account. I didn't receive any forms to submit regarding this, and was told by a family tax preparer to wait until filing for the 2025 tax year (I use TurboTax for myself though). In January 2026, I received a form 5498 for year 2024 stating a contribution of $7000 (which was not reported on my 2024 filing), and a form 1099-R for year 2025 with a gross distribution of $13815 (I'm assuming since the stocks in the Roth IRA fluctuated and devalued a tad in the few days they were in there).  So now I'm ready to file, and at the sections asking about IRA contributions for 2025, and asking about excess contribution withdrawals for 2025, what should I enter in these fields? Should I put $7000, $14000, something else? The account conversion from Roth IRA to standard brokerage took place in March 2025, before the 2024 taxes were filed.  Thank you