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2m ago
do note that the 65 day rule does not apply o simple trusts.
3m ago
you treat it as if the distribution was made in 2025. Thus, the beneficiary (s) will get a K-1 to report on their personal 1040.
3m ago
After TWO weeks, the MAX menu appeared at the bottom of the page before finalizing the payment. Sending a screenshot to the group. Such a pity as I emailed TurboTax CustomerCare, saying it was most l...
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After TWO weeks, the MAX menu appeared at the bottom of the page before finalizing the payment. Sending a screenshot to the group. Such a pity as I emailed TurboTax CustomerCare, saying it was most likely a bug, after sharing the screen with them, and they ghosted me without having any clue on what was going on :( Thanks for all the people that replied!
13m ago
Hi TT, Why are you not answering your clients who bought your software and expect it to work? I'm doing my taxes and it seems TT Desktop still uses the old txf format? I've been paying for the a...
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Hi TT, Why are you not answering your clients who bought your software and expect it to work? I'm doing my taxes and it seems TT Desktop still uses the old txf format? I've been paying for the annual renewal program and this is making me reconsider. Please make sure TT Dekstop works with Koinly for crypto users otherwise people will leave you.
13m ago
look on line 38 to see if you have an $11 underpayment of estimated tax penalty.
14m ago
check your spam folder while your at it.
15m ago
Box 13, "Retirement plan," is checked. There is no information in Box 14. I have contacted my former employer to request a corrected W-2. I may have to contact IRS for a written opinion to incentiviz...
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Box 13, "Retirement plan," is checked. There is no information in Box 14. I have contacted my former employer to request a corrected W-2. I may have to contact IRS for a written opinion to incentivize them to comply (assuming I'm right). Thanks for reaching out.
15m ago
On the 8949, enter the adjusted basis from the sales of units supplement that was provided.
you can use the cost reported on the 1099-B but then you must adjust to arrive at the correct basis dete...
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On the 8949, enter the adjusted basis from the sales of units supplement that was provided.
you can use the cost reported on the 1099-B but then you must adjust to arrive at the correct basis determined as described above
in the k-1 worksheet, enter only that you made a partial or fully taxable disposal. Also, in the K-1 TurboTax subworksheet for disposal you enter the sales price as any 751 recapture with 0 cost basis, nothing else. YOU DIO NOT REPORT THE ENTIRE SALE HERE. YOU WOULD BE DOUBLE REPORTING
18m ago
Thank you, Marilyn. It won't accept a transmit date after 12/31/25. I've wasted several hours trying to figure out if there was a way to transmit the e-file. The TT support page (updated 3)19/26) s...
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Thank you, Marilyn. It won't accept a transmit date after 12/31/25. I've wasted several hours trying to figure out if there was a way to transmit the e-file. The TT support page (updated 3)19/26) says "Generally, you can e-file your amended 2025, 2024, 2023 federal return via TurboTax if your original return was also e-filed in TurboTax". Why does it not say that Intuit has closed e-filing for 2023 and 2024 amended returns?
23m ago
was the trust assigned a separate tax id number? if so, you should now prepare a grantor trust 1041 not only for the K-1s but also for all other income and deductions being reported using the trust's...
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was the trust assigned a separate tax id number? if so, you should now prepare a grantor trust 1041 not only for the K-1s but also for all other income and deductions being reported using the trust's EIN. However, from a tax standpoint for your personal return, nothing has happened.
not knowing which is the case, it's difficult to give advice.
this is from a law firm's opinion on filing a 1041 for a grantor trust
the first method is filing a grantor trust 1041
.
The second method is an alternative procedure that allows the trustee to bypass the filing of Form 1041 entirely. The trustee must instead furnish the name, address, and SSN of the grantor to all payors of income to the trust during the tax year. This directs payors, such as brokerage houses or banks, to report the income directly to the grantor’s SSN on Forms 1099.
This approach requires the trustee to ensure that all income is correctly attributed to the grantor from the outset. The grantor reports the trust’s income directly on their personal Form 1040. This method is preferred for its administrative simplicity, eliminating the need for a separate Form 1041.
The most streamlined alternative method involves using the grantor’s SSN with the payors. This alternative method is available only if the trust is owned by a single grantor or by a married couple filing a joint return.
23m ago
Yes, as someone said above, pick you will mail a check. Then go to the IRS website and pay online at https://www.irs.gov/payments
31m ago
Thanks. However, when I try to choose direct debit I eventually get an error message saying "File by mail is not available because you have selected to pay balance due with direct debit. If you want ...
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Thanks. However, when I try to choose direct debit I eventually get an error message saying "File by mail is not available because you have selected to pay balance due with direct debit. If you want to file by mail, you must go back and choose a different method to pay your taxes." There is no option to file by paying the IRS directly. It seems check is the only option? Is there a way to pay via bank transfer and still file by mail?
46m ago
call them. I would have expected that if the 1099 showed FTC, the foreign income would be reported either on their non- standrd form or a supplement.
47m ago
I believe this is the classic case of 1st entry coming from the 1099 import which I updated with the adjusted cost basis and the second that I created using the K-1 form under business items which in...
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I believe this is the classic case of 1st entry coming from the 1099 import which I updated with the adjusted cost basis and the second that I created using the K-1 form under business items which involved many interview questions about ordinary income etc. I don't see where any of this additional K-1 info comes along with the import entry from the brokerage 1099. So I now have see 2 entries for the MLP sale in my 8949. Both Long term but one is code E (reported in 1099 and no basis) and the 2nd is code F (Not Reported in 1099). The 8949 can't be deleted so it has to be taken care of at the source "Wages and Income". Seems like the easiest solution is to delete the 1099 imported entry and keep the manually entered K-1 entry with all the extra info. I don't see anything in the K-1 entry creation that lets me flag it as 1099 Reported in the 1099 Ecode). Will that be a problem since it would be using the manual entry and ignoring the imported one.
54m ago
Want to make sure I'm capturing the backdoor Roth basis as it grows so it's tracking correctly for future distributions and not taxed again. First Backdoor Roth in 2023 created a basis of $7500 o...
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Want to make sure I'm capturing the backdoor Roth basis as it grows so it's tracking correctly for future distributions and not taxed again. First Backdoor Roth in 2023 created a basis of $7500 on the IRA Information Worksheet. The $7500 was listed on Part I Traditional IRA line 3, Part II Roth IRA conversion lines 7 and 9. Also line 36 and line 60. Backdoor Roth in 2024 IRA Information Worksheet has the previous year $7500 for "Part I" Traditional IRA line 1, current year of $8000 on line 2 and total basis to carryover of $15500 on line 3. "Part II" Roth IRA line 7 is $8000 and line 9 is $8000. Part III line 12 says $7500 and line 17 $7500. Line 36 is $8000 and line 60 is $8000. Something seems off on line 7, 9 as well as there are no numbers in "Part V" ROTH IRA Conversion balances. ??? My question is what all should the 2024 IRA Information Worksheet look like the 2nd year as I add more to basis to roll forward into 2025?? What lines need info and what info is missing?
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56m ago
I only see options to "Review/Edit" and nothing to remove him completely. Unless there's a way to move forward without an SSN, I don't need him on my household, it won't let me file otherwise.
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an hour ago
Can I switch from "Expert Full Service" after the return is filed? The expert messed up my return. Turbotax assigned a new expert to do amendment. But the new expert also does not seem to understand...
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Can I switch from "Expert Full Service" after the return is filed? The expert messed up my return. Turbotax assigned a new expert to do amendment. But the new expert also does not seem to understand my tax situation. They don't even respond to my questions for many days. I want to get out of full service and file the amendment myself using TurboTax software. How do I do that?
an hour ago
I am in the same situation with the post. After I report this traditional IRA, I owe more money in federal tax return. I am not sure if this is expected given my contribution has been after-tax.