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10 hours ago
I already received the ECN from covered california.
The number has been entered and submitted, however wont go through and keeps bringing me back to the form 3853. I scrolled down and didnt see anyw...
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I already received the ECN from covered california.
The number has been entered and submitted, however wont go through and keeps bringing me back to the form 3853. I scrolled down and didnt see anywhere else I can input anything.
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yesterday
How can I find where my refund will go to
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yesterday
I'll assume you filed the state return by some method other than TurboTax. Are you asking how to delete a state return you started but don't need? If so, see this: FAQ: How do I delete my s...
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I'll assume you filed the state return by some method other than TurboTax. Are you asking how to delete a state return you started but don't need? If so, see this: FAQ: How do I delete my state return in Online TurboTax? https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/delete-state-return-turbotax-online/L8v9awRbh_US_en_US
yesterday
Please tell me how to bypass "state taxes/"
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yesterday
@curlytwotoes wrote:
@Opus 17 & @fanfare To clear up any confusion, here's exactly what I did:
In 2024, I contributed $7000 to a Roth IRA, then recharacterized that amount to a Traditional...
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@curlytwotoes wrote:
@Opus 17 & @fanfare To clear up any confusion, here's exactly what I did:
In 2024, I contributed $7000 to a Roth IRA, then recharacterized that amount to a Traditional IRA (because my income was too high), then converted it to a Roth IRA again to carry out the backdoor Roth IRA.
If the $7000 Roth and $1000 trad IRA contributions were both involved in this weird conversion dance, then we are back where we started. You have an excess $1000 contribution for 2024 that must be reported on form 5329, and the 6% penalty paid (amended 2024 return). Then, at some point during 2025, take a regular withdrawal of $1000 (no need to account for earnings) from the Roth IRA. This will go on form 5329 on your 2025 return and zero out the carryover excess from 2024.
The $1000 Roth withdrawal will not be subject to income tax on your 2025 return, but it could be subject to a 10% penalty for early withdrawal. It will not be subject to the 10% penalty if you can meet one of three conditions.
a) at some point in the past, you made at least $1000 of direct contributions (not conversions or backdoor conversions) to any Roth IRA account you own, and have not previously withdrawn it, or
b) if your only Roth money comes from conversions, you won't be subject to the 10% penalty as long as at least one of the conversions happened in 2021 or earlier, or
c) you are age 59-1/2 or older.
But unfortunately, if your only Roth money comes from conversions and you did not open your Roth until 2022 or after, then your $1000 withdrawal will fail the 5 year clock on conversions and be subject to the 10% penalty for early withdrawal.
yesterday
@sooners22- asked: "Where do I find my IP PIN?" Well....that can be interpreted a couple of ways. Are you required to use a 6-digit IP PIN, and if so, are you asking how to retrieve this yea...
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@sooners22- asked: "Where do I find my IP PIN?" Well....that can be interpreted a couple of ways. Are you required to use a 6-digit IP PIN, and if so, are you asking how to retrieve this year's 6-digit IP PIN? Or are you asking where in the TurboTax interview to enter the IP PIN that you have? An IP PIN is a 6-digit Identity Protection PIN provided to certain victims of ID theft, or electively if someone opts-in to the IP PIN program. Some people receive an IRS letter with their new IP PIN around January of each year. Others, such as those who opt-in, do not get a letter each year, but have to retrieve their IP PIN each year from the IRS website. If you need to retrieve yours, if you have an IRS online account, the IP PIN may be displayed inside your IRS account (I believe in the Profile section.) Otherwise, see this: IRS: Retrieve your IP PIN https://www.irs.gov/identity-theft-fraud-scams/retrieve-your-ip-pin Once you have your IP PIN, here's where to enter it in Online TurboTax: Log in and open your return interview back up. Once the return is open, click in the top right on the search icon (magnifying glass). In the search line enter the term IP PIN without quotes. When entering, ignore the dropdown menu, and instead click the small magnifying glass on that same line. Then click on Jump to IP PIN. Or here's a second way to get there: With your return open, click in the left menu column on TAX TOOLS, then choose subtab TOOLS. In the Tools window choose TOPIC SEARCH. Enter the term IP PIN without quotes. In the selection list highlight IP PIN and click GO.
yesterday
There is no specific federal tax credit for survivors of domestic violence. However, there are several provisions of the tax laws that might help you in specific situations. You might find the follow...
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There is no specific federal tax credit for survivors of domestic violence. However, there are several provisions of the tax laws that might help you in specific situations. You might find the following IRS publication helpful.
Tax Information for Survivors of Domestic Abuse
yesterday
1 Cheer
If you have a 6 digit PIN issued to you by the IRS you need to enter it in order to e-file. Go to Federal>Other Tax Situations>Other Return Info>Identity Protection PIN and enter the six-digit PIN. ...
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If you have a 6 digit PIN issued to you by the IRS you need to enter it in order to e-file. Go to Federal>Other Tax Situations>Other Return Info>Identity Protection PIN and enter the six-digit PIN.
https://www.irs.gov/identity-theft-fraud-scams/retrieve-your-ip-pin
yesterday
There is no such federal tax credit, so you must be looking for a credit on a state tax return. What state are you working on?
yesterday
All the dialogue I've seen on this subject is simply to too vague. I can't make heads or tales out of what TurboTax wants or how this section could be so significantly lacking in clear instructions. ...
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All the dialogue I've seen on this subject is simply to too vague. I can't make heads or tales out of what TurboTax wants or how this section could be so significantly lacking in clear instructions. I am simply going to post images from my redacted K-1 and hopefully someone can tell me, in painstaking detail how to enter this information into Turbo Tax in a way that the IRS(!!!) wants to see it! I SUSPECT someone is going to tell me to enter 3 K-1's. One for each boxes 1, 2 & 3. But I simply don't see how that could be accurate. It seems then at no point will i be entering any detailed information about all these other businesses listed in the statement of my K-1. So when i have to chose the check box of "Income from the partnership that generated the K-1" or "the income comes from another business" I'll have to lie here, which leads me to believe something isn't right. I can't tell if i am supposed to mention all the other business listed on the K-1 or not. Turbo Tax clearly has that section SO LONG AS there is ONLY 1 additional business listed. Why it can't handle more than one, i have no clue. I am dumbfounded that Turbo Tax doesn't have better clarity on this issue.
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yesterday
You should enter your rental income under "Rental Properties and Royalties (Sch E)." Exactly where you find that depends on which specific version of TurboTax you are using. The income will be report...
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You should enter your rental income under "Rental Properties and Royalties (Sch E)." Exactly where you find that depends on which specific version of TurboTax you are using. The income will be reported on Schedule E.
If your LLC is a single-member LLC it is disregarded for income tax purposes unless the LLC has elected to be treated as an S corp or C corp. If the LLC is disregarded you report your income as if the LLC doesn't exist. But if it's a multi-member LLC or a single-member LLC that has elected to be treated as an S corp or C corp, then the LLC has to file its own tax return, separate from your personal tax return. Where you report the rental income would then depend on who owns the rental property - you or the LLC.
yesterday
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yesterday
It is possible to get direct deposit for an Amended return. Is direct deposit available for electronically filed Form 1040-X? (updated May 28, 2025) Beginning in processing year 2023, direct depo...
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It is possible to get direct deposit for an Amended return. Is direct deposit available for electronically filed Form 1040-X? (updated May 28, 2025) Beginning in processing year 2023, direct deposit can be requested for electronically filed amended returns for tax year 2021 and later. The bank account information should be entered on the electronically filed Form 1040-X (or corrected Form 1040-SS or (prior to 2023) 1040-PR). From IRS Amended returns, FAQs https://www.irs.gov/filing/amended-return-frequently-asked-questions
yesterday
You can even have a penalty when getting a refund for not paying in evenly during the year. Did you have a penalty on your 1040 line 38? It is just an estimate so it is possible for the IRS to rec...
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You can even have a penalty when getting a refund for not paying in evenly during the year. Did you have a penalty on your 1040 line 38? It is just an estimate so it is possible for the IRS to recalculate it and send you a refund or a bill for more. Understanding your CP30 https://www.irs.gov/individuals/understanding-your-cp30-notice
yesterday
can't say because refunds on amended returns come by way of a check in the mail - no direct deposit.
yesterday
you bought into a partnership. under partnership tax rules its income/loss is allocated on a per share/per day basis so you will be receiving a k-1 (that's how a partnership reports the results to i...
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you bought into a partnership. under partnership tax rules its income/loss is allocated on a per share/per day basis so you will be receiving a k-1 (that's how a partnership reports the results to its partners, and the IRS gets a copy) that will report your share of income or loss for the period you held it. that income or loss affects your tax basis. However, the broker receives no partnership information and so cannot properly adjust the basis it reports on the 1099-B. as a matter of fact the type on the 1099-B will be type B - proceeds but not tax basis reported to the IRS. the k-1 package will include a supplemental schedule to allow you to correctly report the gain or loss on sale. if you don't include the k-1 on your tax return, you might get a letter from the IRS which could be a few years after filing. it may also be true that the income loss is so small the IRS won't bother you if you don't report it. no way to know and i don't suggest or recommend not reporting taxable events.
yesterday
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yesterday
@Opus 17 & @fanfare To clear up any confusion, here's exactly what I did: In 2024, I contributed $7000 to a Roth IRA, then recharacterized that amount to a Traditional IRA (because my income was ...
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@Opus 17 & @fanfare To clear up any confusion, here's exactly what I did: In 2024, I contributed $7000 to a Roth IRA, then recharacterized that amount to a Traditional IRA (because my income was too high), then converted it to a Roth IRA again to carry out the backdoor Roth IRA. In 2025, just before I filed my taxes for year 2024, I (mistakenly) contributed $1000 to my Traditional IRA for 2024 contribution year instead of the intended 2025 contribution year putting me at $8000 of IRA contributions for 2024. I did not realize I did this until after I filed my 2024 taxes, which stated I only contributed $7000. To compound the issue, before I realized I had contributed an excess $1000 to the 2024 contribution year, I already contributed the max $7000 using the backdoor Roth IRA method for 2025 contribution year. In other words, I contributed $7000 to my Traditional IRA then converted it to a Roth IRA for 2025 contribution year. I contacted my brokerage firm, asked them to remove the excess $1000. They said they can't because I already converted it from Traditional to Roth. When I asked if there's anything else I can do to rectify the problem, they said they couldn't help and suggested I speak to people who know taxes. Which leads me to where I am today. Hopefully, that clears up any confusion. Does this change anything from what you last posted? P.S. Sorry for making this confusing as I probably should have stated this at the start.