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10 hours ago
Are my California property taxes on my home deductible
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10 hours ago
This is really disappointing. It seems like the IRS is double-penalizing you right at the crossover from year 1-2. From then on, it's a full calendar year, but in the beginning they are pretty much...
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This is really disappointing. It seems like the IRS is double-penalizing you right at the crossover from year 1-2. From then on, it's a full calendar year, but in the beginning they are pretty much going straight from 0% to 12% (if you account for extensions on the original year). This is truly bizarre.
10 hours ago
Imported 2024 1041 form to start 2025 1041 form and the Trustee Information window will not allow me to fully edit the address, i.e. PO BOX 23 needs to change. How to I address this?
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10 hours ago
@DaveF1006 Can you show me how that works with the example from the IRS? I don't see how that situation is different than mine.
10 hours ago
What kind of income? All income gets entered in the Income section. The categories are listed below. If you need specific instructions, let us know what kind of income you have.
Wage...
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What kind of income? All income gets entered in the Income section. The categories are listed below. If you need specific instructions, let us know what kind of income you have.
Wages and Salaries Form W-2
Self-Employment Schedule C, 1099-NEC, 1099-K, expenses
Unemployment Government benefits on Form 1099-G
Other Common Income Tax refunds, 1099-G, 1099-NEC, 1099-MISC, 1099-K
Investments and Savings 1099-B, 1099-INT, 1099-DIV, 1099-DA, digital asset
Less Common Investments and Savings 1099-OID, contracts and straddles, etc.
Retirement Plans and Social Security 1099-R, IRAs, 401(k), early withdrawals
Rentals, Royalties, and Farm Income and expenses from rentals, patents, oil/mineral rights, and farm
Other Business Situations Self-employed retirement and health insurances, losses, etc.
S-corps, Partnerships, and Trusts Income from partnerships, S-corps, LLCs and REMICs
Less Common Income Home sale, canceled debt (1099-C, 1099-A), 1099-SA, gambling, etc.
10 hours ago
I just received a Schedule K-1 form for tax year 2025 (calendar year) and preparing an amended tax return in TurboTax. Under "Passive Loss Carryovers" I am to enter the passive loss carryover but for...
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I just received a Schedule K-1 form for tax year 2025 (calendar year) and preparing an amended tax return in TurboTax. Under "Passive Loss Carryovers" I am to enter the passive loss carryover but for 2024. I'm not sure if this is where I insert the loss (up to 3,000) because this is the first year I'm reporting a K-1. Is this where I insert the carryover even though it shows it's from 2024?
10 hours ago
My wife and I are filing jointly our US federal income tax for tax year 2025. My wife inherited, along with her brother, her mother's house in Puerto Rico where they split the sale 50-50. She will fi...
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My wife and I are filing jointly our US federal income tax for tax year 2025. My wife inherited, along with her brother, her mother's house in Puerto Rico where they split the sale 50-50. She will file married filing jointly in PR as a non-resident. PR retained, at the time of sale, 15% of her half of the sale. Could someone give complete step by step where in Turbo Tax Premier desktop tax year 2025 do I enter this?
10 hours ago
On your W-2's do you have anything in box 14 that indicates a retirement plan? If so, what is the code?
@user17736706288
10 hours ago
could I speak with an expert.
Topics:
10 hours ago
Thanks most of mine had no taxes taken out.
10 hours ago
1 Cheer
Yes, you should delete the rental property since it was not rented or put on the market as such. It would likely be considered an investment property as opposed to a second home, however, since you d...
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Yes, you should delete the rental property since it was not rented or put on the market as such. It would likely be considered an investment property as opposed to a second home, however, since you didn't have any personal use of it. A such, when you report it's sale, you can choose the Land (other investment purpose) option for the type of property sold. That will allow you to deduct a loss if applicable on the property.
You enter investment sales in the Wages and Income section of TurboTax, then Investment Income, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose Other as the type of investment sold.
10 hours ago
Hi! TurboTax is automatically calculating and introducing a $222 "DC Adjustment to Depreciation" on my tax return. I've spent hours researching and can't grasp where such adjustment comes from. I als...
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Hi! TurboTax is automatically calculating and introducing a $222 "DC Adjustment to Depreciation" on my tax return. I've spent hours researching and can't grasp where such adjustment comes from. I also downloaded TurboTax worksheets but they provide no explanation as the amount is simply shown there, but no calculations are provided. I've read DC regulations and I do believe this should no apply to me, as I have never claimed bonus depreciation or accelerated depreciation. The adjustment guidance says "IRC168 additional depreciation and/or extra IRC179 expenses claimed on federal return". I've been troubleshooting and when I reduce my total depreciation for the year, such correction disappears. But it still makes no sense for me to be $222 above any "threshold". Total depreciation being claimed is $11,177 (this is Yr 2 depreciating) and was $8,848 for 2024. Could anyone please help me with this? I am happy to share the specific numbers if that helps!
11 hours ago
Looking at your entries, it appears you may have only entered a number in one of the boxes on the screen that asks when you made the retirement contribution. To fix this go back through the IRA entr...
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Looking at your entries, it appears you may have only entered a number in one of the boxes on the screen that asks when you made the retirement contribution. To fix this go back through the IRA entries and when you get to the screen asking if you made any contributions in January through April, enter $8,000 in both boxes not just the Jan- April box. The first box is asking you what total contributions have been made for 2025, the second box is just about the timing if other than during 2025. Also, the question about not covered by a plan at work does pop up for me on MAC and PC. For the online version, it MAY be missing due to the lack of W-2's so TurboTax is assuming you are NOT covered by a plan at work since you have not entered any W-2's which would be the indicator that you could be covered by a plan at work. But the fact that the box is blank on the form itself, says this is not causing any part of the issue.
@craig43
11 hours ago
How do I change a 1095as to 1095b?
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11 hours ago
Please clarify. What is your question?
11 hours ago
I am doing my mom's tax return. She's in a medical facility. She doesn't have an email or cell phone. Can I prepare her return with my email & cell number?
11 hours ago
I found the solution. Morgan Stanley had me change my password to be under 32 characters. Once I did that, I was able to download my statements.
11 hours ago
2022 taxes not filed & turbo tax has my info
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11 hours ago
1 Cheer
Having done further research, I have amended my answer above.
The excise tax of 6% is due in every subsequent year where the excess remains as of December 31 of that year (see IRC Section 4973).