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7 hours ago
Since the cost basis is that of your grandmother’s and that is unknown unless your broker can tell you, you might have to enter zero.
7 hours ago
Hi My kid received Taxable Grand on his 1099G. is this income considered unearned income? and does he need to file 8615? thanks
7 hours ago
No, adding window screens does not qualify as an energy efficient improvement.
7 hours ago
When you are entering your income for self employment, TurboTax will ask if any of that income includes tips. The tips must be included in your Form 1099 from Square, the program will ask what part o...
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When you are entering your income for self employment, TurboTax will ask if any of that income includes tips. The tips must be included in your Form 1099 from Square, the program will ask what part of that amount are tips. You have to keep logs that show the date, the customer, and tip received.
Guidance for Individual Taxpayers who received Qualified Tips or Qualified Overtime Compensation in 2025
7 hours ago
Yes, but what do I do if my parents did not file a Form 540 since they are residents of another state? I established CA residency in 2025, but they can still claim me as a dependent, so I had to comp...
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Yes, but what do I do if my parents did not file a Form 540 since they are residents of another state? I established CA residency in 2025, but they can still claim me as a dependent, so I had to complete federal form 8615. Was anyone able to figure this out at all?
7 hours ago
I started asking about this in a separate post, but have learned a little more about how to describe what's going on, so maybe I can get some new advice: I've taken expenses as a self-employed the...
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I started asking about this in a separate post, but have learned a little more about how to describe what's going on, so maybe I can get some new advice: I've taken expenses as a self-employed theatre performer and director for years. This year I spent a lot of money solo funding a theatrical production ie paid for costumes, props, and put in a lot of mileage/meals in addition to directing the production, advertising expenses, etc (about $4200), The show had rave reviews, I've booked another production (this year), and will use this to promote myself and my other plays I have written; So, I created an LLC to be able to collect licensing fees, royalties, and such. I worked as an independent contractor for fees and 1099s in the past. I've been 'round and 'round re: "Start up" expenses for this particular production, and I'm not sure whether it would be simpler just to take Schedule C expenses. (Trying to figure out mileage and meals for Start up is really confusing me). There are additional expenses after the LLC formation as well, which I assume I would just take off on the Schedule C. I created the LLC using my name, so I can have Show1, Show2, Show3, for example, and they are under the umbrella LLC. And this year, I'm solo funding another project that is going to probably be $7000 in expenses; however, it could lead to good income for the rest of 2026 and 2027. And, of course, these would be legit expenses I would take off in 2027. So, my question is: Since I've been "in the business" for 40 years, do I just take the expenses as regular, good, old-fashioned Schedule C expenses, not worry about "Start up" (since they are under $5000 anyway) and keep track of income from various shows, productions, fees and such with the Schedule C stating the LLC? The only difference between all my Schedule C's in the past is now I'm an LLC with an EIN number. (no employees). I tried calling for "expert" advice and the wait was very long (since we're getting close to the deadline).
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7 hours ago
No, you do not need to amend your 2024 return if you did not report the non-deductible Traditional IRA contribution, but you do need to file Form 8606 for that contribution.
Take a look at the ...
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No, you do not need to amend your 2024 return if you did not report the non-deductible Traditional IRA contribution, but you do need to file Form 8606 for that contribution.
Take a look at the information in the following TurboTax help article. Near the bottom of the article there is a section for instructions about what to do in your situation with regard to Form 8606.
How do I enter a backdoor Roth IRA conversion?
7 hours ago
I have no idea where this deduction was added or why. It makes my return quite nice, but I don't understand it
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7 hours ago
you get one 1099-R. if the account balance went to zero, the "total distribution" box will be ticked. @barbarahpaulman
7 hours ago
1 Cheer
You check the box “I earned tax exempt dividends in more than one state” ("Multiple States" in the online program) on the first screen after entering the 1099-INT or 1099-DIV.
Then select "More t...
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You check the box “I earned tax exempt dividends in more than one state” ("Multiple States" in the online program) on the first screen after entering the 1099-INT or 1099-DIV.
Then select "More than one state" at the bottom of the state scroll down list.
Alternate: If your mutual fund company provided you a breakdown, you are only interested in your home state. Multiply the % for your state by your total tax exempt dividends to get a $ amount (you can't enter the % in TurboTax [TT]). When asked which state, check the box "I earned tax exempt dividends in more than one state". In the drop down menu, select your state and enter the $ amount you calculated. In the 2nd box, select "More than one state" (at the bottom of the scroll down list) and enter the remaining dollar amount.
If you don't want to mess with it, it is perfectly acceptable to assign the entire $$ amount to the single designation of "more than one state” / “Multiple States"
7 hours ago
Please give some detials. Are you having trouble with a Capital Loss Carryover from 2024 or to 2026? If you have a net loss for the year (after you subtract the losses from your gains) you can o...
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Please give some detials. Are you having trouble with a Capital Loss Carryover from 2024 or to 2026? If you have a net loss for the year (after you subtract the losses from your gains) you can only deduct up to 3,000 (1,500 MFS) per year. The rest of the loss you have to carry over each year until it is used up. You can't skip a year. If you use Turbo Tax it will automatically carry over the loss for you. Then in the future if you have a lot of gains you can use up more of the carryover loss. You get to first offset the carryover loss against any gains you have each year so that can use more of it up. On the income page The 2025 column shows the carryover to 2026 (not your current loss for 2025). Schedule D doesn't actually show the carryover amount. To find your Capital Loss Carryover amount you need to look at your return schedule D page 2. Line 16 will be your total loss and line 21 should be a max loss of 3,000. The difference between line 16 and 21 is the carryover loss for next year.
7 hours ago
1 Cheer
If you are getting the HSA_2025 rejection code when trying to electronically file your return, try using the following steps to clear the internal condition that is causing the rejection code. These...
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If you are getting the HSA_2025 rejection code when trying to electronically file your return, try using the following steps to clear the internal condition that is causing the rejection code. These steps have worked for some users to be able to refile with acceptance of their returns.
Also, please note that you should not check the box indicating that you are ‘covered by Medicare’ unless you are receiving Medicare benefits rather than having HDHP insurance coverage. This question is also asking about 2025, not 2026. So if you are covered by Medicare in 2026, this check box does not apply to you.
Use these steps:
Go to Deduction and Credits > Medical > 1099-SA, HSA, MSA and click Update
Continue through the HSA section until you reach the page that asks if you were covered by a High Deductible Health Plan in 2025 and answer according to your situation.
Next, check any appropriate boxes on the page that asks Do any of these situations apply to you? (This is where it is important to be accurate about whether you were receiving Medicare benefits during 2025).
The next page asks what type of HDHP coverage did you have in 2025. Check the box that says ‘I had different plan types at different times of the year’, then click Continue.
On the next page, select the type of coverage for each month of the year according to your situation. (If you were covered by Medicare in 2025, indicate that you had Medicare or None for any month you had Medicare coverage.)
Continue through the process to answer the same set of questions for your spouse, if applicable.
Keep clicking Continue until you are back at the main Deductions and Credits page.
At this point, you can go through the error check process and refile your return.
7 hours ago
Yes, since retiring, the difference between Box 1 and Box 2a is *always* the same amount - $145.68. Thank you, I will go back and say YES to that horribly/stupidly written question. This is the...
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Yes, since retiring, the difference between Box 1 and Box 2a is *always* the same amount - $145.68. Thank you, I will go back and say YES to that horribly/stupidly written question. This is the first year I can remember TT even messing around with this question - I'm almost 100% sure I didn't suffer like this when doing our 2024 taxes!! I can only *imagine* how many people had or are having difficulty answering that question. This TT question MUST be fixed for next year!!: "For the years you received these distributions, was the total amount shown in the form the amount you paid tax on?" Thank you VERY much for your explanation and assistance, it is very much appreciated! @SteamTrain
8 hours ago
Is a 2 part, a week apart, be considered a total distribution?
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8 hours ago
If you remove the !,800 you can use that to offset the 2024 excess by 1,800, (more if your allowed contribution is greater) . This will reduce your 2025 penalty. That's minus (6% of $1,800 ) , pl...
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If you remove the !,800 you can use that to offset the 2024 excess by 1,800, (more if your allowed contribution is greater) . This will reduce your 2025 penalty. That's minus (6% of $1,800 ) , plus income tax on anything the $1,800 earned while in the Roth IRA. If you don't want the complication, pay the full 6% again. @kieranmccllgh1
8 hours ago
Thanks. Is there any issue if the amendment is filed as paper filing via mail?
8 hours ago
Topics:
8 hours ago
If you are getting the HSA_2025 rejection code when trying to electronically file your return, try using the following steps to clear the internal condition that is causing the rejection code. These...
See more...
If you are getting the HSA_2025 rejection code when trying to electronically file your return, try using the following steps to clear the internal condition that is causing the rejection code. These steps have worked for some users to be able to refile with acceptance of their returns.
Also, please note that you should not check the box indicating that you are ‘covered by Medicare’ unless you are receiving Medicare benefits rather than having HDHP insurance coverage. This question is also asking about 2025, not 2026. So if you are covered by Medicare in 2026, this check box does not apply to you.
Use these steps:
Go to Deduction and Credits > Medical > 1099-SA, HSA, MSA and click Update
Continue through the HSA section until you reach the page that asks if you were covered by a High Deductible Health Plan in 2025 and answer according to your situation.
Next, check any appropriate boxes on the page that asks Do any of these situations apply to you? (This is where it is important to be accurate about whether you were receiving Medicare benefits during 2025).
The next page asks what type of HDHP coverage did you have in 2025. Check the box that says ‘I had different plan types at different times of the year’, then click Continue.
On the next page, select the type of coverage for each month of the year according to your situation. (If you were covered by Medicare in 2025, indicate that you had Medicare or None for any month you had Medicare coverage.)
Continue through the process to answer the same set of questions for your spouse, if applicable.
Keep clicking Continue until you are back at the main Deductions and Credits page.
At this point, you can go through the error check process and refile your return.
@DAuman
@jrbunke
8 hours ago
Foreign retirement plan - Canada - required to be reported as Foreign financial asset?
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8 hours ago
To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January for the prior year, go to Federal on left or at top (Personal for Home & Business) Deductions and...
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To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January for the prior year, go to Federal on left or at top (Personal for Home & Business) Deductions and Credits Then scroll way down to Estimates and Other Taxes Paid Estimates - click the Start or Update button When you click in the left column tab for Deductions & Credits, it may take you to a page called "Your Tax Breaks. Lower on that same screen should be a button or link for "Add more tax breaks" or "Show more tax breaks" or similar wording. When clicked, then the screen should expand, and all the deduction topics are displayed including "Estimates and Other Taxes Paid." Then that topic can be expanded further to get the subtopic Estimated Tax Payments.