All Posts

@DawnC Thank you. That's exactly my problem in Part VI - my solar project was started in 2024 and placed in service in 2025, and it's incorrectly limiting my credit to 30%. I didn't imagine that the Form instructions would be holding up the correction. I assume the incorrect Form 7220 requirement for exempt 1 mW systems is being fixed at the same time? So it sounds like the fix won't be until after 4/15/2026. Do you have a rough ETA, to help us decide whether we should use a different service for our returns, or paper file (for those only affected by the Form 7220 issue)?

For California, AMD from treasury bills/notes are NOT tax-exempt according to this:   FTB says Accrued U.S. Treasury bond market discount interest is subject to California tax. In response to an inquiry by Spidell Publishing, the California Franchise Tax Board said accrued U.S. Treasury bond market discount interest is subject to California tax. The market discount interest isn't paid by the U.S. Treasury, so it isn't eligible for an exclusion. It is taxable as ordinary interest income. The income does not represent tax-exempt interest earned on a federal obligation. (Spidell's California Taxletter, October 2024, p. 11, "California treatment of U.S. Treasury bond accrued discount income.")   https://taxtrimmers.com/bottomline/2024-10.shtml   From my experience, if you hold the treasury bills/notes to maturity, the interest will automatically show up on box 3 of 1099-INT and hence tax-exempt.

I appreciate the comprehensive answer relevant to SALES  of I-shares of gold and silver. My question, however, pertains not to sales but to monthly adjustments which are often just a few cents or dollars. These are reported on 1099-B forms. Since such adjustments are made to pay expenses, they may result in loses and not gains.  I recall asking an IRS agent several years ago how to handle the situation. He stated that the data should be treated as short-term gains. Thus, they would not be taxed as collectibles. If he is correct and this treatment still applies, then providing 1/01/2025 as the date required might be the solution.  I look forward to further information and/or debate. 

I'm glad I'm not the only one.  Did you ever have any luck getting 2020 to work.  I too have no problem with 2019 -2025.  Except for 2020.  2018 tax documents are not available on your account page but Inuit will send you a downloadable link.     Which they should be able to do for the product as well! it does not make any sense.

Thanks. Two minutes ago, I submitted my return simply adding the income back as though it had been a combat tax deduction. I could not fail to add it back and didn't see this other way. Bottom line on tax is the same. I hope it won't be a problem.

In the California return, on the same screen where you see "Combat zone foreign earned income", scroll down to the bottom of the page to "Other Adjustments to Income" and click on Start.  Next, enter "Foreign Earned Income Excluded on Federal Return" and the amount you excluded on your federal tax return.