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yesterday
You can't change the year. You have to start your 2023 tax return over from scratch in the 2023 software. Separately, as DoninGA said, you have to file an amended return for 2024 to remove the 2023 i...
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You can't change the year. You have to start your 2023 tax return over from scratch in the 2023 software. Separately, as DoninGA said, you have to file an amended return for 2024 to remove the 2023 information that you entered and include only 2024 information.
The tag below your question says that you are using TurboTax Free Edition. There is no free filing for past years.
yesterday
@rjs Thanks for the explanation.
yesterday
1 Cheer
As far as income tax is concerned, if you form a partnership, the partnership has to file its own Form 1065 partnership tax return, separate from your Form 1040 personal tax return. The partnership t...
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As far as income tax is concerned, if you form a partnership, the partnership has to file its own Form 1065 partnership tax return, separate from your Form 1040 personal tax return. The partnership tax return includes a Schedule K-1 for each partner. Each partner has to enter information from his Schedule K-1 in his personal tax return.
You might be subject to other business taxes, besides your regular income tax, in New York. This would be true whether it's a partnership or some other form of ownership. If you hire someone as an employee you would have to deal with New York employment taxes. For at least the first year you should have a tax professional, preferably in New York, show you how to handle the taxes and prepare the tax returns for the business.
There are other considerations that you have to pay attention to besides taxes. You should consult a small-business lawyer in New York for advice on how to set up the business. And consult an accountant (who might also be your tax expert) to show you how to keep financial records for the business.
yesterday
We cannot tell you how much the tax will be. It depends on your other income and many other factors.
You could prepare a dummy tax return will all of your other income, deductions, and credits, t...
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We cannot tell you how much the tax will be. It depends on your other income and many other factors.
You could prepare a dummy tax return will all of your other income, deductions, and credits, then add the gambling income and see how much the tax increases. If you do that, do not use the same TurboTax Online account that you use for your actual tax return. You do not want to modify your actual tax return. If you create a separate account for the dummy tax return, be sure to keep track of which account you are using for your actual tax return and which account is the dummy.
yesterday
@rjs What do I need to pay attention if it is partnership with someone else (relative, or my brother who lives in NYC). I could either hire someone there or partnership (both sides invest some money,...
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@rjs What do I need to pay attention if it is partnership with someone else (relative, or my brother who lives in NYC). I could either hire someone there or partnership (both sides invest some money, I will put majority of money, while the other party actually runs it most of time).
yesterday
I understand need to report the full gains on form 8949 and adjust with Code N, to zero, is that it ? or additional forms need to be filed. Some online say I need to file form 1099 B to the partnersh...
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I understand need to report the full gains on form 8949 and adjust with Code N, to zero, is that it ? or additional forms need to be filed. Some online say I need to file form 1099 B to the partnership, but the partnership already filed the return for 2024 including this gain, and distributed K1, so additional 1099 B for 2024 will create confusion, also not seeing anything in IRS rules about 1099 B for nominee not receiving 1099 B. Coinbase does not report to IRS, and 8949 is under Box F.
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yesterday
Yes, you have to file your federal tax return, a New York nonresident tax return, and a Virginia resident tax return.
yesterday
@rjs Thanks. so I do need to file with IRS, NY, and VA.
yesterday
When you prepare your New York nonresident tax return in TurboTax, it will ask you to identify which income is from New York.
All of your income is subject to tax by Virginia, the state that you ...
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When you prepare your New York nonresident tax return in TurboTax, it will ask you to identify which income is from New York.
All of your income is subject to tax by Virginia, the state that you live in, no matter where the income is from. You will get a credit on your Virginia tax return for part or all of the tax that you pay to New York. Prepare your New York nonresident tax return first, then your Virginia resident tax return, so that it can correctly calculate the credit.
@VAer wrote:
I post here because it is great public forum.
Well, that's a good reason to use TurboTax, isn't it?
yesterday
I had a computer crash and need to reactivate my Turbotax 2022 It won't accept my activation code Error Code 603 Please help Thank you
yesterday
Thank you! The where’s my refund was able to find the m1pr and says it’s accepted and the refund is processing.
yesterday
If your fees were that high, you must have used "Live" online software, so you should talk to your expert.
You can arrange for the Live help you are paying the extra fee for with your question...
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If your fees were that high, you must have used "Live" online software, so you should talk to your expert.
You can arrange for the Live help you are paying the extra fee for with your questions from 5 a.m. to 5 p.m. Pacific time Monday - Friday.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-setup/connect-tax-expert-turbotax-live/L73wOZD5D_US_en_US?uid=m8zw1pbb
yesterday
Currently, I live in Virginia, Virginia is the state for me to report salary income and stock/option capital gain. Now if I do some business in another state, e.g. open a gas station (or convenie...
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Currently, I live in Virginia, Virginia is the state for me to report salary income and stock/option capital gain. Now if I do some business in another state, e.g. open a gas station (or convenience store or something else) in NYC (hire my brother or relative to run it; or partnership, both sides invest some money), how does tax filing work in this case? I will buy a small apartment in NYC if doing business there, and would like to go there almost every weekend. Virginia is still my primary residence address. If I report all income sources in form 1040, how TurboTax know which income is from which state? How can TurboTax correctly direct me to both states? Business is in different state (not my address in 1040 form). It is a general question, can software correctly direct me to different states? I don't always use TurboTax, sometimes I use FreeTaxUSA. I post here because it is great public forum.
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yesterday
1 Cheer
TurboTax does not receive any information about your refund after you file your tax return. The way to know that a mailed return was received would be to use a mailing service like certified mail so ...
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TurboTax does not receive any information about your refund after you file your tax return. The way to know that a mailed return was received would be to use a mailing service like certified mail so that you get a confirmation that it was received. You can track it yourself:
To check the status of the rent credit in MN
http://www.revenue.state.mn.us/individuals/individ_income/pages/draft-wmr-context-page.aspx
https://www.revenue.state.mn.us/wheres-my-refund
yesterday
I had to amend my 2024 return in order to add and print the m1pr. I was able to efile the amended federal, but I had to mail the state and the m1pr. I don’t know if they received either yet or if th...
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I had to amend my 2024 return in order to add and print the m1pr. I was able to efile the amended federal, but I had to mail the state and the m1pr. I don’t know if they received either yet or if they’re busy..
yesterday
You can enter the phone number of a U.S. relative or friend.
You can also use a "dummy number" like 800-555-1212. The IRS recognizes this as a placeholder and will send mail if they have any ques...
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You can enter the phone number of a U.S. relative or friend.
You can also use a "dummy number" like 800-555-1212. The IRS recognizes this as a placeholder and will send mail if they have any questions.
yesterday
You will be taxed at your marginal tax rate.
yesterday
@susan036 TurboTax does not provide support or updates for tax software earlier than 2021. Sorry.
yesterday
No one in the user forum can resolve a billing issue. If you have a question about your TurboTax fees or billing, make sure you use the word “billing” in your request for help. Do not use the word ...
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No one in the user forum can resolve a billing issue. If you have a question about your TurboTax fees or billing, make sure you use the word “billing” in your request for help. Do not use the word “refund.”
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/contact-turbotax/L2y9ZKpQB_US_en_US?uid=m5s9l2vh