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a week ago
April 2025 was my first time using TurboTax and forgot to add carryover losses from prior years.
Now, went through Schedule K1 -> Partnerships/LLC (Form 1065) -> Report Carryovers - Regular Tax, and...
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April 2025 was my first time using TurboTax and forgot to add carryover losses from prior years.
Now, went through Schedule K1 -> Partnerships/LLC (Form 1065) -> Report Carryovers - Regular Tax, and see 2 options:
- Box 1 - Ordinary Income
- Box 2a - Ordinary Income
Which of the above 2 boxes should I use to enter the carryover losses?
a week ago
What taxes and fees are you talking about for the estate? We were told from the beginning we could not touch the money until the very end when it would be divided. Which means the estate couldn't p...
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What taxes and fees are you talking about for the estate? We were told from the beginning we could not touch the money until the very end when it would be divided. Which means the estate couldn't pay for anything. So I paid all legal and other expenses for the estate from 2020-2023 out of my own pocket. I was paid back by the estate before the money was divided. Was I able to write any expenses off on my personal taxes for paying the estate bills? Could I amend my taxes to do so? I am looking for an accountant now, but find way more "Tax Prep" services than CPA's online. And very few Enrolled Agents. This is definitely way above our heads so a professional is needed. Just not sure what type is best.I guess it was too much for H&R Block as well. They never mentioned anything but the 1099 forms the estate received. Lastly, since we didn't know about this last 1099, what started the search was a tax bill from the state. With large penalties and interest. I called them directly and told them the estate was now closed and had proper documentation. The state tax person on the phone said ok and would wipe away the bill. They sent us a letter saying the "matter was closed", but that's all. IF we figure this last 1099 situation out with the federal taxes, will the state then come back at us? Even though we have a letter saying the matter was closed. She did not put a balance of $0.00 on the letter, even though I asked her to do so. This is getting insane!! Thank you all for your help.
a week ago
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a week ago
1 Cheer
Just checking ... are you a US Citizen or US tax-Resident? If not, TurboTax is not able to prepare the kind of tax return that you need.
a week ago
TurboTax shows files and that it was accepted in February but the IRS website shows the discrepancy
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a week ago
To enter or delete the amount you paid with an extension (including state extension) go to Federal Taxes (or Personal Tab for desktop H&B version) Deductions and Credits Then scroll way down to Es...
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To enter or delete the amount you paid with an extension (including state extension) go to Federal Taxes (or Personal Tab for desktop H&B version) Deductions and Credits Then scroll way down to Estimates and Other Taxes Paid Other Income Taxes - Click the Start or Update button Next page second section Payments with Extension Either Visit All or Click Start or Update by the extension you paid
a week ago
did you get a state k-1? and those should be appearing on it. specify the state and someone may be able to help you further.
a week ago
here's a link to its 2024 tax booklet and i don't see what you mention anywhere.
file:///C:/Users/MIKE/Downloads/Cedar%20Fair%20L.P.%202024%20Tax%20Instruction%20Booklet.pdf
CF is a Publ...
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here's a link to its 2024 tax booklet and i don't see what you mention anywhere.
file:///C:/Users/MIKE/Downloads/Cedar%20Fair%20L.P.%202024%20Tax%20Instruction%20Booklet.pdf
CF is a Publicly traded partnership and PTPs don't report income/losses on form 8582.
a week ago
I contributed various amounts to employer sponsored post-tax 401k plan and converted those to Roth instantly at contribution. However, I realized that I have not filed 1099-R for years 2020, 2021, 20...
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I contributed various amounts to employer sponsored post-tax 401k plan and converted those to Roth instantly at contribution. However, I realized that I have not filed 1099-R for years 2020, 2021, 2022, 2023. I have now those downloaded from Fidelity website. How do I file amendments? Since these were post-tax contributions, I dont expect any tax liabilities. But I want to ensure IRS has this info now, so at withdrawal time, I don't have a contention on taxes. All my filings were via TT. How do I file 1099-R amendment for 2020, 2021, 2022, 2023 for post-tax 401k rollover to Roth?
a week ago
I don't think you're going to see much implementation of the 25 new tax laws in the 24 program - what if section for 25, other than known changes like the old standard deduction. most of the change a...
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I don't think you're going to see much implementation of the 25 new tax laws in the 24 program - what if section for 25, other than known changes like the old standard deduction. most of the change affect tax credits and itemized deductions /standard deduction which have no effect on MGI. the items affecting magi the the tip deduction - will that affect MAGI or just taxable income. the same with overtime . there will be a charitable deduction for non-itemizers and bonus depreciation will be 100% subject to certain restrictions Before these changes can be implemented for Turbotax 2025, IRS has to write the regulations of how these changes are to be implemented/work.
a week ago
1 Cheer
DO NOT check the box saying that you got it in 2022. Just leave the one box checked that says "I got it in 2024." Do not check any of the other boxes. If you check "I got it in 2022" or "I intend to ...
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DO NOT check the box saying that you got it in 2022. Just leave the one box checked that says "I got it in 2024." Do not check any of the other boxes. If you check "I got it in 2022" or "I intend to get it in 2025" TurboTax will report the income as business income on Schedule C and you will have to pay self-employment tax on it.
And on the next screen, that asks if it involved an intent to earn money, select No.
a week ago
Only the IRS knows what all it is doing with your return. Here are some things to check: First, you need to be sure the return was successfully filed. It depends on how you chose to file the re...
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Only the IRS knows what all it is doing with your return. Here are some things to check: First, you need to be sure the return was successfully filed. It depends on how you chose to file the return. If you filed a paper return by mail, TurboTax does not mail it for you. If you chose that method, you would have had to print it, sign it, date it, and mail it yourself. It takes at least 4 weeks for a mailed return to show up in the IRS WMR tool. If you efiled, double-check to be sure the return was efiled successfully and accepted. If you used Online TurboTax, you can sign into your Online Account and check the efile status at the Tax Home. What word is used there for the status: accepted, rejected, printed, started, ready to mail, or something else? If that showed it was accepted, (or if you mailed a paper return), you can use the "Where's My Refund" tool at the IRS website below to monitor the status of your Federal refund. Is there any message there? https://www.irs.gov/wheres-my-refund Here are some tips when using that IRS tool: Be sure you enter the correct tax year, SSN, and filing status. Be sure you are using only the Federal refund amount. Do not include any state refund or any total refund or net refund (Fed and State) that TurboTax may have provided on a summary screen. Look at your actual Federal return to get the Federal refund amount to use in the tool, i.e., your Form 1040, Line 35a.
a week ago
1 Cheer
Yes. You can have both installed at the same time. To amend a return you did somewhere else or you don't have the original.tax file, you would first have to fill out Turbo Tax like you are doing ...
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Yes. You can have both installed at the same time. To amend a return you did somewhere else or you don't have the original.tax file, you would first have to fill out Turbo Tax like you are doing the original return. You have to recreate the actual wrong original return. Then when it matches each line that you really filed you have to tell Turbo Tax you will mail it so it thinks it was filed. Then you can amend it. You will have to mail the amended returns. Mail them in separate envelopes. You can buy the Desktop Download program directly from Turbo Tax here, https://turbotax.intuit.com/personal-taxes/cd-download/ You can buy the Window's Business DIY program here….. TurboTax® Business Desktop 2023-2024 | Tax Software Download
a week ago
My now ex-tax preparer made a mistake that I didn't catch on the 1065 which raised my personal taxes significantly for 2024. She now wants $$$ to file an amendment for the 1065 and 1040. Can I use De...
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My now ex-tax preparer made a mistake that I didn't catch on the 1065 which raised my personal taxes significantly for 2024. She now wants $$$ to file an amendment for the 1065 and 1040. Can I use Deluxe and Business to file an amendment for 2024? I understand I will have to enter all the data from scratch.
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a week ago
Oh, what code is in the 1099R box 7? That usually tells you why you got it.
a week ago
Did you get a 1099R? That is if you took a IRA or 401K or retirement withdrawal. Or did a rollover. Or got a pension or other reasons. If you don’t know why you got one then ask the plan why....
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Did you get a 1099R? That is if you took a IRA or 401K or retirement withdrawal. Or did a rollover. Or got a pension or other reasons. If you don’t know why you got one then ask the plan why. Enter a 1099R under Federal Taxes Wages & Income Then scroll way down to Retirement Plans and Social Security Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start
a week ago
It just wants to know if you got it before. Not if you reported it or not. So say yes. Are you doing a 2024 return? So you didn’t get that income in 2023? I wonder why it asked about 2022?