All Posts

Thank you so much @pk for confirming this. Internet blogs are full of this misconception that this capital gain will not be taxed by USA once we become NRA since we have already paid regular taxes when these stocks were vested to me. I don't know how even chatGPT and even few other firms' blogs are saying same thing that there will not be any tax imposed by USA.   Also, will the tax rate always be flat 30% or there will be slabs based on Capital gain income

I already sent you a response on Thursday, but have not received an answer yet.  Since then I have also noticed that on page 8 of the instructions it says Do not separately report the assets held by the plan, but I take that to mean you do not have to declare the individual funds the pension invests in, rather than not having to fill out line 35 or 36.  Please kindly advise me the answer to my original question and if I am correct about what I just read.

To cancel Advantage account https://ttlc.intuit.com/community/downgrading/help/how-do-i-cancel-my-turbotax-advantage-subscriptio... If you get charged for the Desktop program but can't install it, Turbo Tax has a special offer to move to the Online version. See info at the bottom of this Windows 10 End of Life article…… https://ttlc.intuit.com/community/articles/community-news-announcements/turbotax-windows-10-desktop-...

You are looking at the estimated dates those forms will be available for printing to file, or to efile. While changes could still be made (and actually, well after those dates too), the forms in the product right now are useful for estimates. Schedule D, 1099-B, 1099-DIV were in the Windows desktop product as originally released.   I've been using TurboTax for decades, and I'd say that 90% of the time I spend using the product is between mid-November and late December. Preparing a return for filing in Feb/Mar/Apr is the easy part for me.

if hoping to use 2025 version for estimation, Schedule D in desktop is not scheduled to be available until January as of now you can't put in a 1099B for cap gain/loss at least thru interview mode.  VA state is not available yet either, can't download it yet, presumably same for other states.  See https://form-status.app.intuit.com/tax-forms-availability/formsavailability?albRedirect=true&product=Turbotax_online&bu=cg  

You'll have to contact product support at the link below. Does your laptop have the required specs to run the program? Is your Windows 11 install running in S mode (TurboTax cannot run in that mode)?   https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/turbotax-phone-number/L0Od33nMQ_US_en_US

See https://ttlc.intuit.com/turbotax-support/en-us/help-article/loans/whats-turbotax-flex-advance/L2Xg6In6b_US_en_US   You'll probably have to call the number listed on that site. I don't think anyone here can assist you with this issue.

@VolvoGirl wrote: Then depending on when he started the LLC he may have been filing every year the wrong way? I suppose we have no real way of knowing.    However, @_John__ wrote, "Starting my 2025 LLC tax preparation and TurboTax Business...". If, by that, @_John__ means he's starting his 2025 fiscal year return (i.e., the one due in February), he's using the wrong edition of TurboTax Business (should be using 2024 TT Business). If the return being currently prepared by @_John__ is for the 2026 fiscal year, that thing is way early as that 2026 fiscal year return isn't due until February of 2027.

It was the California Franchise Tax Board, not the IRS, that assessed the penalty.  The penalty was assessed after I filed.  The IRS advises you to write "Los Angeles County Fires" on the top of the first page of your return if you are mailing the return. Are these returns being similarly flagged as entitled to the automatic extension to October 15, 2025 to file and pay if filed electronically with Turbo Tax? 

You're correct, @VolvoGirl., and this is getting more intriguing since @_John__ 's LLC current fiscal year doesn't end until 11/30/2025 (that's next week and that return wouldn't be due until February).   The 2024 Form 1065 can be used for fiscal years that begin in 2024 and end in 2025, that part is clear. What is NOT clear is why @_John__ is using 2025 TurboTax Business to file a fiscal year 2026 1065 that won't be due until after November 30, 2026 (now thinking a mistake has been made).   If @_John__ is preparing a 2025 fiscal year 1065, the wrong product is being used (it should be the 2024 edition of TurboTax Business).

@user17636513862  1. In my personal view, it is the intent  ( and of course facts and circumstances ) that need to be taken into consideration.  Thus if you spouse left the US  in 2024 for whatever reason, but fully intending to return to your tax home in the USA,  but due to circumstances she changed her mind (/ prevented  from coming back ) and stayed out for all of 2025, then submitted request for cancelling the visa ---- you  can look at this  (a) she has been NRA for all of 2025  because of zero presence, and decoupled from your J-1.  You file MFS and she files nil because NRA with zero US sourced income OR (b)  she was coupled to your visa for all of 2025 --"temporary absence" and retained  the J-2 status till submission of request to cancel J-2 visa -- so you can file MFJ  and include her world income.   Does this help ?  Since this getting beyond "general interest", please consider PM -- just no PII ( Personally Identifiable Information) .   Namaste ji   pk

Thanks, using Dinkytown now.  Had never heard of it, prior.  The complication is, I have no wages to report, was laid off and a senior citizen, now.  I believe the standard deductions for seniors is higher -- I read about some bonus deduction  2025-28.  In other words, very little tax withholding all year, only withheld from unemployment checks and from dividend streams, and then I have to also figure out the number versus 2024 tax paid.  Yes, have used TT for decades now, so I will figure it out now.  Thanks for all the wonderful responses!!

@user5924704 ,  on rethinking through your situation, it may be simpler if : (a) you file the form 1040-NR, recognizing the award income  and  thereafter,  (b) you file your Japan return normally, recognize the award income and then seek  Foreign Tax credit ( from Japan ) per the tax treaty.  While I don't know the mechanism / form to use, the fact that you are a resident and citizen of Japan, would allow you to claim Foreign Tax Credit in Japan.  And much easier probably  ( also because your local tax professional can  help easily ).   Is there more I can do for you ?