All Posts

sorry but Turbotax doesn't use most, if not all, of that info in box 20 and in many cases some of this info is not relevant.      20Z just enter the QBI income or loss then Turbotax will later ask for all the QBI info 20AB indicates you sold some or all of your interest in the entity. it gets report as ordinary gain in the sale section of the k-1. also, you can't use the 1099-B for the basis. the broker really doesn't know what it is. you should have gotten a supplemental sales report that will allow you to compute your correct tax basis.   see k-1 instructions https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf  20zz#### is nonstandard so you have to read what it says and then research what to do with it if anything. this is one of the issues with investing in MLP/PTP   

you had nonqualifying use during the first time it was rented 8/2011-8/2020 (the second rental period is ignored since it's after you used it as your personal residence) IRC 121(b)(5)   your ownership was 8/2011 - 3/2024 so your nonexludable gain is period of nonqualifying use divided period of ownership times your exclusion amount or gain whichever is smaller   your actual gain is  sales price - selling expenses - cost of property reduced by depreciation allowed or allowable so it would seem your actual gain is more than the $100K (when depreciation taken is considered). however, depreciation does not seem correct. you rented it for about 9.5 years. the depreciable life is 27.5 years (NON-foreign property) 30K/9.5 is about $3.2K per year which means depreciable basis would be about $80K+ making land about $220K-. if I'm correct run to a tax pro because the IRS requires you to compute gain using the larger of allowed (your $30k apparently) or allowable amount and it seems the allowable amount is larger than what you took.    excludable gain would be the total gain less the nonexcludable gain   selling the property should release all the suspended losses. However, since there was rental use followed by personal use followed by rental use, I don't know if the sale can be properly handled through schedule E - rental worksheet      

My previous understanding is same as what you mentioned. However, I checked on IRS website, what they say seems to be different from my understanding: please see following context: "If you apply for an ITIN on or before the due date of your 2024 return (including extensions) and the IRS issues you an ITIN as a result of the application, the IRS will consider your ITIN as issued on or before the due date of your return" "You must have an ITIN assigned … by the due date of your tax return (including extensions) to be eligible to claim certain credits. … The ITIN assignment date is generally the date the IRS receives your ITIN application package if no other action was needed."    

No.  Even though the full amount shows up in the total income, if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from Schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return. In the online version you need to save your return as a pdf file and include all the worksheets to see it.

To anyone looking for a follow up to this, unfortunately, I was not able to resolve the issue. I printed all the forms, filled out documents, and supporting documentation and will mail it to the IRS on Monday to make the Oct 15th deadline.  To be fair, an admin did message me to see if I figured out a resolution myself and I let them know I was not able to solve the desktop software issue.   Always make sure to keep a back up of your originals and all filed out documents. It really helps when you do have to manually print to file.    Good luck all.

Are you trying to enter a 1099 Interest?  You should be able to manually enter it.  Are you using the Online version or the Desktop program?  This  year they changed how to enter interest & dividends.  Nobody likes it.    Did you transfer from last year?  To  manually enter, don't enter the bank name and click Skip Import at the bottom THEN....should be a screen with 5 boxes, Interest, Dividends, Stocks, Bonds, Mutual Funds, Cryptocurrency and Other. Are you using the Online version or the Desktop program?   In my Windows Desktop program I found… If you transferred from last year you get to a list of all your 1099s. To enter the amount click on Review which takes you back to the beginning screen to import your tax info or go to the bottom and Skip Import. Then you get the screen with 5 boxes. Pick the kind of 1099 and Continue. Then that 1099 will show up.    

Thanks! I finally figured out that the problem was that for some reason the 2022 didn't carry over - and when I found the place to enter that information (which took some sleuthing) and put in the right number then the schedule D also showed up. Thank you for your help. 

Try the Social Security Admin - there is a fee https://www.ssa.gov/faqs/en/questions/KA-02501.html    I'm shocked about your inability to get info from the IRS if you can properly identify yourself to them. If you register for ID.ME you should be able to access the info online - no state info for w-2s so if you need that your only option is above.  or file form 4506-T (no state info) https://www.irs.gov/pub/irs-pdf/f4506t.pdf  transcript info https://www.irs.gov/individuals/transcript-types-for-individuals-and-ways-to-order-them   

@ lensilver000 wrote: i dis an extension to file in April 2025 and have now completed my 2024 tax forms. i want to use the refund towards my 2025 estimated payments. but I cannot, why?   The IRS is happy to keep your money any time of year.  😁     What are you doing when it makes you think that you can't apply the 2024 Federal refund (overpayment) toward 2025 taxes?   Maybe you haven't gone through the right section yet.   You appear to be using Online TurboTax.  Have you gone through the "apply overpayment" portion of the interview?  It is entered in the section "Other Tax Situations>Additional Tax Payments."   Here are a couple of shortcut methods to get there, and I'll also post the regular navigation at the end, too.   You should be able to use one or all of these 3 methods.   If you reach a roadblock, please describe why you are unable to choose to apply the Federal refund to next year's taxes.  I just tested a scenario and don't encounter any roadblock.   With your return open, click the Search icon (magnifying glass) at the top. Enter this phrase exactly without quotes:  apply Federal refund to next year and then click the adjacent magnifying glass.  Note: while entering, ignore any dropdown menu suggestions. Then click the link Jump to apply Federal refund to next year.   Or if you have trouble with that method, here's another shortcut method to get there that doesn't use a "Jump to" link:   With your return open, go the left menu column and click on TAX TOOLS, then subtab TOOLS. In the Tools window, choose TOPIC SEARCH. In the search line enter apply Federal without quotes. In the results list select apply Federal refund to next year and click GO.   Or here's the regular navigation method: Go to the left column and click on the Federal tab. Then click on subtab Other Tax Situations. If presented, go through screens of the "uncommon tax situations" interview. You'll eventually get to a screen that says "All uncommon situations." Scroll down to topic "Additional Tax Payments" and click the arrowhead to expand that section. That topic will expand, and you will see a subtopic "Apply Refund to Next Year."