All Posts

The IRS does track wash sales regardless of size, but amounts less than $0.50 are typically rounded to zero on tax forms (Form 8949) and in software. While brokers must report wash sales on Form 1099-B, tiny disallowed losses (e.g., less than one cent per share) are not likely to create a taxable difference or cause an audit.    Please see this TurboTax tips article for more information about the wash sale rules.

i don't think it's as simple as filing an amended return for 2024. You seem to be changing accounting methods. That requires filing Form 3115.  Expensing inventory in 2024 may have been allowable under the small business exception and reg  1.471-1(b) (3) Methods of accounting under the small business taxpayer exemption. A taxpayer eligible to use, and that chooses to use, the exemption described in paragraph (b) of this section may account for its inventory by either: (i) Using a method that treats its inventory as non-incidental materials and supplies (section 471(c) NIMS inventory method), as described in paragraph (b)(4) of this section; or (ii) Using the method for each item that is reflected in the taxpayer's applicable financial statement (AFS) (AFS section 471(c) inventory method); or, if the taxpayer does not have an AFS for the taxable year, the books and records of the taxpayer prepared in accordance with the taxpayer's accounting procedures, as defined in paragraph (b)(6)(ii) of this section (non-AFS section 471(c) inventory method). (4) Inventory treated as non-incidental materials and supplies—(i) In general. The costs of inventory treated as non-incidental materials and supplies are recovered through cost of goods sold only in the taxable year in which the inventory is used or consumed in the taxpayer's business, or in the taxable year in which the taxpayer pays for or incurs the cost of the inventory, whichever is later. Inventory treated as non-incidental materials and supplies is used or consumed in the taxpayer's business in the taxable year in which the taxpayer provides the inventory to its customer. The costs of inventory are treated as non-incidental materials and supplies under this paragraph (b)(4) are not eligible for the de minimis safe harbor election under § 1.263(a)-1(f)(2     i don't think  you had an applicable financial statement as defined in IRC 451(b)(3) { irc (471(c) redirects to 451)b) for the definition of AFS  (3)Applicable financial statement For purposes of this subsection, the term “applicable financial statement” means— (A)a financial statement which is certified as being prepared in accordance with generally accepted accounting principles and which is— (i)a 10–K (or successor form), or annual statement to shareholders, required to be filed by the taxpayer with the United States Securities and Exchange Commission, (ii)an audited financial statement of the taxpayer which is used for— (I)credit purposes, (II)reporting to shareholders, partners, or other proprietors, or to beneficiaries, or (III)any other substantial nontax purpose,  but only if there is no statement of the taxpayer described in clause (i), or (iii)filed by the taxpayer with any other Federal agency for purposes other than Federal tax purposes, but only if there is no statement of the taxpayer described in clause (i) or (ii),   perhaps others will offer their thoughts as to whether to amend, Form  3115 is required or continue to expemse year-end inventory      Not sure of the entity type that is reporting this activity. If you amend, it is possible that not only would income taxes be owed but penalties and interest. Consulting a professional is certainly advisable. because you may also have to change your overall method of accounting       Mandatory accrual accounting is tied to the handling of physical goods. Treasury regulations require any taxpayer for whom the production, purchase, or sale of merchandise is an income-producing factor to maintain an inventory system to clearly determine income. When inventories are necessary, a business must generally use the accrual method for its purchases and sales to match costs against revenue.

There is a place to enter estimated tax payments for Indiana, but you can find this in the Deductions & Credits section, rather than State Taxes.   In Deductions and Credits, choose Add more deductions, then Estimates and Other Taxes Paid > Estimated Tax Payments > State estimated taxes for 2025. Here you can enter Indiana or any other state estimated payments for 2025.

@MaryK4thank you very much.  When I ran the returns the NJ Resident return reports the sale of my home.   My other question is how to handle when the PA State asks me if I have double taxed income. I said "No" and then it is asking for gross compensation, dividend income, etc.  Is that correct?  I am not sure how to fill that out because the directions aren't clear to me and:   1. On the NJ Resident Return, NJ state income taxes were taken from my income. 2. On the NJ Non-Resident Return, NJ asks what I earned as a PA resident and then wants me to pay more income taxes. 3. On the PA Return, PA state income taxes were taken from when I moved to PA. @MindyB 

Open your return and select Federal > Other Tax Situations > Other Tax Situations Summary > Add more tax situations. Find Apply Refund to Next Year and click Add/Start. On the next screen, you can choose to apply all of your overpayment or enter a specific dollar amount to carry forward to 2026.  

Are you referring to the Exclusion Amount on the Retirement Exclusion Worksheet?  If so, many pension distributions are not subject to the Hawaii income tax.   Hawaii Revised Statutes (HRS), states that certain kinds of pensions, whether paid by public or private employers, are not subject to the Hawaii income tax.   Hawaii allows a subtraction for qualifying pension distributions from:   Pension or annuity distributions from a public retirement system (such as Federal civil service annuity, military pension, state or county retirement system, and Distributions from a private employer pension plan received upon retirement if the employee did not contribute to the pension plan.

Generally, you can e-file your 2024 amended tax return using TurboTax if your e-filed your original tax return using TurboTax.   To amend your 2024 tax return using TurboTax Online follow the instructions below. Make sure you have a copy of your original federal and state tax returns.   Sign in to your TurboTax account Under Tax Home, scroll down to Your tax returns & documents and select 2024 Select Amend (change) return Select Amend Using TurboTax Online Follow the prompts on the next screens and answer the questions On the Tell us which 2024 return(s) you want to amend screen select  which tax returns you want to amend (both if you completed both federal and state) and select Continue Once you indicate why you want to amend your return, the refund/balance due sets to $0 Follow the prompts to amend your tax return For additional information on amending your 2024 tax return, review the following TurboTax articles: Video: How to Amend Your Tax Return,  How to File an Amended Tax Return with the IRS, and  How do I amend my federal tax return for a prior year?   Refer to the TurboTax article Can I e-file my federal Form 1040-X amended return? for information,  

Since you are using a Desktop version of TurboTax, you can go to Forms Mode, select Form 2210, and click on the Print button to print out the form. If there is nothing on Page 2 of the 2210, that page won't be printed.   TurboTax will include with your e-file any forms and schedules that the IRS requires to process your return based on your entries.   If you have information on Page 2 of the 2210, and you are not able to print it or save it to a pdf, and you would like to share a sanitized version of your tax file for further analysis, see below:   In order for us to troubleshoot this issue, you can send us a “diagnostic” file that has your “numbers” but not your personal information. If you would like to do this, here are the instructions for TurboTax Desktop users:   From the black bar at the top of your screen, select Online Click Send Tax File to Agent Click Send on the message that pops up TurboTax will create a "sanitized" copy of your return information with no personal info Post the full token number here in this thread @DSG4 

Wow! It's understandable that Safari on Mac doesn't work when called from a Windows virtual machine, it makes very little sense that the default browser Edge wouldn't work and it's astounding that Chrome doesn't work since that's the one that is most recommended as compatible. While this is more likely an Intuit problem than a Fidelity one, Fidelity strongly recommends Chrome and it is really the only one that Fidelity considers compatible fully with their website.

You can still file your 2022 tax return by using the TurboTax desktop download version. You can purchase the software here: TurboTax® 2022 Prior Year Tax Prep - File Past Years' Taxes.    Please note that you will need a full Windows or Mac computer to install and run the program. Keep in mind that it is now too late to start a 2022 or prior-year return using the TurboTax Online service or the mobile app, as e-filing for 2022 is no longer available.

I downloaded the desktop version last year (feels circa 2001) and tried to go back to online this year. It was a pain to try to import my return and continue. This year's online version is worse than desktop. I typically work through the sections out of order and go back to fill in other sections as I gather my documentation. The new flow makes it hard to find sections that you've previously skipped.  Be aware, if you try to switch back to online next year - it will only partially import the data from your previous return and you will have to type it in yourself. So frustrating!

I am having the similiar problem. Using desktop version of TT, I am able to import 1099-div, 1099-int, but nothing showed for 1099-B, from fidelity. I have to manually enter my stock trans info. is it normal? I don't remember I did this last year. thanks