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Sunday
We forgot to add an expense of wages for one of our businesses.
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Sunday
1 Cheer
An S-Corp, if it wants to stay compliant, even if legally formed as an LLC, cannot intentionally make disproportionate distributions, because that would violate the single‑class‑of‑stock rule. Ac...
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An S-Corp, if it wants to stay compliant, even if legally formed as an LLC, cannot intentionally make disproportionate distributions, because that would violate the single‑class‑of‑stock rule. Accidental or temporary disproportionate distributions do not automatically terminate S‑corp status, as recent Tax Court cases have confirmed.
So for an LLC taxed as an S‑corp:
✔ Allowed
Temporary or accidental disproportionate distributions
Unequal distributions caused by bookkeeping errors
Situations where governing documents still give equal rights
✘ Not allowed
Intentional disproportionate distributions
Operating agreements that give different economic rights
Patterns that look like disguised compensation or loans
If it were determined that a second class of stock exists and the S-Corp election is terminated, one result could be that the S-corp income allocated to members would become subject to self-employment taxes.
Then you get billed for the taxes, interest and penalties.
Sunday
Used turbotax for years and I've never run into this issue before. When reviewing my personal info and selecting next from the first page, it goes directly into dependent information and shows my wife...
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Used turbotax for years and I've never run into this issue before. When reviewing my personal info and selecting next from the first page, it goes directly into dependent information and shows my wife as a child dependent. There are no links to edit any information that I can find. Online chat was no help. Anyone else run into this issue?
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Sunday
My daughter gets survivors social security benefits. She doesn’t work and has no other income. I file for her as a dependent on my taxes. Do I need to report her benefits on my taxes since she’s my d...
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My daughter gets survivors social security benefits. She doesn’t work and has no other income. I file for her as a dependent on my taxes. Do I need to report her benefits on my taxes since she’s my dependent? Or does she needs to file her own taxes and can’t be filed as my dependent?
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Sunday
Be aware that The System can throw a curveball that has nothing to do with "TurboTax forcing me to upgrade to Windows 11"... In my case my primary PC gave up the ghost a few weeks ago. That was ...
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Be aware that The System can throw a curveball that has nothing to do with "TurboTax forcing me to upgrade to Windows 11"... In my case my primary PC gave up the ghost a few weeks ago. That was a barebones system that I built myself, running Windows 10 and as I noted here previously, Oracle VirtualBox with multiple virtual machines -- including a VM that I upgraded to Windows 11 in order to install TurboTax for TY 2025. Time constraints would not allow me the luxury of building a replacement system so I went ahead and purchased a pre-built name brand (ugh!) laptop PC. I chose Dell as the provider (mostly because they tend to have less bloatware than some of the other big names, and holiday deals were cheap!) and of course I was stuck with Windows 11 (Home edition). Dell also explicitly supports Ubuntu on their PC hardware and that accords with my long-term plans to ditch Windows entirely... For now my new PC runs Windows 11 and TurboTax still runs in a separate virtual machine. Eventually I will wipe the OS partition and install some Debian-based Linux distro, but even then I won't be able to escape the Windows 11 requirement for TurboTax without running a virtual machine. Wine and Bottles or some other Win32 API subsystem may allow me to run TurboTax directly under Linux but I haven't tested that hypothesis yet. Ditching Windows completely may come down to just forsaking tax preparation programs altogether in favor of PDF forms, mad calculator skills, and printing reams of paper for physically mailed returns. The point here is that there's no escaping what Microsoft and Intuit calls "progress" unless you hop off that train altogether. I'm not that much of a Luddite just yet, but every day I spend using Windows 11 is definitely pushing me in that direction. 😾
Sunday
When I finished my taxes and got to the checkout, selecting how I would like to receive my refund, I didn't see the option to apply for a refund advance. I called and spoke to an agent and was told "t...
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When I finished my taxes and got to the checkout, selecting how I would like to receive my refund, I didn't see the option to apply for a refund advance. I called and spoke to an agent and was told "the form isn't ready yet and probably won't be until the 26th of January". After ending the call I was able to find a helpful article that states the application opened on December 19th..
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Sunday
I need to amend two tax returns since turbo tax did not carry forward the qbi loss from 2022 to 2023 or 2024 even though it was calculated correctly
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Sunday
How to find your 1095-A online
Log in to your account.
Under "Your Existing Applications," select your 2025 application — not your 2026 application.
Select “Tax Forms."
Download all 1095-As...
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How to find your 1095-A online
Log in to your account.
Under "Your Existing Applications," select your 2025 application — not your 2026 application.
Select “Tax Forms."
Download all 1095-As.
Get screen-by-screen directions, with pictures (PDF, 504 KB).
To enter your 1095A go to Federal>Deductions and Credits> Medical>Affordable Care Act (Form 1095A)
If you had health insurance from the marketplace, when you applied for the insurance, you gave healthcare.gov an estimate of how much income you would receive in 2025. They used that amount to calculate how much of the insurance premium would be covered by the tax credit and how much would be your amount to pay. So...you had some monthly amounts to pay, and the rest of the cost of having that insurance was paid by the government program.
If you ended up making a higher income than you told them you would receive, they re-calculate how much should have been paid by the program and how much should have been paid by you. And if your own share of the cost should have been more, they get it back on your income tax return.
If you actually had less income, you could even get some of the share you paid back on your tax return.
Sunday
2025 STANDARD DEDUCTION AMOUNTS
SINGLE $15,750 (65 or older/legally blind + $2000)
MARRIED FILING SEPARATELY $15,750 (65 or older/legally blind +1600)
MARRIED FILING JOINTLY $31,500 (65 ...
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2025 STANDARD DEDUCTION AMOUNTS
SINGLE $15,750 (65 or older/legally blind + $2000)
MARRIED FILING SEPARATELY $15,750 (65 or older/legally blind +1600)
MARRIED FILING JOINTLY $31,500 (65 or older/legally blind + $1600)
HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)
For 2025 through 2028 there is an extra deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out above certain incomes.
The $6,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e. Turbo Tax automatically includes it.
IRS Schedule 1-A https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf
Sunday
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Sunday
Not sure what you mean by a "12th form." Do you mean a W-2? There is nothing called a "12th" form. if you entered something in the wrong place, then go back to that income entry screen and d...
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Not sure what you mean by a "12th form." Do you mean a W-2? There is nothing called a "12th" form. if you entered something in the wrong place, then go back to that income entry screen and delete it. You say that you need to "file on a 1099". There are over a dozen kinds of 1099's----what kind are you trying to enter? SSA1099 for Social Security benefits? 1099NEC for self employment income? 1099R for retirement income? 1099B for investment income? etc etc etc. Tell us what kind of 1099 you have so we can help you with where to enter it.
Sunday
Wait for updates to the software on 1/14 or 1/21 --- charity donations is not yet ready.
Sunday
Just trying to notify TTX that their program is messed up.
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Sunday
use FreeTaxUSA. Has almost everything you need.
Sunday
1 Cheer
If you read that screen carefully, you only enter the number of days AFTER it was converted to a rental. If there were no personal days after it was converted to a rental, then you enter zero per...
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If you read that screen carefully, you only enter the number of days AFTER it was converted to a rental. If there were no personal days after it was converted to a rental, then you enter zero personal days. Then you will need to MANUALLY prorate the annual expense such as insurance, real estate tax, etc. While it may SEEM like doing it the way you are doing it is working, it often causes errors and miscalculations.
Sunday
I have more related questions for 2025. 1. In addition to my working as an independent consultant for a NY firm (1099 income), I also took a part-time position with another NY firm in 2025. Thi...
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I have more related questions for 2025. 1. In addition to my working as an independent consultant for a NY firm (1099 income), I also took a part-time position with another NY firm in 2025. This 2nd firm treats me as a part-time employee and will issue W-2. They have also been withholding NY income tax on my earnings. When I tried to talk to HR and Payroll about this (that I'm a fulltime FL resident performing services outside NY), they said they need to withhold NY tax because the firm does not have a presence in FL. However, based on what you said, which matches my own research, the test is whether the taxpayer (that's me) performs services or carries out business in NY, not my employer's location. They referred me to a co-worker who is also a fulltime FL resident working remotely for this same firm. She told me she has been paying NY taxes and her returns were filed by an accountant. I believe they are wrong but my question now is how do I get refund from NY? I believe I will need to file a non-resident NY return but specifically which questions/forms I need to complete to get the refund? 2. I received a one-time payment from a 3rd NY firm after I won settlement for wrongful termination of employment in 2022. I moved to FL at the end of 2022 and have since been a full-time FL resident. This payment is split into two parts, one part as backpay W-2 income and NY taxes were withheld. Do I need to pay NY tax on this portion of the payment? Any specific forms for this type of reporting? 3. There is no withholding on the other part of the settlement payment, which I believe will be reported as income to me on 1099. How is this part treated differently for tax purposes, both Federal and NY? Thank you very much!
Sunday
Same, @GabiU, this is still unresolved on the desktop version (Mac). Will not let me proceed with the filing due to the Form 8959 message, although perfectly completed.
Sunday
@tax_9123 EDIT YOUR POST AND REMOVE THE License Code!! This is a public forum and anyone can steal it! How to get started with Turbo Tax Desktop. Install and Activate https://ttlc.intuit.co...
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@tax_9123 EDIT YOUR POST AND REMOVE THE License Code!! This is a public forum and anyone can steal it! How to get started with Turbo Tax Desktop. Install and Activate https://ttlc.intuit.com/community/tax-topics/help/activating-turbotax-cd-download-software/00/852971
Sunday
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Sunday
How to view all your accounts https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx It's common to end up wi...
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How to view all your accounts https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx It's common to end up with multiple accounts. First LOG OUT of whatever TurboTax account you're logged into right now. Then use this TurboTax account recovery website to get a list of user ID's for an email address. Run the tool against any email addresses you may have used https://myturbotax.intuit.com/account-recovery/ If you used the Desktop CD/Download program then the only copy is on your computer and not saved or stored online. You can also request a transcript from the IRS https://www.irs.gov/individuals/get-transcript